ACCY 161 Exam 3

An audit of a government, conducted in
accordance with generally accepted governmental auditing standards (GAGAS),
includes

The single audit concept refers to

A typical objective of a performance audit is for the auditor to

In single audit, the federal government's representative is the

The Comptroller General of the United States is the head of the

The first step in the flow of budgetary authority through the budgetary accounts of a federal agency is:

Federal capital heritage assets the possess_________qualities

Which of the following systems of cost allocation is most common in governmental accounting?

Responsibility for promulgating generally accepted accounting principles for non-governemental, not-for-profit entities rests with the

Statement of Financial Accounting Standards (SFAS) No. 117 requires the following financial reporting perspective for not-for-profit organizations

A good reason for a not-for-profit organization to adopt fund accounting is that

Charity service and bad debts in a public hospital that follows business-type accounting are reported

Fixed dollar amount of fees per person paid periodically by a third-payor to a health car provider

A case-mix classification scheme in the Medicare program to determine reimbursement for inpatient services

The federal retirement plan (the pension plan):

The Nonprofit Integrity Act of 2004 has requirements for

The cornerstone of accounting and financial reporting for not-for-profit organizations is

The public generally has access to the following records of a tax-exempt not-for-profit organization

The value of the books in a college library is

For colleges and universities, the expense categories, to be in compliance with accounting reporting standards, include

The state agency that monitors not-for-profit organizations is the

GAGAS is _____________ in scope than GAAS

If a tax-exempt not-for-profit organization dissolves and goes out of business, it

Oversight of the tax-exempt organizations is done primarily by

SFAS 117 requires an _________________ of the nonprofit entity's finances.

A budget in which each activity and the amounts of resources requires for each activity must be justified each year

The use of net assets by not-for-profit organizations is stipulated in

Revenue for hospital is reported as:

The board of directors of a not-for-profit entity are elected by

Contractual allowances include:

For the IRS, tax-exempt organizations need to pass

Net assets for a not-for-profit include classification of

Fair value accounting for investments in not-for-profits is stipulated by

Service capacity includes

The _______________ performs the performance audits for the City and County of San Francisco

GAGAS is found

The single audit is administered by

The total package for the sing audit includes

Which of the following best describes the relationships between generally accepted auditing standards (GAAS) and government auditing standards (GAS)

Which of the following accounts used in state and local government accounting is most like the federal budgetary account :Undelivered Orders"?

The comptroller General of the United States is the head of the

Which best describes the usual flow of budgetary authority through the budgetary accounts of a federal agency?

Depreciation expense in a not-for-profit organization should be

A good reason for an NPO to adopt fund accounting even though FASB standards do not require it is that

Accounting standards for NPOs (not-for-profit) require

The purpose of a statement of functional expenses is to

Which of the following is a reason why an NPO might fail to qualify for tax-exempt status?

A good measure of whether the NPO is spending too much on overhead, such as general and administrative expenses, is

Federal capital assets that possess educational, cultural, or natural characteristics are

Federal departments have their financial audits performed by

An audit of a government, conducted in accordance with generally accepted governmental auditing standards (GAGAS), includes

The single audit concept refers to

An internal control structure that is so weak that it does not reduce the risk of material noncompliance to an acceptably low level is called a

A typical objective of a performance audit is for the auditor to

An auditor would not render an opinion on a

The Comptroller General of the United States is the head of the

The GASB "Budgeting Principle" states that an annual budget should be adopted by (for) every

Which of the following might appropriately be termed an outcome indicator for a police department reports service efforts and accomplishments (SEA) indicators?

A cost that can be identified specifically with a particular cost objective is termed a

Which of the following systems of cost allocation is most common in governmental accounting?

A budget in which each activity and the amounts of resources requested for each activity must be justified each year

A budget that is derived from the current year budget by multiplying a factor across all line-items.

A budgeting approach popular in the 1960s that integrates various elements of the activity

Responsibility for promulgating generally accepted accounting principles for nongovernmental, not-for-profit entities rests with the

Statement of Financial Account Standards (SFAS) no 116 on contributions received and contributions made describes measurement and reporting rules for

Statement of Financial Accounting Standards (SFAS) No. 117 requires the following reporting perspective for not-for-profit organizations

Which of the following is not a true statement about tax-exempt organizations?
a. They must be organized to serve the charitable needs of the public at large.
b. They must first become a not-for-profit corporation or charitable trust.
c. They are permitted to do some political lobbying if guidelines are met.
d. Their unrelated business income is taxed at corporate income tax rates

The income most likely to be considered unrelated business income of a human service organization that provides immunizations to children in the community is

The incorporating documents that have an external focus and describe the purpose of the organization without being to restrictive are called

A single audit would be done by

Which of the following statements is true regarding generally accepted accounting principles (GAAP) for colleges and universities?

Are public and private colleges and universities required to report depreciation in their financial statements?

Which of the following is a typical classification of a functional expense in a college or university?

Contractual adjustments is properly characterized as

The difference between the gross service revenue and the negotiated payment by third-party payors in arriving at net patient service revenue

The tax exempt status for a not-for-profit organization means that

The oversight of the not-for-profit organizations is at

The majority of the federal taxes come from