1. What are the components that are included in the minimum requirements for general purpose external financial reporting? a. Introductory section, financial section, and statistical section. b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI. c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI. d. MD&A, government-wide financial statements, notes to the financial statements, and RSI
1. What are the components that are included in the minimum requirements for general purpose external financial reporting?
a. Introductory section, financial section, and statistical section.
b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.
c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.
d. MD&A, government-wide financial statements, notes to the financial statements, and RSI
2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?
a. A performance section, which includes an annual performance report (APR).
b. An MD&A.
c. A basic financial statements section.
d. A statement of nonparticipation in political matters.
3. The basic financial statements of a not-for-profit include all of the following except
a. Statement of financial position.
b. Statement of activities.
c. Statement of changes in functional expenses.
d. Statement of cash flows.
4. The primary reason that not-for-profit (NFP) organizations should report expenses incurred for program purposes separately from those for supporting services such as management and general and fund-raising is that
a. GASB standards require it.
b. Program managers need information about the cost of activities for which they are
responsible.
c. Top managers need to know how much they are spending for nonprogrammatic management
and general support.
d. Donors, potential donors, oversight bodies, and others need to know what percentage of total
expenses are being incurred for carrying out the NFP’s programs
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