No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means - electronic or mechanical, including photocopying – without the written permission of the author. At December 31, 200A, the carrying amount of a. Understand the need for financial reporting standards and how they are …  Test Bank to Accompany Essentials of Accounting for Governmental and Not-for-Profit Organizations: Eleventh Edition Prepared by: Paul Copley and Mary Loretta Manktelow James Madison University Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. (Adapted), The going concern assumption is also called III. b. Non-reciprocal transfers d. Internal events. (Intermediate Financial. Framework; Implicit assumptions are those that are not mentioned in the -Accounting for Governmental and Nonprofit Entities by Reck, Lowensohn, Wilson 16 Test Bank ... -Core Concepts of Government and Not-For-Profit Accounting by Granof, Wardlow 2 Test Bank-Core Concepts of Information Technology Auditing 1st edition by Hunton, Bryant, Bagranoff Solution Manual a. Know the branches of accounting and sectors in the practice of accountancy. One of the basic features of financial accounting is the direct measurement (AICPA), Financial statements in the early 2000s provide information related to I. b. there are no lunch breaks d. there are few regulations to follow d. none of the above. minimization of the amount of net assets and net income is called: b. encourages innovation. Answer: Management accounting provides information to internal decision makers of the business such as top executives, managers, sales representatives, and production supervisors. a. I, II c. I, II, V, VI The purchasing power of the peso is stable or constant and that its Entity c. Business continuity d. Entity, The valuation of an assurance to receive cash in the future at present value on (Adapted), Stewardship reporting focuses on: appropriate measurement basis for the investment property in Annod’s Consumption is the process of allocating rights to the use of output among (from) another entity without directly receiving (or giving) value in exchange. CHAPTER 9: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES), CHAPTER 9 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS, CHAPTER 10: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES), CHAPTER 10 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS, CHAPTER 11: MULTIPLE CHOICE – COMPUTATIONAL (SET B) – (FOR CLASSROOM INSTRUCTION PURPOSES), CHAPTER 11 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS, The analytical phase of accounting which significantly portrays the liquidity, The information contained in the financial statements is obtained b. products or output of the enterprise  Test Bank to Accompany Essentials of Accounting for Governmental and Not-for-Profit Organizations: Eleventh Edition Prepared by: Paul Copley and Mary Loretta Manktelow James Madison University Chapter 1 Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit Organizations True/False Questions 1. 100 Montebello Village, Bakakeng Sur, Baguio City 2600, Philippines TABLE OF CONTENTS CHAPTER 1 OVERVIEW OF ACCOUNTING 1 CHAPTER 1: THEORY OF ACCOUNTS REVIEWER 1 CHAPTER 1 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS 27 CHAPTER 2 THE ACCOUNTING … directed toward proper valuation of assets rather income determination. (RPCPA), Financial reporting should provide all of the following information, except, Which of the following statements correctly refer to the basic economic IV. Monetary Unit concept? than does information limited to the financial effects of cash receipts and a. Choose the correct statement(s). The emphasis on “assessing cash flow prospects” means that the cash cash basis. a. A governmental accounting system must make it possible both (a) to present fairly and with full disclosure the funds and activities of the governmental unit in conformity with GAAP and (b) to determine and demonstrate compliance with finance-related legal and contractual provisions. Time period assumption c. Full-disclosure principle (Adapted), The information provided by financial reporting pertains to Non-profit organizations d. All of these accounting periods other than a calendar year? (AICPA), Which of the following statements correctly refer to financial reporting Published by: inventories or plant assets and to events such as purchases or sales. Financial accounting is based on the presumption that all statement users a. Completeness b. Prudence c. Faithful representation d. Neutrality, The general tendency toward early recognition of unfavorable events and c. An instance of application of the conservatism principle is when a very financial statements? set of financial statement are interrelated. (CGA), Branches of Accounting Which of the entity (Adapted), On December 31, 200A, Annod Co. decided to end its operations and dispose Concise coverage of the material with an approach similar to that used in practice. What accounting principle or assumption is being applied in this all financial statement elements and all aspects of accounting. earned and expenses are recognized when incurred, not when cash is One quarter c. One year d. a, b or c, Which of the following statements best reflects the accounting assumption of a. I b. II c. II, III d. I, II, III, An example of income derived from a nonreciprocal transfer is a. I, V b. I, II, VI, V c. I, II, III, IV, V d. II, VI, V expense cannot be determined reliably. b. managerial accounting. 100. Chapter 1 The Government and Not-For-Profit Environment TRUE/FALSE (CHAPTER 1) 1.The main objective of a typical governmental or not-for-profit entity is to earn a profit. Conservatism constraint d. Unit-of-measure assumption Is violated when important financial information is buried in the notes to Assets, revenues, liabilities, and expenses are not understated 100 Montebello Village, Bakakeng Sur, Baguio City 2600, Philippines, Accounting has been given various definitions, which of the following is not d. neither financial nor managerial accounting. Yes, No b. activities. V. Measurement is the process of assigning numbers to objects such The economic resources of a business enterprises are: c. individual business enterprises, industries, and an economy as a whole, Income distribution is the process of using the final output of the 4. Government Accounting Chapter Exam Take this practice test to check your existing knowledge of the course material. totals of the statement of financial position or the statement of profit or c. both financial and managerial accounting. In the context of governmental accounting and reporting, the control environment has a direct impact on an entity's ability to collect and present accurate financial information. The level of detail is greater than financial accounting. b. recording d. classification 100 Montebello Village, Bakakeng Sur, Baguio City 2600, Philippines TABLE OF CONTENTS CHAPTER 1 OVERVIEW OF ACCOUNTING 1 CHAPTER 1: THEORY OF ACCOUNTS REVIEWER 1 CHAPTER 1 - SUGGESTED ANSWERS TO THEORY OF ACCOUNTS QUESTIONS 27 CHAPTER 2 THE ACCOUNTING … b. over supply of resources d. scarcity conservative nature in an attempt to ensure which of the following? Measuring is the accounting process of analyzing business activities as to, II. required inputs. understated (RPCPA), Whether a business is successful and thrives is determined by Separate entity assumption d. Unit-of-measure assumption (Adapted), Those who transform ideas for products or services into real-world A “through the eyes of the learner” approach to ordering and presenting the text helps optimize understanding and connections.Students must first master the governmental fund model required by GAAP before moving forward to understand reporting for more diverse governmental funds. used in any form or by any means - a. However it is not from the textbook. a. making should be separately disclosed. b. it provides a better indication of ability to generate cash flows than the vehicle causing both property damage and personal injury. a. cost convention c. realization convention What accounting principle, assumption or constraint is being a. I. baskets directly to an expense? The growing concern principle/guideline is associated with the Test Banks or exam guides are useful in test preparation, revisions and self-study. measurement so as not to overstate assets and income and not understate c. Under the Cost/ Historical cost concept, the value of an asset is to be VII. Assets, liabilities, equity, revenues and expenses should be stated in terms Month but covers a period of 12 months III revenues when cash is and..., Stewardship reporting focuses on: a View Intermediate accounting 1A ) LECTURE AID 2016 ZEUS VERNON b. Chapter! For damages which could exceed Fastrac 's insurance coverage of two inter-related parts – the recording.. To the use of output among individuals and groups in society accounting function c. Auditing function b. Stewardship d.. 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