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accounting governmental nonprofit entities

Questions and Answers of Accounting Governmental Nonprofit Entities

Following are descriptions of several relationships between primary governments and other organizations.RequiredUsing just the information provided, indicate whether you believe the primary
Use the comprehensive annual financial report (CAFR) you obtained for Exercise 1–17, or another CAFR you have downloaded for this case. It is recommended that you print a copy of the two
As indicated in the text, popular reports are being prepared by a growing number of governments. Because there are no standards for popular reports, the reports can vary widely in their content and
Choose the best answer.1. The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the
The GASB requires that information be reported in certain sections of the CAFR. Following is a list of items that could appear in a CAFR report.1. Budgetary schedules2. Letter of transmittal3. Legal
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31.1. The city council adopted a General Fund budget for the fiscal year. Revenues
The following information has been provided for the City of Elizabeth for its fiscal year ended June 30. The information provided relates to financial information reported on the city’s statement
The following information has been provided by the City of Edward for its most recent December 31 fiscal year-end. The information provided relates to financial information needed to reconcile the
Section A provides a list of transactions or events that occurred during the year, followed by Section B, a list of the possible effects each transaction or event has on adjusting net position
You have been provided with the following information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(289,200),
You have recently started working as the controller for a small county. The county is preparing its financial statements for the comprehensive annual financial report and you have been given the
Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i.e., it uses no
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 scrutiny because of current budgetary
The City of Ashcroft has produced a Service Efforts and Accomplishments report for the past four years in an attempt to answer the question €œHow are we doing?€ for its citizens.
The City of Manhattan, Kansas, prepares an annual Budget Book, a comprehensive document that includes a citywide budget, as well as department budgets. The city has received the GFOA Distinguished
The police chief of the Town of Meridian submitted the following budget request for the police department for the forthcoming budget year 2020€“2021.Upon questioning by the newly appointed
Choose the best answer.1. Budgets of government entitiesa. Are integrated within the financial accounting system.b. Enable governments to demonstrate compliance with laws and to communicate
You work for an auditing firm that is performing a local government audit. The government has received federal grant funding, and the audit manager on the engagement has asked you to perform the
The City of Manhattan, Kansas, prepares an annual Budget Book, a comprehensive budget document, each year. It includes departmental and citywide budget details. Similar to the City of Chesapeake,
What are “big data,” and how might they be used by a public administrator?
What are the three broad categories of service efforts and accomplishments (SEA) measures? Provide an example of each.
Discussion at a local meeting of government finance officers centered on using a balanced scorecard to present information to the public on the government’s website. Describe the components of a
Robert Bland suggested that tensions may exist between stakeholders in a government’s budget process. Identify examples of potential conflicts between the stakeholders. How are these conflicts
You completed a managerial accounting class last semester and learned about budgeting concepts. How do government budgeting concepts differ from those used in a corporate setting?
Chittenden County had the following federal award activity during the most recent fiscal year:Requireda. Based on size, which programs would be considered Type A programs? Type B programs?b. You
Under GAGAS, some non-audit services create threats to independence and are prohibited from being performed by the auditor providing audit services.1. Preparing accounting records and financial
As part of your audit firm’s quality control policies, it maintains a record of continuing professional education (CPE) taken by professional staff members. Following is information on some of the
Choose the best answer.1. Under the hierarchy of GAAP for a state and local government, which of the following has the highest level of authority?a. AICPA Practice Bulletins if specifically made
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 such committees. They have
Many governments undergo performance audits for a variety of purposes. The results of such audits are typically available for public review on government websites. One state that publishes
Background. Lake View Mental Health Affiliates, a nongovernmental not-for-profit organization, has contacted William Wise, CPA, about conducting an annual audit for its first year of operations. The
Under a single audit, what are Type A and Type B programs? Which are required to be audited in the context of a single audit?
Government Auditing Standards identify non-audit services that can potentially impair auditor independence. List three prohibited non-audit services that are considered management responsibilities.
Standard audit reports for both corporate and government entities include sections addressing both management and auditor responsibilities. In addition to the management and auditor responsibilities
Examine the following tables from the Financial Trend Monitoring Report for the Town of Oakdale for the most recent fiscal year-end. The performance indicators selected are total revenue and revenue
Write the letters a through o on a sheet of paper. Beside each letter, put a plus (+) if a high or increasing value of the item is generally associated with stronger financial condition, a minus
Choose the best answer.1. Evaluation of government financial performance is important for which of the following reasons?a. Credit analysts use it to determine whether bonds should be issued.b.
You are a new city council person for the City of Columbia, Missouri. You are aware that several cities have been in the news recently because of the financial crises they have faced. The governing
At the time of this case in July 2017, the Illinois State legislature had just passed its first budget in two years. The lack of a budget for the past two years has created a great deal of fiscal
What type of bench marking is most common in governments? Why?
Illustration 10–4, adapted from Crawford and Associates, lists several ratios under the heading Financial Position. Which of the ratios listed most closely aligns with the GASB research study
Should citizens be concerned if the funded position for pension plans decreases over time? Why?
What is the Financial Trend Monitoring System and how is it used?
The fire department for the City of Austin, Texas, reports key performance indicators annually. Following are excerpts from the City€™s 2015€“16 Performance Report.Requireda.
Go to the Internet websites of any five of the charitable organizations listed in Illustration 13–8 and search for financial information and performance measures they may disclose on their
You are considering making a contribution to the Conservation Fund. However, as an accountant you decide to conduct “due diligence” related to the efficiency and effectiveness of the Conservation
Navigator incorporated an Accountability and Transparency Performance Score into the overall evaluation of charities reviewed on its website. The Accountability and Transparency Performance Score is
The Silverton Symphony Orchestra Hall is a well-established not-for-profit organization exempt under IRC Sec. 501(c)(3) that owns a debt-financed facility that is home to the local symphony
Use Illustration 13–4 as a guide in completing this exercise.1. Fredericksburg Chamber of Commerce2. American Diabetes Association3. American Legion4. American Museum of Natural History5. American
Identify ways in which states regulate not-for-profit organizations.
What is the purpose of Form 990? Because there are different types of Form 990, explain how an NFP would know which type it must file.
What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?
Information from the 2015 Form 990 and the 2016 audited financial statements for Feeding America follows. Although Form 990 indicates it is for 2015, it is actually for the period July 1, 2015, to
Discuss how characteristics of not-for-profit organizations differ from for profit organizations.
How does a permanent fund differ from public-purpose trusts that are reported in special revenue funds?
Why might differences exist between the amount of property tax revenues recorded for the current year by governmental funds and the amount of property tax revenues recorded for the current year for
Last month a local government collected property taxes, collected gas taxes reserved for highway expansion, and received a monetary contribution from an estate. The contribution is to be held intact,
Distinguish among appropriations, expenditures, encumbrances, and expenses.
What are allotments and what purpose do allotments serve?
Locate a comprehensive annual financial report (CAFR) using a city’s website. Many cities, particularly those with a population greater than 25,000, publish their CAFRs on the city’s official
Refer to Case 3–11 for instructions about how to obtain the CAFR for a city of your choice. Using that CAFR, go to the required supplementary information (RSI) section, immediately following the
Back Ground: The city manager of University City is finalizing the budget proposal that must be submitted to the city council 60 days prior to the July 1 start of the next fiscal year, FY 20X2.
1. Which of the following best describes the recommended format for the government-wide statement of activities?a. Revenues minus expenses equals change in net position.b. Revenues minus expenditures
In the space provided, indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities.1. Operating grants
In the space provided, indicate whether each of the following expenditure items should be classified as a function (F), program (P), organization unit (OU), activity (A), character (C), or object
In the space provided, indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and
The following information is provided about the Town of York’s General Fund operating statement and budgetary accounts for the fiscal year ended September 30. (Note: The town has no restricted,
On February 15, the Town of Evergreen police chief€™s administrative assistant is preparing a purchase order to place an order for a new computer. The computer is estimated to cost $1,600.
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows:RequiredAssuming
Review the computer- generated budgetary comparison report presented below for the Lincoln City Culture and Recreation Department as of July 1 of its fiscal year ending December 31, and respond to
The following alphabetic listing displays selected balances in the governmental activities accounts of Westover Village as of its June 30 fiscal year-end. Prepare a (partial) statement of activities
Greenville has provided the following information from its General Fund Revenues and Appropriations/ Expenditure/Encumbrances subsidiary ledgers for the fiscal year ended. Assume the beginning fund
At the end of the current fiscal year, the City of Columbus General Fund pre-adjusted trial balance showed the following balances for operating and budgetary accounts and fund balance accounts.The
The City of Troy collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid
Choose the best answer.1. When equipment is purchased with General Fund resources, which of the following accounts should be debited in the General Fund?a. Expenditures.b. Equipment.c.
Fort Kent is a city that receives reimbursements from its state government’s Department of Social Services for expenditures incurred in conducting a locally administered program that benefits
Park City experienced unusual volatility of taxable property values over a particular five-year period. For the first three years of this period, the “pre-recession period,” average property
A government reports “Deferred Inflows of Resources—Unavailable Revenues” on its General Fund balance sheet. What are deferred inflows of resources, and when are they recorded?
While governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
How do Budgetary Fund Balance and Fund Balances accounts differ?
Explain the difference between a program revenue and a general revenue. Why does the GASB require this distinction?
How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements.
Discuss the different ways in which depreciation expense might be reported on the statement of activities.
At the end of the fiscal year, Palm City was trying to determine which of its funds would be required to be reported as major funds in accordance with GASB standards. Palm City has provided the
The GASB is reexamining the financial reporting model for state and local governments. Consideration is being given to changes in the measurement focus and basis of accounting for governmental funds
The financial statements of the Town of Fordville consist of a statement of cash receipts and a statement of cash disbursements prepared by the town treasurer for each of its three funds: the
What is the primary reason government entities use funds for financial reporting? How are funds established?
What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Which basis of accounting is used by each category?
For each of the following entities, identify if the entity would be governed by GASB standards by placing a “G,” FASB standards by placing an “F,” or FASAB standards by placing an “FB.”
Choose the best answer.1. Which of the following is a special purpose government?a. The State of Arkansas.b. Greene County.c. Minneapolis Public Schools.d. City of Seattle.2. Which of the following
For this exercise refer to the Denver government-wide statement of net position (Illustration A2-1), the Denver government-wide statement of activities (Illustration A2-2), the Promote Health
Examine the Federal Accounting Standards Advisory Board’s website at www.FASAB.gov and prepare a brief report about its mission and structure and compile a list of organizations represented on its
Concept Statement Four (accessible at www.FASB.org) discusses the concepts of stewardship and performance. Given that providing decision-useful information is the primary purpose of not-for-profit
Access the Governmental Accounting Standards Board website at www.GASB.org. Find the GASB White Paper on “Why Governmental Accounting and Financial Reporting Is—and Should Be—Different.”
Access the Financial Accounting Standards Board website at www.FASB.org. Find the Accounting Standards Updates for 2016. In 2016 an update was issued related to financial reporting for not-for profit
What is the primary financial reporting objective for not-for-profit organizations? How does this differ from the primary financial reporting objective for a government?
Using GP for general purpose government or SP for special purpose government, identify the following governments by type.a. Stonington Village.b. Lynnford Regional Library District.c. Hillsborough

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