Question 1

The program expense ratio is calculated as follows: Total expenses / Program service expenses + supporting service expenses

Accepted Answer

A) True 
 B)False

Question 2

Government auditing standards are commonly known as:

Accepted Answer

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

Question 3

Supporting expenses are not included in the numerator of the program expense ratio

Accepted Answer

A) True 
 B)False

Question 4

A public charity is:

Accepted Answer

A)  An organization founded and operated exclusively for public benefit 
B)  An organization that receives more than one-third of its support from a combination of contributions, membership fees and gross receipts from exempt activities 
C)  Neither A nor B 
D)  Both A and B 
A)  An organization founded and operated exclusively for public benefit 
B)  An organization that receives more than one-third of its support from a combination of contributions, membership fees and gross receipts from exempt activities 
C)  Neither A nor B 
D)  Both A and B

Question 5

To compute the unreserved fund balance/revenues-General Fund, 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 of the above 
D)  Neither of the above 
A)  Governmental funds Balance Sheet 
B)  Governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances 
C)  Both of the above 
D)  Neither of the above

Question 6

Which of the following is not a type of governmental audit?

Accepted Answer

A)  Attestation engagements 
B)  Financial Audits 
C)  Performance audits 
D)  All of the above are types of governmental audits 
A)  Attestation engagements 
B)  Financial Audits 
C)  Performance audits 
D)  All of the above are types of governmental audits

Question 7

Which of the following is not considered to be a major user group by the GASB?

Accepted Answer

A)  Citizen groups 
B)  Investors and creditors 
C)  Legislative and oversight officials 
D)  Government executive branch officials 
A)  Citizen groups 
B)  Investors and creditors 
C)  Legislative and oversight officials 
D)  Government executive branch officials

Question 8

If an auditee is not considered low-risk, what percent of federal funds expended are auditors required to express an opinion on?

Accepted Answer

A)  100% 
B)  70% 
C)  50% 
D)  25% 
A)  100% 
B)  70% 
C)  50% 
D)  25%

The program expense ratio is calculated as follows: Total expenses / Program service expenses + supporting service expenses

Government auditing standards are commonly known as:

Supporting expenses are not included in the numerator of the program expense ratio

A public charity is:

To compute the unreserved fund balance/revenues-General Fund, one would need to look in the CAFR for the:

Which of the following is not a type of governmental audit?

Which of the following is not considered to be a major user group by the GASB?

If an auditee is not considered low-risk, what percent of federal funds expended are auditors required to express an opinion on?

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 Trust Funds

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

Filters

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

The program expense ratio is calculated as follows: Total expenses / Program service expenses + supporting service expenses

Government auditing standards are commonly known as:

Supporting expenses are not included in the numerator of the program expense ratio

A public charity is:

To compute the unreserved fund balance/revenues-General Fund, one would need to look in the CAFR for the:

Which of the following is not a type of governmental audit?

Which of the following is not considered to be a major user group by the GASB?

If an auditee is not considered low-risk, what percent of federal funds expended are auditors required to express an opinion on?

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 Trust Funds

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

Filters