Podcast
Questions and Answers
Who were the forerunners of the FASB before it was formed in 1973?
Who were the forerunners of the FASB before it was formed in 1973?
- The AICPA and the SEC
- The Financial Accounting Standards Board and The American Institute of Certified Public Accountants
- The GASB and the FASAB
- The Accounting Principles Board and The Committee on Accounting Procedure (correct)
Which organization is responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments?
Which organization is responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments?
- AICPA
- GASB (correct)
- FASAB
- FASB
Who are considered as major external users of financial reports in government and not-for-profit organizations?
Who are considered as major external users of financial reports in government and not-for-profit organizations?
- Federal government, state government, local government
- Financial accountants, auditors, compliance officers
- Taxpayers, donors, investors, bond-rating agencies (correct)
- Managers and employees
Which entity is responsible for setting GAAP for business organizations and nongovernmental not-for-profit organizations?
Which entity is responsible for setting GAAP for business organizations and nongovernmental not-for-profit organizations?
Who are considered as internal users of financial reports in government and not-for-profit organizations?
Who are considered as internal users of financial reports in government and not-for-profit organizations?
What is the primary objective of financial reporting for State and Local Governments?
What is the primary objective of financial reporting for State and Local Governments?
Which group is financial reporting for Federal Government primarily intended to assist?
Which group is financial reporting for Federal Government primarily intended to assist?
What is a key aspect that financial reporting should provide for Not-for-Profit Organizations?
What is a key aspect that financial reporting should provide for Not-for-Profit Organizations?
How do the FASB and GASB differ in their approach to setting standards compared to the FASAB in the federal government?
How do the FASB and GASB differ in their approach to setting standards compared to the FASAB in the federal government?
What aspect of financial reporting should provide information useful in assessing services and the ability to provide services for Not-for-Profit Organizations?
What aspect of financial reporting should provide information useful in assessing services and the ability to provide services for Not-for-Profit Organizations?
In making resource allocation decisions, what information should financial reporting provide according to the text?
In making resource allocation decisions, what information should financial reporting provide according to the text?
What is the primary focus of fund financial statements in government accounting?
What is the primary focus of fund financial statements in government accounting?
Which type of funds in government accounting are used to account for activities similar to those of private businesses?
Which type of funds in government accounting are used to account for activities similar to those of private businesses?
Which financial statement for governmental funds shows the fund's assets, liabilities, and fund balance (equity)?
Which financial statement for governmental funds shows the fund's assets, liabilities, and fund balance (equity)?
What is the purpose of the Statement of Revenues, Expenditures, and Changes in Fund Balances for governmental funds?
What is the purpose of the Statement of Revenues, Expenditures, and Changes in Fund Balances for governmental funds?
What do governmental funds mainly include in government accounting?
What do governmental funds mainly include in government accounting?
Which financial statement for proprietary funds presents the assets, liabilities, and net position (equity) of the fund?
Which financial statement for proprietary funds presents the assets, liabilities, and net position (equity) of the fund?
What is the primary focus of fund financial statements?
What is the primary focus of fund financial statements?
Which types of funds are accounted for under Fiduciary Funds?
Which types of funds are accounted for under Fiduciary Funds?
What does the Statement of Fiduciary Net Position primarily display?
What does the Statement of Fiduciary Net Position primarily display?
Why are long-term obligations and noncurrent assets typically not reported in governmental funds?
Why are long-term obligations and noncurrent assets typically not reported in governmental funds?
Which financial statement provides a broader perspective on a government entity's financial health?
Which financial statement provides a broader perspective on a government entity's financial health?
What kind of resources do Government fund statements mainly focus on?
What kind of resources do Government fund statements mainly focus on?
Which basis of accounting is used for governmental funds?
Which basis of accounting is used for governmental funds?
When are revenues recorded under the modified accrual basis for governmental funds?
When are revenues recorded under the modified accrual basis for governmental funds?
In the government-wide financial statements, which is more relevant in measuring the outflow of current financial resources?
In the government-wide financial statements, which is more relevant in measuring the outflow of current financial resources?
What type of financial information do proprietary fund financial statements present?
What type of financial information do proprietary fund financial statements present?
Under what basis are expenses reported in the financial statements for governmental and business-type activities?
Under what basis are expenses reported in the financial statements for governmental and business-type activities?
What is the preferred method to report outlays to acquire goods or services in the governmental fund statement of revenues, expenditures, and changes in fund balances?
What is the preferred method to report outlays to acquire goods or services in the governmental fund statement of revenues, expenditures, and changes in fund balances?
