Deck33 Flashcards
When a parent-subsidiary relationship exists, consolidated financial statements are prepared in recognition of the accounting concept of:(a)Economic Entity (b) Legal Entity
(a)Economic Entity
What are included in support services for Nongovernmental NFP organizations?
G&A, Fundraising, and membership development
To be considered a minor leaseback, the PV of rentals must be less than ______% of the FV of the property.
10
Which of the following costs is unique to postretirement healthcare benefits? (a)Per Capita Claims (b)Service (c)Prior Service (d)Interest
(a)Per Capita Claims
According to GASB is Interfund Equity fundamental to public administration? Is it a component of accountability?
Yes, Yes
Under GNP, repciprocal transactions are from ______________.
Doing business with one another
Which division of the SEC is responsible for overseeing compliance of the securities acts?
Division of Corporate Finance
What is the paramount objective of financial reporting by state and local governments?
Accountability
How should a life insurance investment be reported?
Cash Surrender Value - Loans
Measures that indicate the accomplishments or results that occur because of the services that are provided.
Outcomes
What kind of a bond matures on a single date?
Term bond
Would encumbrances appear in an enterprise fund?
NO
Which is the primary form of disclosure for a parent and it’s subsidiary?
Consolidated Statements
When an enterprise is under direction of a particular management, the financial statements will directly provide information about (a) Enterprise Performance (b) Management.
(a)Enterprise Performance - they do not directly allow an evaluation of management.
Which are considered ongoing or central transactions for a hospital? (a)Room and board fees from patients (b)Recovery Room Fees (c) Both
(c) Both
