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Questions and Answers of Accounting

The 2008 financial statements of the U.S. Government are available at: www.gao.gov/financial/fy2008/08frusg.pdf. Use these to answer the following questions:a. Statement of Net Costs1. What are the
The 2008 financial statements of the Internal Revenue Service are available at: www.gao.gov/new.items/d09119.pdf. Use these to answer the following questions:a. Statement of Net Costs1. What are the
Assume a federal agency has the following events:1. Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000.2. OMB apportions one-fourth of the appropriation for the
Using the information from exercise 14–6, prepare a schedule showing the status of the appropriation at the end of the first quarter.
The Mosquito Abatement Commission is a newly organized federal agency with three primary programs: Coordination of state government abatement functions, conduct research on mosquito abatement, and
Assume the Federal Interstate Commission began the fiscal year with the following account balances:1. Congress passed a spending bill providing $12,000,000 to fund the agency€™s operations
Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board’s Why Governmental
Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental notfor-profit organizations.
What is the definition of a government as agreed upon by the FASB and GASB?
Describe the “hierarchy of GAAP” for state and local governments, the federal government, and nongovernmental not-for-profit organizations.
Accounting and financial reporting for state and local governments use, in different places, either the economic resources measurement focus and the accrual basis of accounting or the current
Distinguish between private and public sector organization.
GASB considers budgetary accounting and reporting to be important. List the principles outlined by GASB related to budgetary accounting and reporting.
Go to the GASB Web site (www.gasb.org). What is the mission of GASB?
For each of the items below, identify which fund would be used to account for the item and provide a justification for your answer.a. A city government issued general obligation bonds to finance the
With regard to GASB rules for the financial reporting entity, answer the following:a. Define the financial reporting entity.b. Define and give an example of a primary government.c. Define and give an
With regard to the Comprehensive Annual Financial Report (CAFR):a. What are the three major sections?b. List the government-wide statements. Indicate the measurement focus and basis of accounting
Describe the test for determining whether a governmental fund is a major fund. Describe the test for determining whether an enterprise fund is a major fund.
Describe how the cash flow statement of an enterprise fund differs in format from the cash flow statements of private-sector organizations such as commercial businesses.
Describe the net asset classification appearing on the government-wide statement of net assets.
The following information is available for the preparation of the governmentwide financial statements for the city of Southern Springs as of April 30, 2012:Cash and cash equivalents, governmental
The following information is available for the preparation of the governmentwide financial statements for the city of Northern Pines for the year ended June 30, 2012:Expenses:General government
The following General Fund information is available for the preparation of the financial statements for the city of Eastern Shores for the year ended September 30, 2012:Revenues:Property taxes
The following water and sewer fund information is available for the preparation of the financial statements for the City of Western Sands for the year ended December 31, 2012:Operating
Use the CAFR information for the City of Salem (Illustrations 2€“2 through 2€“16) to find the following items. In your answer, both indicate which financial statement contained
Use the CAFR information for the City of Salem (Illustrations 2€“2 through 2€“16) to find the following items. Each item will appear in two separate financial statements. In your
The Village of Seaside Pines prepared the following General Fund Trial Balance as of December 31, 2012, the last day of its fiscal year.a. Prepare the closing entries for December 31. (It is not
On January 1, 2012, the first day of its fiscal year, the City of Carter received notification that a federal grant in the amount of $650,000 was approved. The grant was restricted for the payment of
Mogilny Company paid $135,000 for a machine. The Accumulated Depreciation account has a balance of $46,500 at the present time. The company could sell the machine today for $150,000. The company
Full Disclosure Principle Presented below are a number of facts related to Weller, Inc. Assume that no mention of these facts was made in the financial statements and the related
The Town of Quincy’s fiscal year ends on June 30. The following data relate to the property tax levy for the fiscal year ended June 30, 2012. Prepare journal entries for each of the dates as
Prepare journal entries in the General Fund of the Brownville School District.a. The District had outstanding encumbrances of $13,000 for band instruments from the previous year. It is the
The following information was abstracted from the accounts of the General Fund of the City of Rome after the books had been closed for the fiscal year ended June 30, 2012.During the year, purchase
The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2012:1. Beginning balances were: Cash, $150,000; Taxes Receivable, $200,000;
The General Fund trial balance of the City of Cordes as of January 1, 2012, was as follows:The following data pertain to General Fund operations for the City of Cordes for the fiscal year ended
The following transactions relate to Newport City’s special revenue fund.1. In 2012, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be
Assume at the beginning of 2012, the Ashlawn Village Street and Highway Fund (a special revenue fund) has cash of $300,000 offset by assigned fund balance in the same amount.1. During the year, the
How are the date of transition and the date of reporting determined in first-time adoption of IFRS?
Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2013. What is the date of Becker’s opening balance sheet, assuming one year of comparative
Jefferson County General Fund began the year 2012 with the following account balances:During 2012, Jefferson experienced the following transactions:1. The budget was passed by the County Commission,
The State Government administers a special revenue fund, the Fish and Game Fund. By legislation, revenue in this fund can be used only for the purpose of protection, propagation, and restoration of
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?
Assume a government leases equipment to be used in governmental activities under a noncancelable lease, meeting the requirements for classification as a capital lease. Where would the capital lease
The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for
A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be
a. Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The County’s fiscal year ends on June
The Village of Harris issued $5,000,000 in 6 percent general obligation, taxsupported bonds on July 1, 2011, at 101. A fiscal agent is not used. Resources for principal and interest payments are to
Beachfront property owners of the Village of Eden requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised
The Village of Budekville, which has a fiscal year July 1 to June 30, sold $3,000,000 in 6 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and
On July 1, 2011, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment not associated with proprietary funds activity. The
The Town of McHenry has $6,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2012, a current refunding took place
The City of Sharpesburg received a gift of $950,000 from a local resident on June 1, 2012, and signed an agreement that the funds would be invested permanently and that the income would be used to
Jefferson County established a capital project fund in 2011 to build lowincome housing with the transfer of $100,000 from the General Fund. The following transactions occurred during 2012:1. April 1,
The state government established a capital project fund in 2011 to build new highways. The fund is supported by a 5 percent tax on diesel fuel sales in the state. The tax is collected by private gas
What accounting problem arises if an internal service fund is operated at a significant profit? What accounting problem arises if an internal service fund is operated at a significant loss?
Why might it be desirable to operate enterprise funds at a profit?
The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2012, the last day of its fiscal year. The enterprise fund was established this year through a
Using the information provided in exercise 6–4, prepare the reconciliation of operating income to net cash provided by operating activities that would appear at the bottom of the December 31
The Town of Wilson has a Water Utility Fund with the following trial balance as of July 1, 2011, the first day of the fiscal year:During the year ended June 30, 2012, the following transactions and
The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2012, for $500,000. Of the $500,000, $250,000 was provided by a one-time contribution from the General Fund, and
The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2012.The Print Shop Fund records also revealed the following:1. Contribution from General Fund for
The following is a statement of cash flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather
The Town of Frostbite self-insures for some of its liability claims and purchases insurance for others. In an effort to consolidate its risk management activities, the Town recently decided to
The City of Evansville operated a summer camp program for at-risk youth. Businesses and nonprofit organizations sponsor one or more youth by paying the registration fee for program participants. The
The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2012, the first day of the fiscal year.During the year, the following transactions
Jefferson County operates a centralized motor pool to service county vehicles. At the end of 2011, the Motor Pool Internal Service Fund had the following account balances:The following events took
Rural County is an agricultural community located hundreds of miles from any metropolitan center. The County established a television reception improvementfund to serve the public interest by
Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to
Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities? Discuss.
Presented below is the preclosing trial balance for the Scholarship Fund, a private-purpose trust fund, of the Algonquin School District.Prepare the year-end closing entries and a Statement of
On July 1, 2011, the City of Belvedere accepted a gift of cash in the amount of $3,000,000 from a number of individuals and foundations and signed an agreement to establish a private-purpose trust.
On July 1, 2011, the Morgan County School District received a $30,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $2,000 plus any interest earnings on the
Describe GASB requirements for accounting for Investment Trust Funds. Include(a) A discussion of when the use of investment trust funds is appropriate;(b) The investments to be included and
Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust
What are the required financial statements for a pension trust fund? What are the required supplementary information schedules?
With regard to current GASB standards for pension reporting do the following:a. Distinguish between (1) Defined contribution plans and (2) Defined benefit plans.b. Distinguish between (1) Agent and
Assume that a local government is the trustee for the pension assets for its police and fire department employees and participates in a statewide plan for all of its other employees. Individual
The City of Sweetwater maintains an Employees€™ Retirement Fund, a singleemployer, defined benefit plan that provides annuity and disability benefits.The fund is financed by actuarially
Presented below is the pre-closing trial balance for the Retiree Health Benefit Plan of the Alger County School District.Prepare (1) The year-end closing entries, (2) A Statement of Changes in Plan
In December 2011, the Hamilton County Board of Commissioners established the Hamilton County OPEB Trust Fund. Retired employees of Hamilton County can participate in post-employment benefits through
A successful businessman in the community has contacted the Moose County Board of Commissioners about donating income producing securities to the County to support a particular activity. Under the
Briefly describe the impairment evaluation process and assessment of receivables on an individual or collective basis.
How should correction of errors be reported in the financial statements?
Regina Henry deposited $20,000 in a money market certificate that provides interest of 10% compounded quarterly if the amount is maintained for 3 years. How much will Regina Henry have at the end of
Will Smith will receive $80,000 on December 31, 2017 (5 years from now), from a trust fund established by his father. Assuming the appropriate interest rate for discounting is 12% (compounded
Indicate which of the following costs should be expensed when incurred.(a) $13,000 paid to rearrange and reinstall machinery.(b) $200,000 paid for addition to building.(c) $200 Paid for tune-up and
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed
Briefly describe the impairment evaluation process and assessment of receivables on an individual or collective basis. Discuss.
As the new staff person in your company’s treasury department, you have been asked to conduct research related to a proposed transfer of receivables. Your supervisor wants the authoritative sources
On December 31, 2012, Firth Company borrowed $62,092 from Paris Bank, signing a 5-year, $100,000 zero-internet-bearing note. The note was issued to yield 10% interest. Unfortunately, during 2012,
What is business about? What do all businesses have in common?
What is the theoretical justification for the allowance method of accounting for bad debts?
What is an asset? Give three examples.
What is a liability? How does the definition of liability relate to the definition of asset?
Business entities are organized as one of three distinct forms. What are these three forms?
What are the three distinct types of business activity in which companies engage? Assume that you start your own company to rent bicycles in the summer and skis in the winter. Give an example of at
What is accounting? Define it in terms understandable to someone without a business background.
How do financial accounting and management accounting differ?
What are five different groups of users of accounting information? Brieﬂy describe the types of decisions each group must make.

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