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Advanced Financial Accounting Canadian 7th Edition By Beechy – Test Bank
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Home » Shop » Advanced Financial Accounting Canadian 7th Edition By Beechy – Test Bank
Advanced Financial Accounting 8th Edition By Baker – Test Bank
Advanced Financial Accounting 8th Edition By Baker – Test Bank $35.00 Original price was: $35.00.$20.00Current price is: $20.00.
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Mechanics of Fluids SI Edition 5
Mechanics Of Fluids SI Edition 5th Edition By Potter – Test Bank $35.00 Original price was: $35.00.$20.00Current price is: $20.00.

Advanced Financial Accounting Canadian 7th Edition By Beechy – Test Bank

$35.00 Original price was: $35.00.$20.00Current price is: $20.00.

This is not a Textbook. Please check the free sample before buying.

Edition: 7th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

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Advanced Financial Accounting Canadian 7th Edition By Beechy – Test Bank

1) Who is the largest issuer of debt?
A) Banks
B) Government
C) Publicly accountable enterprises
D) Private enterprises
Answer: B
Page Ref: 570
Learning Obj.: 11.1
Difficulty: Easy

2) Which of the following is not a typical characteristic of a non-business organization?
A) No equity investors
B) May have restrictive funds
C) Relies on the sale of goods and services
D) Provision of collective goods and services
Answer: C
Page Ref: 571-572
Learning Obj.: 11.1
Difficulty: Easy

3) One of the objectives of government is to provide services to the public. In order to meet legislated social goals, another major goal of government is to ________.
A) create a surplus
B) reduce taxation
C) redistribute wealth
D) increase Crown assets
Answer: C
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Moderate

4) What does the carrying value of tangible capital assets represent to government?
A) Source of future cash flows from the capital assets
B) Tax value of the capital assets
C) Acquisition cost of Crown assets
D) Unexpired service potential of the capital assets
Answer: D
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Difficult

5) What can the non-financial assets of a government be used for?
A) Providing services only
B) Debt payment only
C) Providing services and debt payment
D) Neither service provision nor debt payment
Answer: A
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Moderate

6) Which of the following statements about the valuation of Crown property on the statement of financial position is true?
A) Crown property is valued at acquisition cost.
B) Crown property is valued at fair market value.
C) Crown property is valued at its depreciated value.
D) Crown property is not recognized on the financial statements.
Answer: D
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Moderate

7) For government accounting purposes, what is the difference between financial and non-financial assets?
A) Financial assets can only be used for providing services, and non-financial assets can only be used for debt repayment.
B) Financial assets can only be used for debt repayment, and non-financial assets can only be used for providing services.
C) Non-financial assets can be used for providing services and debt-repayment, but financial assets can only be used for providing services.
D) Non-financial assets can only be used for providing services, but financial assets can be used for providing services and debt-repayment.
Answer: D
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Difficult

8) The PSAB has identified a number of key characteristics of public sector entities. Which of the following is not one of these characteristics?
A) Have non-exchange transactions
B) Importance of budgets
C) Legislated financial framework
D) May have equity ownership
Answer: D
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Easy

9) The Public Sector Accounting Board (PSAB) has identified a number of characteristics that differentiates governmental reporting from private sector reporting. Which of the following is one of those characteristics?
A) The government’s goal is to make a surplus.
B) The focus of governmental capital spending is to maximize returns.
C) Tangible capital assets are viewed differently by governments.
D) Governments have limited debt capacity.
Answer: C
Page Ref: 571
Learning Obj.: 11.1
Difficulty: Moderate

10) Based on the organizations’ objectives, which of the following government organizations can choose to report under the CICA PSA Handbook or IFRS?
A) Local governments
B) Government business enterprises
C) Government not-for-profit organizations
D) Other government organizations
Answer: D
Page Ref: 572-573
Learning Obj.: 11.1
Difficulty: Moderate

11) Which of the following is not a suggested objective for financial statements for public sector entities?
A) To provide an accounting of financial affairs and resources
B) To enable evaluation of compliance with legislation
C) To provide information on financing and investing activities
D) To determine if programs are economical, efficient, and effective
Answer: D
Page Ref: 573-577
Learning Obj.: 11.2
Difficulty: Moderate

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