Question 1

Tax-exempt entities are not allowed to make contributions to political campaigns or they may lose their tax-exempt status.

Accepted Answer

A) True 
 B)False

Question 2

What is an "opinion unit" and what are the five opinion units for state and local governments?

Accepted Answer

In any audit engagement,the auditor must

Question 3

Bonds which carry the full faith and credit of a government are called revenue bonds.

Accepted Answer

A) True 
 B)False

Question 4

In order to compute the operating ratio-enterprise funds,one would look in the CAFR in which of the following sections?

Accepted Answer

A)  In the government-wide Statement of Net Position. 
B)  In the proprietary funds Statement of Net Position. 
C)  In the proprietary funds Statement of Revenues, Expenses, and Changes in Fund Net Position. 
D)  In the proprietary funds Statement of Cash Flows. 
A)  In the government-wide Statement of Net Position. 
B)  In the proprietary funds Statement of Net Position. 
C)  In the proprietary funds Statement of Revenues, Expenses, and Changes in Fund Net Position. 
D)  In the proprietary funds Statement of Cash Flows.

Question 5

Governmental Audit Reports are due five months after the end of the fiscal year.

Accepted Answer

A) True 
 B)False

Question 6

Tax-exempt organizations are required to disclose the compensation of its officers,directors,trustees,highest paid employees and independent contractors in the Form 990.

Accepted Answer

A) True 
 B)False

Question 7

The purpose of the Unrelated Business Income Tax is to eliminate advantages that tax-exempt organizations have over commercial enterprises providing goods or services for sale.

Accepted Answer

A) True 
 B)False

Question 8

To compute the Financial Position-General Fund ratio,one would need to look in the CAFR for the:

Accepted Answer

A)  Governmental funds Balance Sheet. 
B)  Governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. 
C)  Both A and B above. 
D)  Neither A nor B above. 
A)  Governmental funds Balance Sheet. 
B)  Governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. 
C)  Both A and B above. 
D)  Neither A nor B above.

Question 9

A ratio that measures a not-for-profit organization's solvency is:

Accepted Answer

A)  Net assets/expenses. 
B)  Working capital ratio. 
C)  Program expense ratio. 
D)  Fund-raising efficiency. 
A)  Net assets/expenses. 
B)  Working capital ratio. 
C)  Program expense ratio. 
D)  Fund-raising efficiency.

Question 10

Government auditing standards are commonly known as:

Accepted Answer

A)  The Green Book. 
B)  The Yellow book. 
C)  The Blue Book. 
D)  The Red book. 
A)  The Green Book. 
B)  The Yellow book. 
C)  The Blue Book. 
D)  The Red book.

Tax-exempt entities are not allowed to make contributions to political campaigns or they may lose their tax-exempt status.

What is an "opinion unit" and what are the five opinion units for state and local governments?

Bonds which carry the full faith and credit of a government are called revenue bonds.

In order to compute the operating ratio-enterprise funds,one would look in the CAFR in which of the following sections?

Governmental Audit Reports are due five months after the end of the fiscal year.

Tax-exempt organizations are required to disclose the compensation of its officers,directors,trustees,highest paid employees and independent contractors in the Form 990.

The purpose of the Unrelated Business Income Tax is to eliminate advantages that tax-exempt organizations have over commercial enterprises providing goods or services for sale.

To compute the Financial Position-General Fund ratio,one would need to look in the CAFR for the:

A ratio that measures a not-for-profit organization's solvency is:

Government auditing standards are commonly known as:

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Financial Reporting by the Federal Government

Filters

Exam 13: Auditing, Tax-Exempt Organizations, and Evaluating Performance

Tax-exempt entities are not allowed to make contributions to political campaigns or they may lose their tax-exempt status.

What is an "opinion unit" and what are the five opinion units for state and local governments?

Bonds which carry the full faith and credit of a government are called revenue bonds.

In order to compute the operating ratio-enterprise funds,one would look in the CAFR in which of the following sections?

Governmental Audit Reports are due five months after the end of the fiscal year.

Tax-exempt organizations are required to disclose the compensation of its officers,directors,trustees,highest paid employees and independent contractors in the Form 990.

The purpose of the Unrelated Business Income Tax is to eliminate advantages that tax-exempt organizations have over commercial enterprises providing goods or services for sale.

To compute the Financial Position-General Fund ratio,one would need to look in the CAFR for the:

A ratio that measures a not-for-profit organization's solvency is:

Government auditing standards are commonly known as:

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Financial Reporting by the Federal Government

Filters