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Questions and Answers of Accounting

Multiple Choice. Choose the best answer.1. Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:a.
Fund balance with U.S. Treasury. One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of a certain agency
Federal Agency Financial Statements. Using the data from Problem 11—2, prepare the following:a. In general journal form, entries to close the budgetary accounts as needed and to close the operating
Statement of Net Cost. The Rural Assistance Agency operates three major programs as responsibility centers—the Food Bank. Housing Services and Credit Counseling, Clients pay a fee for services on a
Statement of Budgetary Resources. The trial balance of the Federal Science Administration, as of August 31, 2011, follows:RequiredPrepare a statement of budgetary resources for the 11 months ended
Transaction Analysis and Statements. Congress authorized the Flood Control Commission to start operation on October 1, 2011.Requireda. Record the following transactions in general journal form as
DOT Audit Report and Transmittal Letter. The following excerpt is from the Inspector General’s transmittal letter to the Secretary of the Department of Transportation (DOT).Requireda. Explain the
What are the three levels of audit to which a government or not-for-profit entity may be subject? Who is responsible for setting the standards or requirements for each of the three levels identified?
What is an opinion unit and of what significance is an opinion unit to the auditor?
A new board member for the Fire Protection District (a special purpose government) was reviewing the audit report for the district and noted that, although the district received an unqualified
Define GAGAS, and describe how GAGAS differ from GAAS.
What are the major types of auditor services described in the Government Accountability Office’s Government Auditing Standards (yellow book), and how do they differ?
The director of a not-for-profit organization was overheard saying that government auditing standards (GAGAS) were developed by the federal government to ensure that local governments were spending
How is an OMB Circular A-133 audit related to a GAGAS audit? How is an OMB circular A-133 audit different from a GAGAS audit?
Explain how federal award programs are selected for audit under the risk- based approach.
What is the National Single Audit Sampling Project and why is it important?
What are the benefits of having an audit committee?
Audit Risk. Your firm recently signed a letter of engagement to audit CitCo, the local city and county government. Over your morning cup of coffee, you open the local newspaper and read the
Single Audit. Background, Mountain Lake Mental Health Affiliates, a nongovernmental not-for-profit organization, has contacted Rill Wise, CPA, about conducting an annual audit for its first year of
GAAS, GAGAS, and the Single Audit. A city has approached you concerning the audit of its 2011 financial statements. State law requires the city to have an audit and submit the audited financial
Single Audit, Internet Case. A not-for-profit organization has hired you to conduct an audit. The audit has been requested by the organization’s board of directors. A mission of the organization is
Internet Case. The City of Belleview receives pass-through funds from the state’s Department of Housing to assist in administering the federally funded Supportive Housing Program for the elderly.
Single Audit Quality. In this chapter, information was provided on the report of the National Single Audit Sampling project. The project was the outgrowth of concern over the quality of single
Audit Committees. The city council members of Laurel City are considering establishing an audit committee as a subset of the council. Several members work for commercial businesses that have recently
Multiple Choice. Choose the best answer.1. Which of the following activities would always indicate that an auditor’s independence has been impaired?a. Providing advice on establishing an internal
Continuing Professional Education. As part of your audit firm’s quality control policies, it maintains a record of continuing profession education (CPE) taken by professional staff members.
Single Audit. Quad-States Community Service Agency expended federal awards during the most recent fiscal year in the following amounts for the pro- grains shown:Additional information indicates that
GAO Independence Standards. Indicate which of the following activities performed by an auditor for a governmental client are (a) Allowable, (b) Permitted if safeguards are in place, or (c)
Unqualified Audit Report. Following is the unqualified audit report for the City of Sand Key.The Honorable MayorMembers of the City Commission andCity ManagerCity of Sand KeyWe have audited the
The sole objective of budgeting in a governmental entity is to demonstrate compliance with appropriation legislation. Do you agree or disagree? Explain.
Explain how strategic planning, Budgeting, and performance measurement can be integrated in a government and why this integration is desirable.
What is the difference between two types of line-item budgeting approaches—incremental budgeting and zero-based budgeting? Which of the two approaches is more widely used by governments?
Describe the advantages of performance budgeting and program budgeting over incremental budgeting in a governmental entity.
Identify some essential components of an annual budget process for a state or local government.
What advantages does total quality management (TQM) offer a government? Is it fundamentally a budget approach?
Discussion at a local meeting of government financial officers centered on using a balanced scorecard to present information to the public on the government’s Web site. Describe the components of a
What are the three broad categories of service efforts and accomplishments (SEA) measures? Explain the GASB’s role in developing standards for SEA reporting.
Explain why conventional cost accounting systems have become less useful in both business and government settings. How does activity-based costing (ABC) reduce the problems created by conventional
The finance officer of a small city has heard that certain items of cost may be allowable under federal grants, even though they were not incurred specifically for the grant. To what source could the
Distinguished Budget Presentation Award. You are a governmental accountant for a large municipality, and you have recently been assigned to the Budget office and charged with building a better budget
Budgeting Process and Policies. The City of Topeka, Kansas, has received a Distinguished Budget Presentation Award for at least 12 years. An excerpt from the 2008. Financial Policies, Guidelines, and
Indirect Costs. As a cost reimbursement accountant in a large public research university, you are aware that federal agencies have increased auditing efforts in the area of federal research grants to
Multiple Choice. Choose the best answer.1. An often used approach to budgeting that simply derives the new year’s bud get from the current year’s budget is called:a.
General Fund Budget. A portion of the General Fund operating budget for Southwest City€™s Street Department follows here and on subsequent pages.RequiredAfter reading and evaluating the
Police Department Budget. The police chief of the Town of Meridian submitted the following budget request for the police department for the forthcoming budget year 2011€”12.Upon questioning
Budgeting Cash Flows. Eagleview City prepares a quarterly forecast of cash flows for its water service department. Data for the upcoming quarter (in alphabetical order) measured on the cash basis are
SEA Reporting. The City of Ankeny, Iowa, has produced a Service Efforts and Accomplishments report since 2003 in an attempt to answer the question, €œAm I getting my money€™s
Activity-based Costing in a Government. The midsize City of Orangeville funds an animal control program intended to minimize the danger stray dogs pose to people and property. The program is under
Total Program Costs. On the basis of the following data, prepare a statement for the Town of Chippewa for the year ended June 30, 2011, showing the total cost of solid waste removal and the cost per
A common stockholder of Milton Corporation is entitled to a pro rata share of any new stock issued by the company. If the firm plans to issue 500,000 new shares at a price of $3.50 per share and this
If you want the formulas and any calculations, select the corresponding cell and press F2 (Function Key on key board), It will show all calculations and formulas automatically.Dividends and
Delbert Ray is planning to retire this year and draw upon the accumulated savings in his pension plan, which amount to $205,800. Mr. Ray is vested with 80 percent of the accumulated funds and, based
(1) The Martin family recently deposited $1,000 in a bank account that pays a 3 percent nominal interest rate. Interest in the account will be compounded daily (365 days = 1 year). How much will they
Explain how general purpose governments differ from special purpose governments and give a few examples of each type of government.
Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards.” Do you agree or
Which standard-setting bodies have responsibility for establishing accounting and reporting standards for (1) state and local governments, (2) business organizations. (3) not-for-profit
How should one determine whether FASB or GASB standards should be followed by any particular not-for-profit organization?
Distinguish between accountability and interperiod equity.
GASB financial reporting standards assist users in assessing the operational accountability of a government’s business-type activities and the fiscal accountability of its governmental
Why do governmental fund financial statements use a different basis of accounting and measurement focus than the Governmental Activities column of the government-wide financial statements? Also,
How does the modified accrual basis of accounting differ from the accrual basis?
What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial
Why does the GASB encourage state and local governments to report service efforts and accomplishments information in addition to a CAFR?
Interact Case—FASB. Go to the Financial Accounting Standards Board’s Web site at ww-sfasb.org. List by number and name all FASB statements that specifically provide accounting and reporting
Internet Case— GASB. Examine the Governmental Accounting Standards Hoard’s Web site (www.gasb.org) and prepare a brief report about its mission and structure and the representative organizations
Interact Case—FASAB. Examine the Federal Accounting Standards Advisory Board’s Web site at www.fassab.gov and prepare a brief report about its mission and structure and compile a list of
Research Case—Governmental or Not-for-Profit Entity? In partnership with Jefferson County and the Mound City Visitor’s Bureau, Mound City recently established a Native American Heritage Center
Multiple Choice. Choose the best answer.1. Special purpose governments differ from general purpose governments in that special purpose governments:a. Provide a single function or limited range of
Matching Place the abbreviations corresponding to the appropriate reporting attribute(s) in the spaces provided for each financial statement. Include all that apply.Activities or Funds Basis of
Describe the governmental activities of a state or local government and identify the measurement focus and basis of accounting used in accounting and financial reporting for these activities.
Describe the business-type activities of a state or local government and explain how and why accounting and financial reporting for business-type activities differ from those for governmental
Describe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type
What organizations does the governmental reporting entity include? Define primary government. How does a component unit differ from the primary government?
If a discrete presentation is used for the financial data of a component unit in the statement of net assets of a governmental financial reporting entity, there is no need for the component unit to
What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Do the three fund categories correspond precisely with the three activity categories
Which fund category uses the modified accrual basis of accounting? What are the recognition rules for revenues and expenditures under the modified accrual basis of accounting?
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should
Explain the criteria for determining if a governmental or enterprise find must be reported as a major fund. What other funds should or may be reported as major funds?
Defining tie Reporting Entity. Use the comprehensive annual financial report (CAFR) obtained for Exercise/Problem 1—1, or else locate one for a local government using either the government’s own
Accounting and Reporting Principles. For more than 100 years, the financial statements of the Town of Brookfield have consisted of a statement of cash receipts and a statement of cash disbursements
Internet Case. Locate a comprehensive annual financial report (CAFR) for a local government from some source on the Internet, perhaps the Web site of the governmental entity or the Governmental
Multiple Choice. Choose the best answer.1. Which of the following would be included as part of a governmental reporting entity?a. A primary government and any legally separate organization located
True or False. Write T if the corresponding statement is true. If the statement is false, write F and state what changes should be made to make it a true statement.1. Activities of a general purpose
Matching Funds and Identifying Characteristics with Fund and Government-wide Financial Reporting Categories. For each fund or government-wide category listed in the left-hand column, choose the
Matching Funds with Transactions. Choose the letter of the sample transaction in the right-hand column that would most likely be reported in the fund listed in the left-hand column. Fund
General Long-term Liability and Capital Asset Transactions The Village of Nassau issued a 3-year, 6 percent note in the amount of $100,000 to finance the purchase of vehicles for the Public Works
Major Funds. The Town of Trenton has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds should be classified as €œmajor
Explain why governmental fund financial statements are insufficient for users seeking information about operational accountability.
What benefits do financial statement users derive from the net (expense) revenue format used for the government-wide statement of activities?
Why is depreciation expense typically reported as a direct expense in the government-wide statement of activities?
Indicate whether the following revenues would most likely be classified as program revenues or general revenues on the government-wide statement of activities.a. Unrestricted operating grants that
Explain the essential differences between extraordinary items and special items and how each of these items should be reported on the government-wide statement of activities.
Indicate whether each of (he following expenditure items should be classified as a function, program, organization unit, activity, character, or object.a. Mayor’s Office.b. Public Safety.c.
Distinguish between:a. Expenditures and Encumbrances.b. Revenues and Estimated Revenues.c. Reserve for Encumbrances and Encumbrances.d. Reserve for Encumbrances and Fund Balance.e. Appropriations and
State whether each of the following items should be classified as taxes, licenses and permits, intergovernmental revenues, charges for services, fines and forfeits, or miscellaneous revenue in a
For which funds are budgetary comparison schedules or statements required? Should the actual revenues and expenditures on the budgetary comparison schedules be reported on the GAAP basis? Why or why
Explain how expenditure and revenue classifications for public school systems differ from those for state and local governments.
Internet Case—Revenue and Expense/Expenditure Classification. Locate a comprehensive annual financial report (CAFR) using a city’s Web site, or one from the “Project Pages/Statement 34” link
Internet Case—Budgetary Comparison Statements; Budget Basis Compared with GAAP. Refer to Case 3—1 for instructions about how to obtain the CAFR for a city of your choice. Using that CAFR, go to
Internet Case—Charter Schools. You are an accountant in a state that allows charter schools, or public school academies, to educate kindergarten through 12th grade students and receive public funds

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