Podcast
Questions and Answers
Which organization was a predecessor to the FASB?
Which organization was a predecessor to the FASB?
- The Accounting Principles Board (correct)
- The Governmental Accounting Standards Board
- The Committee on Accounting Procedure
- The Federal Accounting Standards Advisory Board
Who are considered major external users of financial reports for government entities?
Who are considered major external users of financial reports for government entities?
- Internal auditors
- Suppliers and creditors
- Taxpayers and donors (correct)
- Potential employees
Which body is responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments?
Which body is responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments?
- FASAB
- The Committee on Accounting Procedure
- GASB (correct)
- FASB
Who are considered internal users of financial reports for government and not-for-profit entities?
Who are considered internal users of financial reports for government and not-for-profit entities?
Which group is NOT considered a major external user of financial reports for businesses and not-for-profit organizations?
Which group is NOT considered a major external user of financial reports for businesses and not-for-profit organizations?
What is the main similarity between government, not-for-profit, and business entities?
What is the main similarity between government, not-for-profit, and business entities?
Which organization sets accounting standards for state and local governments, including governmental not-for-profit organizations?
Which organization sets accounting standards for state and local governments, including governmental not-for-profit organizations?
What is a key difference between government/not-for-profit entities and business entities?
What is a key difference between government/not-for-profit entities and business entities?
Which body is responsible for recommending accounting principles and standards for the federal government and its agencies?
Which body is responsible for recommending accounting principles and standards for the federal government and its agencies?
What are the GASB and FASB collectively referred to as?
What are the GASB and FASB collectively referred to as?
Before the establishment of GASB in 1984, which organization was responsible for governmental accounting standards?
Before the establishment of GASB in 1984, which organization was responsible for governmental accounting standards?
What is the primary focus of the FASAB standards?
What is the primary focus of the FASAB standards?
Which group is NOT identified as a major user of federal financial reports by the FASAB?
Which group is NOT identified as a major user of federal financial reports by the FASAB?
What is the purpose of the government-wide financial statements?
What is the purpose of the government-wide financial statements?
What does the Statement of Net Position include?
What does the Statement of Net Position include?
Which statement provides information about the revenues and expenses of the government entity?
Which statement provides information about the revenues and expenses of the government entity?
What do Fund Financial Statements in CAFR report on?
What do Fund Financial Statements in CAFR report on?
What do fund financial statements focus on in government accounting?
What do fund financial statements focus on in government accounting?
Which type of fund is used to account for activities similar to those of private businesses in government accounting?
Which type of fund is used to account for activities similar to those of private businesses in government accounting?
What does the Balance Sheet in fund financial statements for governmental funds show?
What does the Balance Sheet in fund financial statements for governmental funds show?
In government accounting, what does the Statement of Net Position present for proprietary funds?
In government accounting, what does the Statement of Net Position present for proprietary funds?
Which of the following is NOT a main type of fund in government accounting?
Which of the following is NOT a main type of fund in government accounting?
What is the purpose of debt service funds in governmental accounting?
What is the purpose of debt service funds in governmental accounting?
Which basis of accounting is used for governmental funds where revenues are recorded only if they are measurable and available for paying current period obligations?
Which basis of accounting is used for governmental funds where revenues are recorded only if they are measurable and available for paying current period obligations?
At what level are expenses more relevant as they measure the cost of services provided?
At what level are expenses more relevant as they measure the cost of services provided?
In which type of fund financial statements are financial information for enterprise funds and internal service funds presented?
In which type of fund financial statements are financial information for enterprise funds and internal service funds presented?
Which financial statement reports expenditures rather than expenses for governmental funds because outlays are more relevant in measuring the outflow of current financial resources?
Which financial statement reports expenditures rather than expenses for governmental funds because outlays are more relevant in measuring the outflow of current financial resources?
Under which basis of accounting are expenditures generally recognized when incurred for governmental funds?
Under which basis of accounting are expenditures generally recognized when incurred for governmental funds?
Which type of funds operate essentially as self-supporting entities and follow accounting and reporting practices similar to those of business organizations?
Which type of funds operate essentially as self-supporting entities and follow accounting and reporting practices similar to those of business organizations?
