Fiscal policy questions just true or false please help?

Answer 1

I am not sure in my answers.

Could you please help me?

1. Non-for-profit and governmental entities differ from for-profit entities in that their operating purposes are other than to provide goods and services at a profit or profit equivalent. - False

2. Financial accounting foundation governs both non-governmental not-for-profit and governmental not-for-profit organizations - True

3. The two basis financial statements prescribed by GASB are government-wide and fund financial statements.

4. Interest due on long-term debt service fund would be captured on the fund statement - True

5. Proprietary Fund provide service only to the public - False

6. The balance of the supplies account on the statement of position would be captured in the nonspendable fund balance on the statement of net position on the fund statement - True

7. The general fund is always reported as a major fund on the fund statement - True

8. Each government has only one general fund - True

9. GASB requires all nonmajor funds to be aggregated in a single column - True

10. Fund balance to be reported on the fund balance sheet is divided into five categories - True

12. The government wide financial statement uses the current resource focus. - True

13. Other financing uses have the same impact on the fund financial statement as expenditures - False

14. Revenue is always recognized at the point when property taxes are levied - False

15. Appropriation is a budgetary control account for expenditures - False

16. When equipment is bought expenditures is debited under both the fund base and government wide financial statements - True

17. A credit to the budgetary fund balance account during the year end closing process means that the government had a planned deficit during the period - False

18. Encumbrances are usually used to record commitments - True

19. When taxes are levied revenues are reduced by the estimate uncollectible amount - False

20. Tax anticipation notes would be recorded as a liability and represent borrowing secured by future tax revenues - True

21. The purchase or consumption method may be used to account for supplies purchase on the fund base financial statement - True

22. Under the consumption method expenditures would be debited at the time of purchase - False

23. Grants are always recognized as revenue when announced - False

24. Interperiod allocation is a term used when revenues are sufficient to cover expenditures during a fiscal year - True

25. Current resource focus is more closely related to fiscal responsibility than economic resource focus - False

26. When accounting for a capital lease transaction "other financing sources" is credited in the initial entry for fund accounting is utilized - True

27.The proceed from sale of a capital lease is credited to "other financing sources" when using fund accounting - True

28. A purchase of a capital asset is recorded as a debit to expenditures in the government wide financial statement a debited to related capital asset account in the fund statement - True

29. The American Diabetes association would not be considered a VHWO - True

30. The ability to levy taxes is one characteristic of a government not-for-profit organization - False

31. GASB governs public and private not-for-profit organizations - False

32. FASB requires that all VHWO to prepare statement of functional expenses - False

33. Accrual accounting is generally used to account for not for profit expenses - False

34. A sinking fund would most likely utilized in the general fund - False

35. Under fund accounting "property tax receivable -current" is credited property tax receivable -delinquent debited for the amount of pass due property tax - True

36. Investment in securities are normally carried at fair market value when using fund accounting - True

37. Board designated net assets are reported in the temporary restricted net assets section of the statement of Financial position of the not for profit organization - False

38. Temporary restricted gifts to acquire a building would be reported in the financing section of the statement of cash flows for a not for profit organization - True

39.All expenses are reported in either the unrestricted, temporary restricted and permanently restricted sections of the Not for profit consolidated statement of activities - True