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Questions and Answers of Accounting

Wal Mart Stores; perpetuity growth model derivation of results in Chapter 6 Refer to the discussion on page 284 in Chapter 6. There, in estimating the value of a share of common stock of Wal-Mart
Fast Growth Start-Up Company; valuation involving perpetuity growth model assumptions Fast Growth Start-Up Company (FGSUC) has a new successful Internet business. It expects to earn $100 million of
1. Compute the partnership's ordinary income and separately stated items.2. Show Mark's and Pamela's shares of the items in Part a.3. Compute Mark's and Pamela's ending basis in their partnership
Explain how organizations in the not-for-profit sector differ from organizations in the public sector or for-profit business sector. Provide an example of an entity in each sector.
Which standards-setting bodies are assigned responsibility for establishing accounting and financial reporting standards for not-for-profit organizations? What issues remain unfinished on the
What financial statements does FASB Statement No. 117 require NPOs to present? How do these financial statements compare to those typically prepared prior to SFAS 117?
What are the three categories into which NPOs must classify their net assets? Describe which net assets are included in each category. Would board-designated net assets be reported as temporarily
Why is a statement of functional expenses considered an important financial statement for a voluntary health and welfare organization? How does a statement of functional expenses differ from the
How does support differ from revenues from exchange transactions? How do gains differ from revenues?
Distinguish between program services expenses and supporting services expenses. Why is it important that NPOs report expenses for program services separately from those for supporting services?
What criteria must be met before donated services can be recorded as contribution revenue and an expense? Give an example of a service that might qualify as a donated service for accounting purposes.
What are special events? Give a few examples. Are special events conducted by the NPO reported differently on the statement of activities than special events conducted by an organization that is
How does a not-for-profit fund-raising foundation account for a gift intended for the benefit of a particular charity when the donor stipulates that the hind-raising foundation may use its discretion
Temporarily Restricted el Assets. For several years, Baytown Rehabilitative Camp for Disabled Children (hereafter referred to as the camp) has applied for an operating grant from the Baytown Area
Terms of Gift. The Shelter Association of Jefferson County receives the majority of its funding from the local chapter of the United Way. That federated fund-raising organization has a policy that if
Institutionally Related Foundations. Compass State University Foundation (CSUF) was incorporated as a not-for-profit organization to support a public university in its fund-raising efforts and the
Multiple Choice. Choose the best answer.1. The FASB’s objectives of financial reporting for not-for-profit organizations include all of the following except:a. Making resource allocation
Classification of Revenues/Support and Expenses. For each of the independent transactions listed in the left-hand column below, indicate which of the revenue/support or expense classifications apply
Donated Services. Indicate whether each of the following donated services situations would require a journal entry for contribution revenue and a related expense or asset by circling Y for yes or N
Joint Activities with a Fund-Raising Appeal. Consider the following scenarios relating to activities that include a fund-raising appeal:1. The Green Group’s mission is to protect the environment by
Identify Departures from GAAP. The balance sheet and statement of activities for the Central Area Disadvantaged Youth Center for fiscal year 2011, prepared by a volunteer accountant with business
Statement of Activities. The Atkins Museum recently hired a new controller. His experience with managerial accounting and strong communication skills were extremely attractive. The new controller
Notes on Net Assets. The following items are taken from the financial statements of the Kids Clubs of America for the years ending December 31, 2011, and 2010, with related notes.Requireda. Explain
Prepare Financial Statements. The Children€™s Counseling Center was incorporated as a not-for-profit voluntary health and welfare organization 10 years ago. Its adjusted trial balance as of
Explain why a state has regulatory authority over a not-for-profit organization. When does the federal government have regulatory authority over a not-for-profit organization?
A local not-for-profit organization that provides shelter for the homeless favors proposed legislation in the state that would facilitate converting an old hotel into a transitional living facility.
Using Illustration 15—3 as a guide, indicate under which Internal Revenue Code section each of the following public charities is most likely to be exempt from federal income tax.a. Ottowa County
What are the distinguishing characteristics between a public charity and a private foundation? Why do these differences result in different federal reporting requirements?
Describe the general ways that the revised Form 990, applicable for tax year 2008 and beyond, is different from previous versions.
How can a not-for-profit museum ensure that its gift shop activities will not result in an unrelated business income tax liability?
A new not-for-profit board member suggests that the NPO create a separate audit committee to work with the external auditors. The other board members feel that it is already difficult to find
Why are the intermediate sanction regulations an important tool for the IRS to use in curbing abuses such as excessive management compensation?
The financial manager of a not-for-profit child care center wants to improve the monthly report to the board and has decided to include performance measures. What issues should the manager consider
What incorporating documents should an auditor examine in conducting an audit or preparing an annual Form 990 tax return of a not-for-profit organization? What information in these documents is most
Establishing a Not-for-Profit Organization. As a certified public accountant, you have been asked by a group of local citizens to assist in establishing a not-for-profit organization for the purpose
Unrelated Business Income Tax. Dan Smith is a certified human resource manager who serves on the board of a local professional association of human resource managers. The association puts on an
Internet Case—Performance Measures. Go to the Internet Web sites of five of the largest charitable organizations listed in Illustration 15—7 and search for financial information and performance
Nonfinancial Performance Measures. The Little Feet Dance Association is a performing arts program in an urban area. It was established to increase appreciation for dance among youth and strengthen
Multiple Choice. Choose the best answer.1. State regulation of not-for-profit organizations derives from the state’s power to:a. Grant exemption from income taxes.b. Give legal life to a
Public Charity. The Kids Club of Clare County is a public charity under IRC Sec. 501 (c) (3). It had total support last year of the following:United Way support $80,000Grant from dare County
Lobbying Expenses. EarthFriendly, Inc., an IRC Sec. 501 (c) (3) organization, incurred lobbying expenses of $150,000 and exempt purpose expenditures of $1.2 million in carrying out its exempt
Unrelated Business Income Tax. The Silverton Symphony Orchestra Hall is a well-established not-for-profit organization exempt under IRC Sec. 501 (c) (3) that owns a facility that is home to the local
Gift Shop UBIT. A local exempt organization that trains at-risk youth for employment has an annual operating budget of $300,000, which includes revenue from operating a gift shop in a nearby hotel
Intermediate Sanctions. For each of the following independent situations, determine whether the organization is at risk for receiving intermediate sanctions from the Internal Revenue Service for
Investment Performance and UPMIFA. Crossroads University is a tax-exempt, private university. An excerpt from Note 5 “Endowment Fund” of its 2007 audited financial statements is as follows:State
Performance Measures. Information from the Form 990 for the American Heart Association for the fiscal year ending June 30, 2007, follows. Requireda. Compute the following performance measures using
What are restricted assets and how are they shown in the financial statements?
Explain how restricted gifts and grants are reported by a public college or university. How would such restricted gifts and grants be recorded and reported by a private college or university?
Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?
What are some of the accounting and reporting differences between endowments and split-interest agreements’?
Compare the reporting of contributed services by private and public colleges and universities.
A private college has received a multi-year unconditional pledge from a major supporter. How will the college report the pledge in its financial statements?
Explain the conditions that must exist for a public or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets.
What is an annuity agreement and how does it differ from a life income fund?
What is a revocable split-interest agreement and how is it recorded by a private college?
Describe some measures of performance that can be used in assessing whether a university operates effectively.
Institutionally Related Foundations. Review each of the following cases that describe a public university and a foundation related to it (i.e., an institutionally related foundation). Explain whether
Comparison of Public and Private Universities. Following are the operating statements for a public and private university. The operating statements have been adapted from the annual reports of a
UPMIFA—Internet Case. UPMIFA stands for the Uniform Prudent Management of Institutional Funds Act. This Act was approved in July 2006 and replaces the Uniform Management of Institutional Funds Act
Review of Annual Financial Report. Obtain the most recent copy of the annual report for your college or university (school). Using the annual report, answer the following.Requireda. Does your school
Multiple Choice. Choose the best answer.1. Under GASB standards, public colleges and universities engaged only in business-type activities present all of the following statements in their stand-alone
Private College Transactions. Elizabeth College, a small private college, had the following transactions in fiscal year 2011.1. Billings for tuition and fees totaled $5,600,000. Tuition waivers and
Public University Transactions. The Statement of Net Assets of Green Tree State University, a governmentally owned university, as of the end of its fiscal year June 30, 2010, follows.The following
Various Unrelated Transactions. Following are several unrelated transactions involving a university.1. In fiscal year 2011, the university was notified by the federal government that in 2012 it would
Financial Statements€”Private University. The following is the pre-closing trial balance for Horton University as of June 30, 2011. Additional information related to net assets and the
Financial Statements€”Public College. The following balances come from the trial balance of Sherlock State College as of the end of the 2011 fiscal year.Requireda. Prepare a statement of
The American Institute of CPAS (AICPA) is the primary source of generally accepted accounting principles (GAAP) for all health care organizations. Do you agree with this statement? Why or why not?
What are the required financial statements for? (a) A not-for-profit health care entity and (b) A governmental health care entity reporting only business-type activities?
How do the accounting treatments for charity services, patient discounts, contractual adjustments, and provision for bad debts differ in terms of their effects on patient service revenues and related
What is an example of a performance indicator and to what would it corn pare in investor-owned financial reporting?
What is the difference in accounting for investments among investor-owned, not-for-profit, and governmental health care organizations?
Breyer Memorial Hospital received a $100,000 gift that was restricted by the donor for heart research. At fiscal year-end Breyer had incurred $25,000 in expenses related to this project. Explain how
What are assets limited as to use and how do they differ from restricted assets?
Explain the importance of diagnosis-related groups (DRGs) in the cost accounting systems of a health care provider.
What are some taxation and regulatory issues affecting health care organizations?
Charity Care. The local newspaper of a large urban area printed a story titled €œCharity Care by Hospitals Stirs Debate.€ The story quotes one legislator who wants €œto
Organizational Form. Responding to a growing need for medical care as its population grew in the early 1900s; Suffolk County founded the Suffolk County Hospital in 1920, financing construction of the
Internet Case—Medicare and Medicaid. The federal government through the Medicare and Medicaid programs is one of the largest providers of patient service revenues to health care organizations.
Internet Case—Evaluating the Quality of Health Care. The U.S. Department of Health and Human Services maintains the Web site www.hospitalcompare.hhs.gov, which provides an array of process of care
Multiple Choice. Choose the best answer.The organization assigned primary responsibility for establishing accounting and financial reporting standards for health care organizations is the:a. American
Revenue Classifications. Rosemont Hospital, a not-for-profit hospital, recorded the following transactions. For each transaction, indicate the appropriate revenue or gain classification by selecting
Not-For-Profit Financial Statements. Renfrow Rehabilitation Center uses fund accounting for internal purposes. Presented is the December 31, 2011 balance sheet prepared from the funds the center
Restricted Contribution. The following transactions occurred at Jackson Hospital:1. Under the will of Samuel H. Samuels, a bequest of $100,000 was received for research on gerontology. The principal
Revenue and Related Transactions. During its current fiscal year, Dearborn General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts
Governmental Hospital. During 2011, the following selected events and transactions were recorded by Nichols County Hospital.1. Gross charges for hospital services, all charged to accounts and notes
Not-for-Profit Hospital Financial Statement Analysis. Examine the financial statements for Oak Valley Hospital for the years ended December 31, 2010, and 2011.RequiredPrepare a short answer to
Not-for-Profit Hospital, The Phelps Community Hospital balance sheet as of December 31, 2010, follows.Requireda. Record in general journal form the effect of the following transactions during the
Identify the principals of the Joint Financial Management and Improvement Program (JFMIP) and identify in which branch of the federal government each operates. What role does each one play in the
Describe the institutional process for establishing generally accepted accounting principles for the federal government.
Discuss the conceptual framework of accounting for federal agencies and compare it to the conceptual framework established by the GASB for state and local governments.
Explain the differences among these accounts:(1) Estimated Revenues used by state and local governments.(2) Other Ap4vpriations Realized used by federal agencies in their budgetary track.(3) Fund
Net position for a federal agency is similar to net assets of a state or local government. Do you agree or disagree? Explain.
The FASAB sets standards for federal agencies that relate to external financial reporting, much like the GASB sets standards for state and local governments for external financial reporting. Do you
Describe financial reporting of the consolidated activities of the U.S. government. Has the federal government received an unqualified audit opinion on its consolidated financial statements? If not,
Describe the dual-track system used in federal agency accounting. Compare this to the system by the same name used in the discussion of state and local government reporting under GASB standards in
Identify the budgetary accounts used in federal agency accounting and explain the sequential flow of budgetary authority through the accounts in your own words.
Name the financial statements that should be prepared for each federal agency in conformity with OMB Circular A-136.
OMB Press Release. The following press release from the Office of Management and Budget was issued November 20. 2007.FOR IMMEDIATE RELEASENovember 20. 2007Contact: OMB Communications,
Internet Case—FASAB. At the cutoff date for publication of this edition of the text, 32 Statements of Federal Financial Accounting Standards (SFFASs) have been issued. In addition, OMB Circular
U.S. Government-wide Annual Report. Obtain the most recent audited annual financial report of the U.S. government. It is available from the Government Accountability Office (GAO).Requireda. Did the

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