Question 1 (4 points)

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Accounting standards relevant to private not-for-profit entities include all of the following except:

Question 1 options:

a)

FASB 117

b)

FASB 116

c)

FASB 101

d)

FASB 93

Question 2 (4 points)

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Agency funds are used for all of the following except:

Question 2 options:

a)	Tax collections for itself

b)	Pass-through grants

c)	Payroll deductions

d)	Grants, entitlements, shared revenue

Question 3 (4 points)

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All of the following are purposes of government financial reporting except:

Question 3 options:

a)	Determine the overall profitability of the government entity

b)	Determine compliance with laws and regulations

c)	Evaluate efficiency and effectiveness

d)	Compare actual results with the budget

Question 4 (4 points)

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A future rate of exchange between two currencies is known as the:

Question 4 options:

a)	Forward Rate

b)

Spot Rate

c)	Floating Rate

d)	Average Rate

Question 5 (4 points)

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The solution available through the bankruptcy code when a corporation remains in business through a restructuring of its debt and/or equity is known as a ________ reorganization:

Question 5 options:

a)	Chapter 13

b)	Chapter 11

c)

Chapter 7

d)	Chapter 22