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Chapter_15_Government_and_Not_For_Profit_Accounting

Advanced Accounting 12e Paul M Fischer William J Taylor Rita H Cheng

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Chapter_15_Government_and_Not_For_Profit_Accounting

 

Complete Chapter Questions With Answers

 

Sample Questions Are Posted Below

 

1. Government and not-for-profit organizations comprise approximately what percent of the US expenditures

  a. ​One Fourth
  b. ​One Third
  c. ​One Fifth
  d. ​One Eighth

 

ANSWER:   b
LEARNING OBJECTIVES:   ADAC.FISC.15-1

 

2. Increases in financial resources from governmental purposes can include proceeds from bond issues and :

  a. ​Sale of fixed assets
  b. ​Sale from goods
  c. ​Sale of services
  d. ​All of above

 

ANSWER:   a
LEARNING OBJECTIVES:   ADAC.FISC.15-1

 

3. An environmental  distinction between a business enterprise and governmental unit is ownership vs:

  a. ​Assets
  b. Liabilities​
  c. ​Jurisdiction
  d. ​Fund Raising

 

ANSWER:   c
LEARNING OBJECTIVES:   ADAC.FISC.15-1

 

4. The difference between assets and liabilities in a governmental unit is called:

  a. ​Equity
  b. ​Governmental equity
  c. ​Fund Balance
  d. ​Distributive Cash Flow

 

ANSWER:   c
LEARNING OBJECTIVES:   ADAC.FISC.15-1

 

5. Nongovernmental  entities are likely to follow AICPA bulletins and:

  a. ​GASB
  b. ​FASB
  c. ​DSAB
  d. ​FBCPA

 

ANSWER:   b
LEARNING OBJECTIVES:   ADAC.FISC.15-1

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