Ch4-Acct for Gov and NonProfit Ent 15e

Ch4-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 04 Accounting for Governmental Operating Activities—Illustrative Transactions and Financial Statements Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question The government-wide statement of net assets uses the same measurement focus and basis of accounting used by the General Fund balance sheet. Answer True False Correct Feedback GASB standards require that the government-wide statement of net assets be prepared using the economic resources measurement focus and accrual basis of accounting. By contrast, the governmental funds balance sheet is prepared on the current financial resources measurement focus and modified accrual. Incorrect Feedback GASB standards require that the government-wide statement of net assets be prepared using the economic resources measurement focus and accrual basis of accounting. By contrast, the governmental funds balance sheet is prepared on the current financial resources measurement focus and modified accrual. Add Question Here Question 2 True/False Question The Governmental Activities column of the government-wide statement of net assets differs from the General Fund balance sheet in that it reports both current and noncurrent assets and liabilities, reports financial information for all governmental funds, not just the General Fund, and reports net assets rather than fund balances. Answer True False Correct Feedback These are the primary differences discussed on pages 112-114 of the text. Other differences depicted in Illustration 4-1 are format differences and the usual practice of reporting government- wide financial information in a more condensed manner. Incorrect Feedback These are the primary differences discussed on pages 112-114 of the text. Other differences depicted in Illustration 4-1 are format differences and the usual practice of reporting government- wide financial information in a more condensed manner. Add Question Here Question 3 True/False Question Vehicles used by the Parks and Recreation Department should be accounted for in the General Fund. Answer True False Correct Feedback GASB standards provide that capital assets should not be accounted for in a governmental fund since those funds account for financial resources only. General capital assets, such as those used by the Parks and Recreation Department should be accounted for in the governmental activities section of the government-wide statements. Incorrect
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Ch4-Acct for Gov and NonProfit Ent 15e - COURSES >...

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