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Midterm Exam on Governmental and Not-for-Profit Accounting

Midterm exam answers on governmental and non-profit accounting.

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    Midterm Exam on Governmental and Not - for - Profit Accounting This midterm exam consist of 20 multiple choice questions and covers the material in Chapters 1 through 5. There are four questions from each Chapter. Question 1 10 out of 10 points Which of the following objectives is considered to be the cornerstone of financial reporting by a governmental entity? Answer Selected Answer: Accountability. Correct Answer: Accountability. Question 2 10 out of 10 points Which of the following is NOT generally considered a main user of government and not - for - profit entity external financial statements? Answer Selected Answer: Management. Correct Answer: Management. Question 3 10 out of 10 points

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    In which of the following activities is a not - for - profit entity least likely to engage? Answer Selected Answer: Providing for the national defense. Correct Answer: Providing for the national defense. Question 4 10 out of 10 points A regulatory agency would use the external financial statements of a local government for which of the following purposes? Answer Selected Answer: To do all of the above. Correct Answer: To do all of the above. Question 5 10 out of 10 points Which of the following funds is accounted for on the modified accrual basis of accounting? Answer Selected Answer: General fund. Correct Answer: General fund.

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    Question 6 10 out of 10 points Basis of accounting determines which of the following? Answer Selected Answer: When transactions and events are recognized. Correct Answer: When transactions and events are recognized. Question 7 10 out of 10 points Riverside Golf Course is a City - owned golf course that collects greens fees in amounts sufficient to cover its expenses. Riverside Golf Course should be accounted for in which of the following funds? Answer Selected Answer: Enterprise fund. Correct Answer: Enterprise fund. Question 8 10 out of 10 points When a governmental entity adopts a basis of accounting other than full accrual and a measurement focus that excludes long - lived assets and liabilities in its governmental fund types: Answer

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