________ establishes the accounting and financial reporting standards for state and local governments.

Group of answer choices

Financial Accounting Standards Board

Governmental Accounting Standards Board

Federal Accounting Standards Advisory Board

U.S. Office of Management and Budget

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Question 2

1pts

The basic financial statements include all of the followingexcept________.

Group of answer choices

Combining financial statements

Government-wide financial statements

Fund-basis financial statements

Notes to the financial statements

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Question 3

1pts

In contrast with accounting for commercial businesses, government accounting practices generally focus on ________.

Group of answer choices

meeting the information needs for different users

the measurement of net income

accountability for public funds

compliance with legal restrictions

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Question 4

1pts

On the federal level, which of the following government entities employ governmental accountants?

Group of answer choices

Federal Bureau of Investigation (FBI)

U.S. Department of the Treasury

U.S. Government Accountability Office

All of the above

None of the above

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Question 5

1pts

The highest source of authoritative Generally Accepted Accounting Principles (GAAP) for state and local governments is ________.

Group of answer choices

Financial Accounting Standards Board (FASB) pronouncements

Governmental Accounting Standards Board (GASB) concept statements

Governmental Accounting Standards Board (GASB) technical bulletins

Governmental Accounting Standards Board (GASB) statements and interpretations

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Question 6

1pts

________ determines when a transaction or event is recorded in accounting records.

Group of answer choices

Fund-basis accounting

Measurement focus

Basis of accounting

Generally accepted accounting principles hierarchy

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Question 7

1pts

Which of the following isnottrue regarding a fund?

Group of answer choices

Segregated because of restrictions or limitations on the use of some resources

Self-balancing set of accounts

Separately reports the resources and activities of a part of the government

State and local governments use five types of funds

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Question 8

1pts

What is a useful credential to have for government accountants working on investigations of "white collar" crimes?

Group of answer choices

Certified Public Accountant (CPA)

Certified Managerial Accountant (CMA)

Enrolled Agent (EA)

Certified Fraud Examiner (CFE)

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Question 9

1pts

Differences exist between the GASB version of a statement of cash flows and a FASB version for commercial businesses. Which of the following isnottrue?

Group of answer choices

GASB requires the cash flows from operating activities to be presented using the direct method.

The FASB cash flows statement has three sections, and the GASB version has four sections.

Reconciliation of income to cash flows begins with net income.

GASB cash flows do not include interest expense, interest revenue, or investment income in the operating activities section. These items are reported elsewhere in the cash flows statement.

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Question 10

1pts

GASB published a white paper discussing five environmental differences between for-profit businesses and governments. Which of the following statements is true based on that document?

Group of answer choices

For-profit businesses and governments receive revenue from exactly the same sources.

Government budgeting is for general planning and control, whereas for-profit businesses use budgeting as an inflexible tool to guide business operations.

Governments provide public services for the well-being of its citizens, whether or not the services are profitable. For-profit businesses generally have a profit motive as their primary driver.

Both governments and for-profit businesses are restricted in using their financial resources to a particular purpose.

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