62.The FASAB has the authority to establish accounting and financial reporting standards for:
A)State and local governments
B)Investor owned business
C)Federal government
D)Public not-for-profits
63.The FASB has the authority to establish accounting and financial reporting standards for:
A)Federal government
B)Private not-for-profits
C)Public not-for-profits
D)State and local governments
64.The GASB has the authority to establish accounting and financial reporting standards for:
A)State governments
B)Private not-for-profits
C)Federal government
D)None of the above
65.In order for a fund to exist, there must be:
A)A fiscal entity; assets set aside for a specific purpose
B)A double-entry accounting entity
C)A & B are optional and not required
D)Both A & B are required
66.Which fund category must change from modified accrual to accrual basiswhen preparing government-wide financial statements?
A)Governmental
B)Proprietary
C)Fiduciary
D)A & Bonly
67.Which of the following use current financial resources measurement focus?
A)Fiduciary fund statements
B)Governmental fund statements
C)Proprietary fund statements
D)Internal Service fund statements
68.Which of the following best describes how many funds a government should use?
A)One for each revenue source
B)Two at a minimum; the General Fund and one enterprise fund
C)As many as necessary to fulfill legal requirements and sound financial administration
D)None of the above
69.Which of the following would
not
be included in FASB Statement of Financial Accounting Concepts #4, which identifies the information needs of the users of non-business financial statements?
A)Assessing services provided by a non-business organization and its ability to continue to provide those services
B)Format and content of financial statements
C)Assessing managements’ stewardship and performance
D)Evaluation of an organization’s resources, obligations and effects of changes in net resources
70.The Governmental Accounting Standards Board has been given authority toestablish accounting and financial reporting standards for:
A)all governmental units and agencies.
B)federal, state, and local governmentsand governmentally related utilities, authorities, hospitals, and colleges and universities..
C)state and local governmental entities, and governmentally related utilities, authorities, hospitals, and colleges and universities.
D)all governmental units and all not-for-profit organizations.
71.Which of the following characteristics would
notdefine an organization as governmental?
A) The power to enact and enforce a tax levy.
B) The potential for unilateral dissolution by a government with the net resources reverting to a government.
C) The receipt of grant money from a state or local government for the purpose of providing services to the public.
D) All of the above.