Question 1

Contrast revenue recognition under the accrual and modified accrual bases of accounting.

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Question 2

What is the difference between recording an expenditure under modified accrual accounting and an expense under accrual accounting?

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Question 3

What are the four objectives that should be followed with respect to federal financial reporting according to Statements of Federal Financial Accounting Concepts SFFAC) #1 as issued by the FASAB?

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Question 4

What is the definition of governmental organizations agreed upon by the FASB and GASB?

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Question 5

Identify the accounting standard setting bodies for U.S. commercial, private not-for-profits, public not-for-profits, state and local governments, and the federal government.

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Question 6

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of long-term debt.

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Question 7

List and define the five classifications of governmental funds.

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Question 8

Identify the three basic fund categories, the funds that make up each of them, and the category's basis of accounting.

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Question 9

What are the five environmental factors relating to how governments are different from commercial businesses as described by GASB in a white paper entitled: Why Governmental Accounting and Financial Reporting Is - and Should Be - Different:

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Question 10

In its Statement of Financial Accounting Concepts #4, the FASB identifies the information needs of the users of non-business financial statements. These include providing information that is useful to present and potential resource providers in which four evaluation areas?

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Question 11

Which reporting organizations fall under the following standard-setting bodies?
FASAB
GASB
FASB

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Question 12

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

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