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
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
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.
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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Subject
Accounting