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

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| By JIJohnson
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Quizzes Created: 4 | Total Attempts: 7,108
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  • 1/5 Questions

    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.

    • True
    • False
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About This Quiz

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.

Accounting Quizzes & Trivia

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  • 2. 

    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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    In the governmental/nonprofit environment, the primary objective is not to generate net income but to provide services or meet specific goals for the public or community. Unlike commercial businesses, which focus on profitability and maximizing net income, governmental/nonprofit entities prioritize the delivery of public services and achieving their missions. The financial statements and accounting practices in this sector reflect this difference in objectives, with emphasis on accountability, transparency, and stewardship of public resources rather than profit generation.

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  • 3. 

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

    • True

    • False

    Correct Answer
    A. False
    Explanation
    There can be only 1 general fund for each governmental entity, regardless of its size.

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  • 4. 

    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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A "major" governmental fund is determined based on the percentage of total assets, liabilities, revenues, or expenditures in the governmental funds category, as well as the percentage in the governmental and enterprise funds combined. According to the given statement, a "major" governmental fund is one that has 10% of total assets, liabilities, revenues, or expenditures in the governmental funds category and 5% in the governmental and enterprise funds combined. Therefore, the statement is true.

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  • 5. 

    The accounting standard setting authority for the federal government is the Governmental Accounting Standards Board (GASB).

    • True

    • False

    Correct Answer
    A. False
    Explanation
    FASAB, the Federal Accounting Standards Advisory Board, is the primary standard setting authority for the federal government.

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  • Mar 22, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 14, 2008
    Quiz Created by
    JIJohnson
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