ACC 410 Quiz 1
This quiz consist of 15 multiple choice questions and covers the material in Chapter 1. Be sure you are in Chapter 1 when you take the quiz.
Users of financial statements should be interested in information about compliance with laws and regulations for which of the following reasons?
The Governmental Accounting Standards Board is the primary standard-setting body for:
Which of the following rule-making authorities would establish accounting standards for all nongovernment not-for-profits?
The primary standard-setting body for accounting and financial reporting by a state-supported college or university is:
The most significant financial document provided by a governmental entity may be
As used by GASB, interperiod equity refers to which of the following? Financial reporting should:
In descending order, the hierarchy of GAAP applicable to a church-owned college may be:
Which of the following characteristics is NOT a characteristic that may distinguish a governmental or not-for-profit entity from a business entity?
Which of the following activities is NOT an activity in which a governmental entity might engage?
To obtain a comprehensive understanding of a government’s fiscal health, a financial analyst should obtain an understanding of which of the following?
Which of the following objectives is considered to be the cornerstone of financial reporting by a governmental entity?
Given a specific set of data, the basis of accounting selected by or imposed on a governmental entity will least affect which of the following?
In which of the following activities is a not-for-profit entity least likely to engage?
Governments and not-for-profits employ a system of accounting known as
Which of the following is common to both governments and not-for-profit entities but distinguishes these entities from for-profit entities?