Question 1

Nonprofit institutions, other than governments, use forms of financial reporting that vary from the fund type of system to a commercial type of reporting.

Accepted Answer

A) True 
 B)False

Question 2

Under GASB Statement No.34, a government entity will not continue to present fund statements.

Accepted Answer

A) True 
 B)False

Question 3

The budget for a state or local government is merely a plan of future revenues and expenses.

Accepted Answer

A) True 
 B)False

Question 4

Match the definitions to the terms.
-Cash receipts and disbursements related to the acquisition of long-lived assets.

Accepted Answer

A)  Appropriations
B)  Debt service
C)  Capital projects
D)  Special assessments
E)  Internal servicesF) EnterprisesG) Proprietary fundsH) General fundI) Fiduciary fundsJ) Encumbrances

Question 5

Match the definitions to the terms.
-The principal of these funds must remain intact.Typically, revenues earned may be distributed.

Accepted Answer

A)  Appropriations
B)  Debt service
C)  Capital projects
D)  Special assessments
E)  Internal servicesF) EnterprisesG) Proprietary fundsH) General fundI) Fiduciary fundsJ) Encumbrances

Question 6

Some government and not-for-profit organizations have added budgeting by objectives and/or measures of productivity to their financial reporting.

Accepted Answer

A) True 
 B)False

Question 7

Personal financial statements are financial statements of individuals, husband and wife, or a larger family group.

Accepted Answer

A) True 
 B)False

Exam 13: Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations

Match the definitions to the terms. -The principal of these funds must remain intact.Typically, revenues earned may be distributed.

Correct Answer
verified

Match the definitions to the terms. -Cash receipts and disbursements related to the acquisition of long-lived assets.

Correct Answer
verified

Nonprofit institutions, other than governments, use forms of financial reporting that vary from the fund type of system to a commercial type of reporting.

Correct Answer
verified

Under GASB Statement No.34, a government entity will not continue to present fund statements.

Correct Answer
verified

Personal financial statements are financial statements of individuals, husband and wife, or a larger family group.

Correct Answer
verified

Some government and not-for-profit organizations have added budgeting by objectives and/or measures of productivity to their financial reporting.

Correct Answer
verified

The budget for a state or local government is merely a plan of future revenues and expenses.

Correct Answer
verified

Exam 13: Personal Financial Statements and Accounting for Governments and Not-For-Profit Organizations

Match the definitions to the terms. -The principal of these funds must remain intact.Typically, revenues earned may be distributed.

Correct AnswerverifiedShow Answer

Match the definitions to the terms. -Cash receipts and disbursements related to the acquisition of long-lived assets.

Correct AnswerverifiedShow Answer

Nonprofit institutions, other than governments, use forms of financial reporting that vary from the fund type of system to a commercial type of reporting.

Correct AnswerverifiedShow Answer

Under GASB Statement No.34, a government entity will not continue to present fund statements.

Correct AnswerverifiedShow Answer

Personal financial statements are financial statements of individuals, husband and wife, or a larger family group.

Correct AnswerverifiedShow Answer

Some government and not-for-profit organizations have added budgeting by objectives and/or measures of productivity to their financial reporting.

Correct AnswerverifiedShow Answer

The budget for a state or local government is merely a plan of future revenues and expenses.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified