SOUTHERN UNIVERSITY NOT FOR PROFIT ACCOUNTING 2017 FALL SEMESTER FINAL EXAMINATI

Question

SOUTHERN UNIVERSITY NOT FOR PROFIT ACCOUNTING 2017 FALL SEMESTER FINAL EXAMINATION DECEMBER 5, 2017 NAME: I. The Financial Accounting Standards Board (FASB) is the standard setting organization for which of the ollowing reporting organizations? A. Private not-for-profits B. Public not-for-profits C. Investor owned businesses D. A and C are both correct. 2. State and local governmental funds are organized into three categories ineluding: A. governmental proprietury, and restricted B. proprietary, fiduciary, and restricted C. governmental, fiduciary, and restricted D. governmental, proprietary, and fiduciary 3. Under GASB Statement 34, capital assets: A must be reported in government-wide statements but are not reported in any of the fund financial statements B. must be reported in government-wide statements and in proprietary fund financial statements. C, are not to be reported in either govermment-wide or fund financial statements. D. are to be reported but not depreciated in government-wide and fund financial statements. 4. Long-term debt of a governmental unit would be reported in the A. government-wide financial statements and proprictary fund financial statements B. government-wide financial statements only C. debt service funds of governmental fund financial statements and government-wide financial statements. D, notes to the financial statements only The FASAB has the authority to establish A. State and local govemments B. Investor owned business C. Federal government D. Public not-for-profits 5. accounting and financial reporting standards for 11Page

Explanation / Answer

Ans. 1 D    A and C are both correct. (Private not-for-profits and Investor owned businesses) Ans. 2 D    Governmental, proprietary and fiduciary. Ans. 3 B    Capital assets must be reported in government-wide statements and in proprietary fund financial statements. Ans. 4 A    Government-wide financial statements and proprietary fund financial statements. Ans. 5 C    Federal government.

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