1. Another financial statements of a private sector organization is the Income Statement. For governmental and nonprofit organizations, the Income Statement is comparable to which of the following?

None of these choices

Income Statement

Statement of Activities

Statement of Cash Flows

Statement of Financial Position

2. Gains and losses result from transactions that are:

Tax-deductible for the organization

Incidental or peripheral for the organization

None of these

Profitable or not profitable for the organization

All of these

3. Government colleges and universities are special purpose governments engaged only in business-type activities and they must present all of the following except:

Statement of Cash Flows

Statement of Revenues, Expenditures & Changes in Net Assets

Government colleges and universities must present all of these

MD&A and RSI

Balance Sheet

4. Which of the following is not true about auxiliary enterprises of government colleges and universities?

They directly involve teaching and research conducted by the college/university

A fee is charged for goods or services that is directly related to, but not necessarily equal to, the cost of providing the goods or services

They are self-supporting activities

Examples include a campus bus service, residence halls, university bookstore, or campus cafeteria

All of these are true about auxiliary enterprises of government colleges and universities

5. In the Statement of Net Assets for a government college or university, Net Assets has all of the following classifications except:

Temporarily restricted net assets

Invested in capital assets, net of related debt

All of these are classifications of net assets for a government college or university

Unrestricted net assets

Restricted net assets

6. Which of the following are a main type of restricted funds for Government (Public) Hospitals?

Health Insurance Funds

Inpatient/Outpatient Funds

Appropriations Funds

All of these are main types of restricted funds for Government Hospitals

Endowment funds