Test Bank For Accounting for Governmental & Nonprofit Entities 17th edition by reck

The Test Bank for Accounting for Governmental & Nonprofit Entities is specifically set for those students and faculties who are concerned with Government and Non-profit Accounting. This 17th Edition has questions on practice, case studies, and key scenarios for most of the essential accounting in public and non-profit organizations.

Learn More About the Key Concepts of Governmental & Nonprofit Accounting

This test bank has various illustrations of real-life cases existing for the Government and the Non-Profit organizations making the learning of the subject much simpler. Central to the areas covered in these materials are budgeting, fund accounting, financial statements, and auditing. By engaging in these, it is possible to quite easily understand the objectives and the specifics of the regulations existing in the public accounting environment.

What are the Benefits of the Test Bank for Accounting for Governmental & Nonprofit Entities

For this test bank, you can concentrate on the following:

• Focus on the Important Principles of Accounting: Questions & preparatory reading materials focus on the key tenets of accounting for the government and non-profit sector.
• Familiarization with Exam Expectations: Prepare yourself for commonplace exam questions and problems with multiple choice and true or false questions and practice problems.
• Increasing levels of self-esteem: Each question set through adequate learners’ understanding increases the level of self-esteem.

Why opt for the 17th Edition Test Bank?

This edition has been revised to incorporate the latest Governmental Accounting Standards Board (GASB) rules and regulations and financial reporting practices of the non-profit making organizations. This makes sure that the students get up-to-date practices in the field for real-life situations once they graduate.

Practical Use and Accessibility

The Test Bank for Accounting for Governmental & Nonprofit Entities is well organized and easy to navigate and contains proof of answers and questions which makes it useful for independent studying or in the classroom with an instructor. This is a good tool since it can be used anytime an individual wants to refresh his/her knowledge or even for practice making it convenient for students as well as professionals.

Conclusion

For all those students pursuing accounting as a career in the government or non-profit organizations, the Test Bank for Accounting for Governmental & Nonprofit Entities, 17th Edition, Reck is a must-resource. This addresses the most overwhelming topics using practical illustrations, allows you to practice handling exam questions, and conforms to the most recent GASB requirements. This test bank aids in the understanding of these sectors’ accounting features.

Test Bank For Accounting for Governmental & Nonprofit Entities 17th edition by reck

Chapter 03 Governmental Operating Statement Accounts; Budgetary Accounting

True / False Questions

1.	Fund-based financial statements are intended to provide detailed financial information about the governmental, proprietary, and fiduciary activities of the primary government.   True    False

2.	Government-wide financial statements include financial information for all governmental, proprietary, and fiduciary funds.   True    False

3.	The government-wide statement of net position displays the net expense or revenue for each function or program of the government.   True    False

4.	Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards.   True    False

5.	Three categories of program revenues are reported in the statement of activities: charges for services, operating grants and contributions, and capital grants and contributions.   True    False

6.	All purchases of goods and services and all iinter-fundtransfers of the General Fund are recorded as Expenditures.   True    False

7.	On the government-wide statement of activities, depreciation expense for assets that essentially benefit all functions, such as the city hall, may be reported as a separate line item or on the same line as the General Government or similar function.   True    False

8.	Expenses represent the costs to purchase goods or services, whereas expenditures represent the costs of aoods or services consumed or expired during the period.   True    False

9.	Other financing sources increase fund balance in the same manner as revenues.   True    False

10.	Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.   True    False

11.	All encumbrances must be closed at year-end.   True    False

12.	An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.   True    False

13.	GASB standards require that all state and local governments present a statement of revenues, expenditures, and changes in fund balances-budget and actual for the General Fund and major special revenue funds for which annual budgets have been legally adopted.   True    False

14.	Available means that a revenue or other financing source is expected to be collected during the current fiscal period or within one month of the fiscal yyear-end   True    False

15.	The legal level of budgetary control represents the administrative level at which expenditures may not exceed appropriations without a formal budgetary amendment.   True    False