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Questions and Answers of Finance

What is meant by exception reporting?
We-Rescue-Dogs Kennel had a labor cost budget of $ 100,000 for the year. It expected its staff costs related to grooming, feeding, walking, and so on to vary in direct proportion with the number of
Dr. Eger is a physician who operates on two different types of patients. He has been pressing the Hospital for Ordinary Surgery (HOS) for more operating-room time. HOS is busy and would have to turn
Do managers tend to motivate their staff by using a “carrot” or a “stick” approach?
Why are variances calculated?
Distinguish between efficiency and effectiveness.
Why is it that variances are not analyzed by the finance department of the organization?
Do volume increases that lead to spending increases cause financial problems for organizations?
What is the essential issue upon which flexible bud-get variance analysis is based?
What are some common causes of variances?
Should all variances be investigated?
Justice Township tries to keep tight control over the costs of the municipal court system. Since the town is small, its courts only operate a few days a week and they get by largely with part- time
The fire department expected to spend $ 100,000 in April. Actually, it spent $ 108,680. The department thought it would pay each member of its team of fire-fighters $ 25 per hour. However, it paid
Donate Your Vehicle (DYV) is a charity that receives donations of old cars and converts them into cash to be used for various charitable purposes. DYV budgeted receipt of 300 cars, but actually
Assume that you are the nursing administrator for a medical group that expects a severe outbreak of flu this winter. You hire additional staff to treat patients and administer shots. Your special
Using the information from Problem 8- 29, assume that the nursing administrator expected 400 patients for flu shots and 1,600 for flu treatment. The medical group typically charges $ 50 for a flu
The Division of Motor Vehicles (DMV) is part of the State Department of Transportation (DOT). The purpose of that department is to ensure the safety and free flow of people and goods throughout the
The Glory Mountain State Ski Are expects to attract 292,500 skier days during the coming ski season. A skier day represents one skier at the mountain for one day. In addition to a $ 2,000,000 per
The Mead Meals on Wheels Center (MMWC) provides meals every day to the homebound elderly. The city of Wabash pays MMWC $ 32 per week for each person it serves. There is no shortage of demand for
As the volunteer business manager for the New City Band (City Band), you are responsible for preparing the operating budget for the organization’s upcoming summer concert season. Each year, City
The Stratton Township Park is located on a piece of property that contains two golf courses, a swimming pool, and 800 acres of woods and open spaces. Three years ago, the Stratton Park Department
The Taos Museum of Southwestern Arts and Crafts (TMSAC) presents rotating exhibits of the works of artists and artisans from the Southwestern United States. Historically, the museum has derived its
What are other names for owners’ equity?
What is the connection between the balance sheet and the fundamental equation of accounting?
Are there any difficulties in measuring assets?
What is the point of the entity concept?
Why is it important for the CPA to evaluate the organization based on the going concern GAAP?
What is the primary requirement for classification of an asset as a current asset?
What is the difference in the way that bonds are reported by for-profit and not-for-profit organizations?
What are GAAP and how do they relate to CPAs?
Explain the monetary denominator concept.
Do GAAP have a preference between cash and accrual bases of accounting? Explain.
Why are cash and cash equivalents listed first on a balance sheet?
What is a journal?
What is meant by double-entry accounting?
What are debits and credits?
Shanna Engel started up a new nonprofit organization in 2013 named Concern for Animal Shelter and Habitats (CASH). The organization places homeless animals in permanent homes. Transactions during the
The Hospital for Ending Long-term Problems (HELP) had the following financial events during the year: 1. HELP collected $ 250,000 in cash that it had billed to the federal government under Medicare.
Because CASH is a new organization, the opening balances for all accounts were $ 0. Record the trans-actions from Problem 10-23 in a worksheet similar to Exhibit.
Use the ending balances from Problem 10-24 to prepare a balance sheet for CASH for 2013.
HELP started the year with the following account balances (shown in alphabetical order): Accounts Receivable ..............$ 300,000Cash ........................135,000Accounts Payable
Use the ending balances from Problem 10- 27 to prepare a balance sheet.
What are some of the other names for the activity statement?
Why do financial statements often show numbers rounded off rather than exact to the dollar?
Why would public service organizations need to measure income?
What conditions must be met for revenue to be recorded? Can pledges meet those conditions?
What is the difference between assets being used up and expiring?
Consider the revenue results from telephone solicitations by Meals for the Homeless in 2013. What do you make of this? What are some possible explanations? What questions do you have?
Should bad debt expense on the activity statement match up with the allowance for uncollectible accounts on the balance sheet?
Does the difficulty in determining the current value of an asset create a problem in determining the depreciation expense that should be charged for a year?
Why would CPAs prefer to avoid estimates in financial reporting?
Is the cash flow statement a reasonable alternative to the activity or operating statement?
What are the sections of the cash flow statement? Why is it divided this way?
Is the information on the balance sheet, activity statement, and cash flow statement independent of one another or connected? Explain.
Explain the difference between permanent and temporary accounts.
The American Research Council of Humanity (ARCH) had the following financial events during the current year.1. January 12. Received a $ 300,000 payment from a pledge made last year. 2. February 4.
ARCH began the year with the following balancesAccounts Payable ................$ 27,000Accounts Receivable, net .............26,000Cash .....................10,000Inventory
Use Problem 11-14 and 11-15 to prepare an activity statement (operating statement), a comparative statement of financial position (balance sheet), and a statement of cash flows (using the indirect
Assume you are the manager of a local hospital. You begin the year with 150 boxes of inventory, each at a cost of $ 1,000. Your organization had the following inventory changes during the year: you
How does the accounting industry define a not-for- profit organization and a VHWO?
How do restrictions affect net assets?
Do you think that a not-for-profit organization’s board can release the restrictions on money in a strike fund and use it for general operations? Does it matter whether we are talking about a
Is an activity statement the same as an income statement?
What type of information must VHWOs provide that is not mandatory for other types of organizations?
What is a fund?
What are some common types of funds?
What are the possible types of interfund transactions? Explain.
Donations in cash are easy to measure. What is the treatment that not-for-profit organizations use for donated goods and services?
At what value are debt and equity securities shown on the balance sheet of not-for-profit organizations? What is the treatment on the activity statement?
Distinguish between the way investor-owned and not-for-profit health care organizations treat investments.
The Abby Arboretum (AA) has several programs, each of which has its own fund. AA also has several other important funds such as a Debt Service Fund and an Operating Fund (which handles all
The chapter did not specifically discuss whether health care organizations must depreciate their buildings and equipment. Do you believe that such depreciation is or is not required? Why?
For Youth Agency (FYA) is a voluntary health and welfare organization that provides counseling and recreation programs for youthful offenders and delinquents. FYA’s programs are financed through a
Individual Rehabilitation Services (IRS) is a not-for-profit organization that assists individuals returning to society following a substance abuse conviction. IRS has been greatly successful in its
What are the fund categories used by governments? Discuss.
How does modified accrual accounting differ from cash and accrual accounting?
What are the benefits of budgetary accounting? What is the difference between appropriations, expenditures, and encumbrances?
See Exhibit for opening account balances. Record the following financial transactions for Simonsen Village for the fiscal year ending December 31, 2014. Show the impact of the transactions on the
Marloweville, with 20,000 residents, is deciding how to finance the construction of a new municipal golf course that will enhance both recreation and tourism in the area. The construction cost of the
Match the following terms with the most correct statement below. a. Debt service fund b. Component units c. Encumbrance d. Proprietary funde. Internal service funds f. Special revenue fund g. General
Simonsen Village is a relatively new community. At the start of the year, the government had no long-term assets or liabilities. In fact, all of the infrastructure (e. g., roads) in the village are
What are the objectives of governmental financial reporting?
Describe the contents of the MD& A.
What do BFS contain? Discuss.
How does one decide what entities to include in the government’s BFS?
What bases of accounting are used in the BFS?
What is a CAFR? Discuss.
For Simonsen Village, prepare a government-wide statement of net position and statement of activities, and a governmental funds balance sheet and statement of revenues, expenditures, and changes in
The primary purpose of an audit is to discover fraud. True or false? Explain.
Who takes primary responsibility for audited financial statements issued to the public?
What is covered in the three paragraphs of the typical audit opinion letter?
Why are financial statements accompanied by notes?
What are the major classes of ratio analysis? What can we learn from each class?
What are some potential problems with ratios?
Lafayette Film Center (LFC) is a not-for-profit theater that plays independent films. In addition to revenue from theater admissions, LFC relies on concession and café sales, grants and other
In general, what are healthy signs in the cash flow statement?
What are the major elements of financial statement analysis?
What types of comparisons should be made with ratios?
Exhibits 15-12 and 15-13 present the statements of financial position and statements of activities for the Disabled American Veterans (DAV) Charitable Service Trust. For both 2007 and 2006,
What is government financial condition? What is the major source for information about financial condition?

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