Acct 6343.01 Accounting For Governmental & Not-for-profit Entities

5 Questions

Settings
Please wait...
Accounting Quizzes & Trivia

The accounting midterm exam is coming up and as promised these quiz consists of the first five true or false questions you will be expected to answer on 19/3/2918. Give them a try and continue with your revision for the midterms. Remember to remind your friends to do the same.


Questions and Answers
  • 1. 
    The accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB).
    • A. 

      True

    • B. 

      False

  • 2. 
    For most governmental entities, there is typically more than one general fund.
    • A. 

      True

    • B. 

      False

  • 3. 
    The fund that accounts for financial resources provided by revenue sources that are legally restricted to a specific purpose, other than capital projects or debt service, is the special revenue fund.
    • A. 

      True

    • B. 

      False

  • 4. 
    One difference between accounting for commercial businesses and accounting in the governmental/nonprofit environment is that the generation of net income is no longer a primary objective.
    • A. 

      True

    • B. 

      False

  • 5. 
    A "major" governmental fund is one with 10% of total assets, liabilities, revenues, or expenditures in the governmental funds category and 5% in the governmental and enterprise funds combined.
    • A. 

      True

    • B. 

      False