Chapter 12 - Auditing of Governmental and Not-for-Profit Organizations
AUDITING OF GOVERNMENTAL AND NOT-FORPROFIT ORGANIZATIONS
Levels of audit
Define and Explain
Which of the following steps in the acquisition of goods and services by an activity accounted for
by the General Fund generally occurs first? (Points : 3)
During January 2011 General Fund
1. Which of the following statements is true regarding termination benefits?
*A. Voluntary termination benefits occur when employers provide an incentive to hasten an
employee's voluntary termination of employment, such as a one-time payout.
1. The city of Romeo purchased a squad car for the police department. If the operations
of the police department are financed by general revenues, which of the following is
correct concerning where the purchase of the car would be recorded?
1. Some governments provide to their citizens highly condensed financial information, budget
summaries, and narrative descriptions. This report is called a(an)
A. Comprehensive annual financial report.
B. Basic financial statements.
1. All of the following are objectives of activity-based cost (ABC) accounting in government
A. To preserve, at a minimum, the present quality and availability of services.
B. To help find lower cost alternatives to providing services.
1. Primarily, the operating statement of a proprietary fund should provide information useful in
answering which of the following questions?
A. What are the transactions or events of the period that have increased or decreased the
Chapter 6 Quiz
1. The liability for special assessment bonds that carry a secondary pledge of a city's
general credit, if reported in conformity with GAAP, should be reported in the balance
A. A debt service fund.
B. An agency fund.
*C. The go
Chapter 4 Quiz
1. Revenue from nonexchange transactions may be recognized in all of these circumstances, except
A. When the underlying transaction has occurred and the resources are available.
B. In the period for which property taxes are levied.
Chapter Three Quiz
1. The Expenditures control account of a government is credited when:
A. Supplies are ordered.
B. Supplies previously encumbered are received.
C. The budget is recorded.
*D. Temporary accounts are closed out at the end of the year.
Chapter Two Quiz Key
The basis of accounting that should be used in preparing fund financial statements is:
Question Type: Concept
Wilson - Chapter 02 #36
Under GASB reporting entity
Chapter 15 - Not-for-Profit OrganizationsRegulatory, Taxation, and Performance Issues
NOT-FOR-PROFIT ORGANIZATIONS REGULATORY,
TAXATION, AND PERFORMANCE ISSUES
Regulatory authority of state
Chapter 11 - Accounting and Reporting for the Federal Government
ACCOUNTING AND REPORTING FOR THE FEDERAL
Role of OMB, GAO, Treasury, CBO in federal
1. Which of the following is one of the overarching principles in Government Auditing Standards
related to auditors performing nonaudit work for clients?
A. Auditors should not provide training to clients.
B. Auditors should not provide routine
Chapter 01 - Introduction to Accounting and Financial Reporting for Governmental and Not-for-Profit
CHAPTER 1: INTRODUCTION TO ACCOUNTING AND FINANCIAL
REPORTING FOR GOVERNMENTAL AND NOT-FORPROFIT ENTITIES
Chapter 02 - Principles of Accounting and Financial Reporting for State and Local Governments
PRINCIPLES OF ACCOUNTING AND FINANCIAL
REPORTING FOR STATE AND LOCAL
Chapter 05 - Accounting for General Capital Assets and Capital Projects
ACCOUNTING FOR GENERAL CAPITAL ASSETS AND
Chapter 07 - Accounting for the Business-type Activities of State and Local Governments
ACCOUNTING FOR THE BUSINESS-TYPE
ACTIVITIES OF STATE AND LOCAL GOVERNMENTS
Chapter 09 - Financial Reporting of State and Local Governments
FINANCIAL REPORTING OF STATE AND LOCAL
Chapter 10 - Analysis of Governmental Financial Performance
ANALYSIS OF GOVERNMENTAL FINANCIAL
Causes of municipal financial crises
Financial position, financi
1. Which of the following is required by OMB Circular A-136 in the basic financial statements?
*A. Statement of changes in net position.
B. Statement of net assets.
C. Statement of revenues, expenditures, and changes in fund balances.