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Questions and Answers of Accounting

Hanna Corporation filed a petition under Chapter 7 of the bankruptcy act on June 30, 2011. Data relevant to its financial position as of this date are: REQUIRED1. Prepare a statement of affairs
The unsecured creditors of Dawn Corporation filed a petition under Chapter 7 of the bankruptcy act on July 1, 2011, to force Dawn into bankruptcy. The court order for relief was granted on July 10,
The balance sheet of Everlast Window Corporation at June 30, 2011, contains the following items:AssetsCash................. $ 40,000Accounts receivable—net........ 70,000Inventories..............
Lowstep Corporation filed for relief under Chapter 11 of the bankruptcy act on January 2, 2011. A summary of Lowstep's assets and equities on this date, and at June 30, 2011, follows. Estimated fair
If a parent in accounting for its subsidiary amortizes patents on its separate books, why do we include an adjustment for patents amortization in the consolidation workpaper?
How is noncontrolling interest share entered in consolidation workpapers?
What organization provides accounting standards for state and local governmental units? What organization or organizations preceded this group?
What is the GAAFR? Who creates the GAAFR?
What are the characteristics of a government?
Why do governmental entities use fund accounting? How many funds might be used by a single governmental unit? How many fund types?
Distinguish between governmental funds, proprietary funds, and fiduciary funds. Which funds are classified as governmental funds?
List the five types of governmental funds. What are the primary distinctions among them?
List the two types of proprietary funds. What distinguishes them from each other?
What is the accounting equation for a proprietary fund?
Why aren’t fixed assets recorded in the accounts of a general fund? Where are they recorded?
What is the modified accrual basis of accounting? Which funds utilize the modified accrual basis of accounting?
What does measurement focus mean? What two focuses are used in governmental accounting? Which fund types use each?
What types of revenue do governments have? How do nonexchange transactions differ from exchange transactions?
How does the accounting treatment of a nine-month note payable differ from the accounting treatment of a five-year note payable within a governmental fund? Why?
Are interfund transfers expenditures? Expenses? Explain.
What is an appropriation? How can budgetary approval be arranged to give the legislative body maximum control over the budget? How can it be arranged to give the executive maximum flexibility?
List the required governmental fund and proprietary fund financial statements under GASB 34. On what basis of accounting are these statements prepared?
List the authoritative documents available to financial statement preparers and auditors related to governmental accounting and financial reporting. Which is the most authoritative according to GASB
Distinguish between the various types of interfund activity.
How does an expenditure differ from an expense? Identify the funds that report expenditures and those that report expenses.
What are the three sections of a CAFR? Briefly identify the contents of each section.
How do operational accountability and fiscal accountability differ? In what context are they used?
1. Which of the following items has the greatest GAAP authority under SAS 69?a. GASB implementation guidesb. Consensus positions of GASB’s Emerging Issues Task Forcec. GASB statements and
1. Depreciation expense accounts would likely be found in thea. General fundb. Capital projects fundc. Debt service fundd. Enterprise fund2. The government-wide statements of a state governmenta. May
1. Which of the following is considered an exchange transaction under GASB 33?a. A city receives a federal grantb. A bus driver collects bus fare from a riderc. Property taxes are collected from a
1. Which of the following is not a governmental fund?a. Special revenue fundb. Debt service fundc. Trust fundd. General fund2. Which of these funds generally follows the accrual basis of
1. Which of the following are eliminated from the financial statements under GASB 34?a. General long-term debt account groupb. General fixed asset account groupc. Both a and bd. None of the above2.
Identify each of the fund types described.1. A fund that is used to report assets held in a trustee capacity for others and that cannot be used to support the government’s own programs.2. A fund
Use transaction analysis to determine the effects of each of the following transactions in the general fund.1. Salaries paid totaled $30,000. Additional salaries incurred, but not paid, totaled
Repeat Exercise 19-7, this time assuming that the transactions involve a proprietary activity instead of a general governmental activity.
For each of the following events or transactions, identify the fund or funds that will be affected.1. The principal, interest, and related charges from a city’s general long-term debt bond issue
For each of the following events or transactions, identify the fund or funds that will be affected.1. The Board of County Commissioners approved the construction of a new town band shell.2. A central
For each of the following events or transactions, identify the fund or funds that will be affected.1. A new city government establishes an employee pension program.2. A utility department constructs
The City of Sioux Falls entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each transaction and determine how each transaction will affect the
Perez County entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each transaction and determine how each transaction will affect the accounting
List the required governmental fund financial statements under GASB 34 . On what basis of accounting are these statements prepared?
What is the purpose of a capital projects fund? Are all general fixed assets of a governmental unit acquired through capital projects funds? Explain.
How are capital projects funds financed, and when would a capital projects fund be terminated?
How do the purchases and consumption methods of accounting for inventory differ?
Are debt service funds used to account for debt service on all long-term obligations of a governmental unit? If not, which long-term debt obligations are excluded?
Describe a transaction that would affect the general fund and the debt service fund at the same time.
How do special assessment levies differ from general tax levies?
Which funds may be used to account for the activities of a general governmental special assessment construction project with long-term financing? Explain.
How are capital leases recorded in governmental funds?
Assume that supplies on hand at the beginning of the year amount to $60,000 and that supply purchases during the year are $400,000. Supplies on hand at year-end are $40,000, and the consumption basis
What is the role of a subsidiary ledger in a governmental entity?
The Village of Lester had appropriations of $250,000 for the current fiscal year. If $175,000 worth of items has been ordered but only $150,000 of the $175,000 has been received, what amount can city
How does a permanent fund differ from a special revenue fund? A private-purpose trust fund?
How can you determine whether or not a governmental fund should be considered major?
What is included on a budgetary comparison schedule? Is such a schedule required to be included in a CAFR?
How is a conversion worksheet used? Why is it necessary?
List three items that might appear on the reconciliation between the governmental fund balance sheet and the government-wide statement of net assets. List three items that might appear on the
1. Which of the following statements regarding budgetary accounting is true?a. When the budget is recorded, estimated revenues are debited.b. Budgetary accounts are never closed.c. Encumbrance is
1. The accounts “estimated revenues” and “appropriations” appear in the trial balance of the general fund. These accounts indicate:a. The use of cash basis accountingb. The use of accrual
1. When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund?a. Due from general fixed assets account groupb.
1. Howard City should use a capital projects fund to account for:a. Proceeds of a capital grant to finance a new civic center that will not provide services primarily on a user-charge basisb.
1. If numerous funds are maintained, which of the following transactions would typically not be reported in a municipality’s general fund?a. The collection of property taxesb. The purchase of
1. The following information pertains to Walnut Corners:2011 governmental fund revenues that became measurable and available in time to be used for payment of 2011 liabilities.....
The following events and transactions relate to the levy and collection of property taxes for Jedville Township:March 21, 2011—Property tax bills for $2,500,000 are sent to property owners. An
A general ledger trial balance for Any City contained the following balances at June 30, 2011, just before closing entries were made:Due from other funds......... $ 600Fund
A general ledger trial balance at June 30, 2011, for Millar City is as follows: Millar City uses a purchases basis in accounting for supplies. Open encumbrances are considered constrained by the
The trial balance of the general fund of Madelyn City before closing at December 31, 2011, contained the following accounts and balances:Fund balance—unassigned......... $ 25,000Estimated
Prepare entries in the general fund to record the following transactions and events:1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.2. The tax levy for the
Prepare the journal entries required to record the following transactions in the general fund of Rochester Township.1. Borrowed $75,000 by issuing six-month tax anticipation notes.2. Ordered
For each of the following transactions, note the fund(s) affected, and prepare appropriate journal entries.1. General obligation bonds with a par value of $750,000 are issued at $769,000 to finance
The postclosing trial balance for the Village of Alantown general fund at June 30, 2011, shows the following ledger account balances:DebitsCash.........................
The following data are available from the City of Boulder’s financial records on September 30, 2011:a. The net change in fund balance—total governmental funds for the city is $1,408,950.b. The
The unadjusted trial balance for the general fund of the City of Orchard Park at December 31, 2011, is as follows: Supplies on hand at December 31, 2011, are $3,000. The $50,000 encumbrance
The preclosing account balances of the general fund of the City of Batavia on June 30, 2012, were as follows:DebitsCash...................... $ 80,000Taxes receivable—delinquent............
The Town of Tyler approved the following general fund budget for the fiscal year July 1, 2011, to June 30, 2012:TOWN OF TYLER GENERAL FUND BUDGET SUMMARYFOR THE YEAR JULY 1, 2011 TO JUNE 30,
The post-closing trial balance for the City of Fort Collins governmental funds at June 30, 2011, shows the following ledger account balances: ADDITIONAL INFORMATION1. During the year, Fort Collins
The following summary of transactions was taken from the accounts of the Oslo School District general fund before the books had been closed for the fiscal year ended June 30, 2011: ADDITIONAL
The following information was abstracted from the accounts of the general fund of the City of Lahti after the books had been closed for the fiscal year ended June 30, 2011: ADDITIONAL INFORMATION
The following information regarding the fiscal year ended December 31, 2011, was drawn from the accounts and records of the Volendam County general fund:Revenues and Other Asset
The Town of Lilehammar has $3,000,000 of 6 percent bonds outstanding. Interest on the general obligation, general government indebtedness is payable semiannually each March 31 and September 30.
The City of Stockholm authorized construction of a $600,000 addition to the municipal building in September 2011. The addition will be financed by $200,000 from the general fund and a $400,000 serial
On June 15, 2011, Malmo City authorizes the issuance of $500,000 par of 6 percent serial bonds to be issued on July 1, 2011, and to mature in annual serials of $100,000 beginning on July 1, 2012. The
In a special election held on May 1, 2011, the voters of the City of Cerone approved a $10,000,000 issue of 6 percent general obligation bonds maturing in 20 years. The proceeds of this sale will be
The City of Catalina authorized the construction of a new recreation center at a total cost of $1,000,000 on June 15, 2011. On the same date, the city approved a $1,000,000, 8 percent, 10-year
What is the accounting concept of a business combination?
Is dissolution of all but one of the separate legal entities necessary in order to have a business combination? Explain.
What are the legal distinctions between a business combination, a merger, and a consolidation?
When does goodwill result from a business combination? How does goodwill affect reported net income after a business combination?
What is a bargain purchase? Describe the accounting procedures necessary to record and account for a bargain purchase.
1. A business combination in which a new corporation is formed to take over the assets and operations of two or more separate business entities, with the previously separate entities being dissolved,
1. Pat Corporation paid $100,000 cash for the net assets of Sag Company, which consisted of the following: Assume Sag Company is dissolved. The plant and equipment acquired in this business
The stockholders' equities of Pal Corporation and Sip Corporation at January 1 were as follows (in thousands): On January 2, Pal issued 300,000 of its shares with a market value of $20 per share
Pan Company issued 480,000 shares of $10 par common stock with a fair value of $10,200,000 for all the voting common stock of Set Company. In addition, Pan incurred the following costs: Legal fees to
On January 1, Pan Corporation pays $400,000 cash and also issues 36,000 shares of $10 par common stock with a market value of $660,000 for all the outstanding common shares of Sis Corporation. In
Comparative balance sheets for Pin and San Corporations at December 31, 2010, are as follows (in thousands): On January 2, 2011, Pin issues 60,000 shares of its stock with a market value of $40 per
On January 2, 2011, Pet Corporation enters into a business combination with Sea Corporation in which Sea is dissolved. Pet pays $1,650,000 for Sea, the consideration consisting of 66,000 shares of
On January 2, 2011, Par Corporation issues its own $10 par common stock for all the outstanding stock of Sin Corporation in an acquisition. Sin is dissolved. In addition, Par pays $40,000 for
The balance sheets of Pub Corporation and Sun Corporation at December 31, 2010, are summarized with fair value information as follows (in thousands): On January 1, 2011, Pub Corporation acquired
Pat Corporation paid $5,000,000 for Saw Corporation's voting common stock on January 2, 2011, and Saw was dissolved. The purchase price consisted of 100,000 shares of Pat's common stock with a market
Assume that Wal-Mart decided to acquire major retailing rival Target Corporation on January 31, 2010. Target’s fiscal year ended on January 30, 2010, but you may assume that the year ends are

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