Homework answers / question archive / Question 1   Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)? Question 2   Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government

Question 1   Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)? Question 2   Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government

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Question 1  

Which of the following best describes the relationship between generally accepted auditing standards (GAAS) and generally accepted government auditing standards (GAGAS)?

Question 2  

Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government.

Question 3  

Four new computers, for which the cost exceeded the city's capitalization threshold, were purchased for use in the city clerk's office using General Fund resources. Which of the following entries would be required to completely record this transaction?

Question 4  

In accordance with GASB standards, a deferred inflow of resources is reported on the financial statements the same as an unearned revenue.

Question 5  

The schedule of legally required events in the budgeting process is generally referred to as the:

Question 6  

The introductory paragraph of the auditor's report should identify the financial statements being audited and, in particular, refer to the audit of the financial statements of each opinion unit.

Question 7  

Budgeting is an important part of a manager's planning and control responsibilities in both public and private organizations.

Question 8  

Historical cost includes acquisition cost less any ancillary costs necessary to put the asset into use.

 

Question 9  

In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to:

Question 10  

Billing and collection of special assessments and payment of debt principal and interest on special assessment debt for which the city is  not obligated in any manner should be recorded in a(an):

 

Question 11  

Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university?

Question 12  

A contractual adjustment is recorded as a contra-revenue account.

 

Question 13  

A federal agency only records entries in the proprietary track accounts for supplies inventory.

Question 14  

According to the FASB  Codification, donated materials are generally  not recognized as contributions by a not-for-profit organization.

Question 15  

Assets set aside by the governing board for the eventual construction of a hospital addition should be recorded as "assets limited as to use."

Question 16  

Assets limited as to use are assets without donor restrictions whose use is limited by parties other than donors or grantors.

Question 17

Similar to the GASB, the FASB requires not-for-profit entities to prepare the statement of cash flows using the direct method.

Question 18  

Unexpended appropriations is the component of net position in a federal agency balance sheet that represents the amount of appropriations still available for obligation, or which has been obligated but not yet expended.

Question 19 

At the present time, the conceptual framework for the federal government and its agencies does not provide definitions of the basic elements of the financial statements.

 

Question 20  

The organization Shelter the Needy is completing its Form 990 and it is trying to determine if it has unrelated business income on which it must pay taxes. Which of the following would be subject to unrelated business income taxes?

Question 21  

For each of the following definitions, indicate the key term from the list that best matches by placing the appropriate definition.

A. Efficiency measures
B. Effectiveness measures
C. Planning-programming-budgeting system
D. Zero-based budgeting
E. Program budgeting
F. Flexible budgeting
G. Incremental budgeting
H. Budget calendar

________ 1. A budget in which each activity and the amounts of resources requested for each activity must be justified each year
________ 2. A budget that is derived from the current year budget by adding or subtracting amounts expected to be required by line-items
________ 3. A budgeting approach that integrates various elements of planning for programs
________ 4. Measures that relate efforts to accomplishments
________ 5. A budget in which resource inputs and service outputs are identified by programs

Question 22

Are governments required to report their budgets externally? Explain.

Question 23

Would a not-for-profit library that receives the majority of its resources from a specific tax levy on local citizens remitted to the city follow the same financial reporting principles as would a library that operates without a dedicated tax and instead relies on contributions from individuals and grants from foundations and governments? Explain.

 

Question 24

"The goal of financial and operational analysis for the manager is to determine the creditworthiness of the health care organization." Do you agree with the statement? Why or why not?