All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
AI Study Help
New
Search
Search
Sign In
Register
study help
business
government and not for profit accounting
Questions and Answers of
Government And Not For Profit Accounting
(Fill in the blanks)1. Private Purpose Trust Funds are controlled through $\qquad$ and $\qquad$2. Private Purpose Trust Funds follow a(n) $\qquad$ measurement focus and $\mathrm{a}(\mathrm{n})$
(Compare and contrast an Investment Trust Fund with a Private Purpose Trust Fund)Identify the major similarities and differences between an Investment Trust Fund and a Private Purpose Trust Fund. Be
Indicate whether the following statements are true or false. For any false statements, indicate why it is false.1. Private Purpose Trust Funds use a capital maintenance measurement focus for
(Discussion of alternatives for use of trusts)You were recently approached by a wealthy individual who wants to set up a trust for the education of children of deceased schoolteachers. That person
(Multiple choice)1. The principal amount of a gift held in a trust that cannot be spent should be accounted for in which of the following funds?a. General Fundb. Special Revenue Fundc. Capital
1. Agency Funds are classified as $\qquad$ type funds.2. An Agency Fund is used when the governmental unit is the $\qquad$ of resources that belong to some other organization.3. Agency Funds (do or
1. The fee for the collection of property taxes by an Agency Fund will result in revenue in which of the following funds?a. General Fund and Agency Fundb. Agency Fundc. Capital Projects Fundd.
Prepare the following journal entries in the Bid Deposits Fund, an Agency Fund. This fund is used to record all deposits made by contractors doing work for the city. Any earnings on these resources
(Fill in the blanks--general terminology)1. When special assessment bonds are issued to finance the cost of paving streets, the principal (is or is not) $\qquad$ recorded as a liability in the fund
(Discussion of "obligated in some manner")Explain the term obligated in some manner as it is used by the GASB, and indicate how it affects special assessment accounting.
(Multiple choice for various funds)1. The construction of a new criminal courts building, using a federal grant for three-quarters of the cost, would be accounted for in which of the following
(Journal entries and statements for a Pension Trust Fund)The City of Saintsville has had an employee pension fund for several years. The following is a trial balance for the fund at December 31,
Following are several transactions for the Village of Sol during 2004:1. Supplies of $\$ 15,000$ were ordered by the General Fund.2. Property taxes of $\$ 325,000$ were assessed through a Special
(Preparation of a statement. of fiduciary net assets for a Pension Trust Fund) The following information is available for Russellville at June 30, 2004:Required: Prepare a statement of fiduciary net
(Adjusting and correcting entries for several funds)With the exception of the following events, the City of Lizabethville's books were maintained according to GAAP. Prepare any necessary adjusting or
(Journal entries and financial statements for an Investment Trust Fund)Dryrock County operates an Investment Trust Fund for cities located in the county. The following entries are associated with the
(Journal entries and financial statements for an Investment Trust Fund) The City of Titanville established an Investment Trust Fund for Bay Town and Valley City. The cities contributed $\$ 200,000$
(Journal entries and financial statements for a Private Purpose Trust Fund)Landslot City received a gift from J. R. Landslot. Landslot wished to provide operating resources for a parade in her
(Journal entries for a Private Purpose Trust Fund)1. The City of Newfonia received $\$ 2$ million from the First Tire Company. The company required the city to maintain the principal of the gift and
(Journal entries for three Agency Funds and a trial balance for each fund) Assume that the Town of Boonsville maintains an Agency Fund for its employees' insurance withholdings, another for its
(Journal entries and financial statements for a street-lighting project financed with a special assessment)The following entries were incurred between July 1, 2003, and June 30, 2004, for Brown
(Budgeting revenues)The following information relates to the prior- and current-year revenues of the General Fund of Bacchus City.Jan.—Sept. Oct —Dec.2003 ‘~~ 2004 2004 2004 Actual Actual Est.
(Personal services and travel work sheets)The director of the Streets and Parkways Department of Bacchus City prepared the following position classification plan.2003 2004 Code Position No. Rate No.
(Equipment work sheet)During 2005 the Streets and Parkways Department of Bacchus City plans to make the following purchases of equipment. Because these items each cost more than $400, they are
(Operating expense work sheet)From the following data, prepared as of August 30, 2004, prepare an operating expense work sheet to be used in the fiscal year 2005 budget of the Streets and Parkways
(Departmental expenditure request)A description of the activities of the Streets and Parkways Department is as follows.The function of the department is to assist in preserving the city’s
(Budgeting nondepartmental expenditures and interfund transfers)From the following data, prepare a nondepartmental expenditure and interfund transfer request for Bacchus City for fiscal year
(Budget summary) Using the information given in P3-1 through P3-6 and the following informa- tion, prepare a budget summary for the General Fund of Bacchus City for fis- cal year 2005. Assume that
P3-8 (Control report) Refer to P3-4. Prepare a control report, like the one shown in Table 3-14, for operating expenses of the Streets and Parkways Department for the month of August 2004. Assume
How does the accounting cycle of a governmental unit differ from that of a business firm?
Define the term budget. What principal items are contained in a budget of a governmental unit?
What is an appropriation? How does it differ from an expenditure?
Why is the budget used by governmental units a "legal" document?
What are budgetary entries? When are they made?
Does the unreserved fund balance account usually have a debit or a credit balance? What does the amount accumulated in the fund balance account represent?
Why can a governmental unit record property tax revenues in the accounts before these revenues are actually received in cash? Why are other types of revenues, such as income taxes and license fees,
What is a control account? A subsidiary account?
What is a voucher? What purpose does it serve?
What is a purchase order? A requisition? An invoice?
How is a levy of property taxes recorded in the accounting records? How is the collection of the taxes recorded?
What is an encumbrance? When is it used? Is it used for all expenditures of a governmental unit?
Why are city officials interested in the unencumbered balance of an appropri- ation?
What is the effect of encumbrances on the amount of an appropriation avail- able for spending?
What is a budgetary interchange? When is it used?
Because of lax tax collections, the City of Bliss has run out of money on several occasions. Upon reviewing this situation, the new finance director noticed that most purchases of goods and services
The newly elected mayor of Wherever noticed that in the recently enacted budget of that city’s General Fund, revenues exceed expenditures by $15,000. Later that year, after a hurricane caused a
You are the finance director of Bloomfield City. Recently, the voters of your city approved a special property tax to finance the purchase of new books and software for the local library. The day the
(Budgetary entries)The city council of Alhambra approved the following budget:Required: Prepare the appropriate budgetary entry. Estimated Revenues Property taxes Fines and fees $150,000 25,000
(Budgetary entries) The budget for the Perlita Park Fund is as follows:Required: 1. Prepare the entry to record the approved budget at the beginning of the year.2. If this year is the park’s first
(Closing entries) The ledger of the General Fund of the City of New Rachel shows the follow- ing balances at the end of the fiscal year:Required: Prepare closing entries. Estimated revenues $300,000
(Closing entries) At the end of FY 2004, the following balances were found in the ledger of the Castle Rock Park Library Fund:Required: Prepare closing entries. What was the net effect on Unreserved
(Complete budgetary cycle)The board of supervisors of Delaware County approved the following budget for FY 2004:Transactions for FY 2004 were as follows:. Sent out property tax bills amounting to
(Complete budgetary cycle)The city council of Avalon approved the following budget for FY 2004:In FY 2004, the following transactions took place:1. Sent out property tax bills for $150,000 at the
(Complete budgetary cycle) :The board of supervisors of Arabi Township approved the following budget for FY 2004:The township does not use encumbrances. All expenditures are paid in cash.Assume that
(Receivables)The city council of Llanerch has budgeted property tax revenues of $10,000 for FY 2004. The city has four property owners, whose property tax levies are as follows:: During the year,
(Encumbrances)In February 2004, the City of Golders Green ordered a fire engine, for which the manufacturer quoted a price of $120,000. The machine arrived the following month, along with an invoice
(Encumbrances)On January 10, the City of Wynnewood issued a purchase order to its stationery supplier for $50,000. On March 20, the stationery arrived, along with an invoice for $50,000, which was
(Encumbrances)On April 25, the City of Bryn Mawr ordered supplies with a quoted price of$80,000. On May 15, one half of the supplies arrived, along with an invoice for$40,000. On June 6, the other
(Receivables)The city council of Tabiona budgeted revenues of $100,000 from the following sources:The city has three property owners, whose tax bills are as follows:During the year, all property
(Receivables-subsidiary and control accounts) The city council of New Nutley estimated that revenues of $95,000 would be collected for the General Fund. The sources and amounts would be as
(Budgetary Interchanges)Due to increased concern about security during a large sporting event, the city council of Carnival City authorized the Police Department to spend $50,000 to hire more
During lunch, the director of Streets and Parkways of Thor City made the following comment: “For the past 10 years, I deliberately overstated my labor and equipment needs by 20 percent when
(Discussion of uses of budgeting)Rex, a budget officer, conducted a class for nonaccounting managers and program directors on the subject of budgets. Rex began the class discussion by asking, “What
(Budgeting cash disbursements) The City of Argus is preparing its cash budget for the month of July. The fol- lowing information is available with respect to its proposed disbursements.Items
(Budgeting cash receipts) The City of Comus is preparing a cash budget for the month of May. The fol- lowing information is available with respect to its sales tax collections.Sales tax rate
(Determination of property tax rate) The legislative body of Pandorra County just approved the 2004-2005 fiscal year budget. Revenues from property taxes are budgeted at $800,000. According to the
(Estimating the fund balance at the end of the year)At the end of the preceding year, the General Fund of the Atlas Township School Board had a fund balance of $800,000. Revenues and expenditures of
(Trend analysis)The City of Endymion levies a tax of 5 percent on all retail sales throughout the city. Retail sales for the current year and the past 5 years are as follows(rounded and in
. (Multiple-choice) :1. What is a key difference between budgets prepared by governmental units and by commercial organizations?a. Budgets prepared by commercial organizations must be approved by a
(Behavioral aspects of budgeting)The operating budget is a common instrument used by many organizations.Although it usually is thought to be an important and necessary tool for management, some
(Budget laws)Every state has a law or laws regulating its own budgetary practices and those of its local governmental units. Check the law(s) of your state to determine the following:1. Are budgets
List the three ways identified by the GASB in which financial reporting can assist users to assess governmental accountability.
List three objectives of not-for-profit organization financial reporting.
Define a fund.
Describe one distinction between the full accrual basis of accounting and the modified accrual basis of accounting.
State law provides that all cash not immediately needed by school districts to finance current operations be forwarded to the counties in which the school districts are located. The law also
The mayor of a large city approaches a group of citizens and suggests that they form an organization to provide social, educational, and recreational programs for local youth. The group agrees and
FASB Concepts Statement No. 1, Objectives of Financial Reporting by BusinessEnterprises, says that the primary focus of business enterprise financial reporting is “information about an
The FASAB said that financial reporting should assist users in understandingwhether financial management systems and internal accounting and administrative controls are adequate. (See subsection on
How does the measurement focus and basis of accounting of governmental- type funds differ from that of proprietary-type funds?
Describe the difference between the current financial resources measurement focus and the economic resources measurement focus.
Compare the timing of revenue and expense or expenditure recognition in the full accrual basis with that in the modified accrual basis of accounting.
Which funds use the modified accrual basis of accounting?
Which funds use the full accrual basis of accounting?
Special Revenue Funds and the General Fund are identical in accounting treatment. When are Special Revenue Funds used instead of the General Fund, and what purpose do they serve?
Why do Enterprise Funds and Internal Service Funds use full accrual accounting?
What are restricted assets?
Do Agency Funds have a fund balance? Why or why not?
Rollin N. Money wishes to establish a fund that will provide a college education for children of police and fire personnel killed on the job. Mr. Money contacted you as a government employee and
The newly elected mayor of Angusville recently received a copy of the city's annual report. After reviewing the many pages of this report, she feels that the city would be in a better financial
The mayor of Vaudeville wants to complete a pet project that involves providing extra lighting in the neighborhoods where his friends live. After the budget for the General Fund was fully
During a heated campaign for mayor of Morganville, an unsuccessful candidate boasted that he would “do away with all the special interests in government. I will abolish all of the Special Revenue
(Compare cash and accrual basis of accounting) Without making journal entries, describe the different treatment an organiza- tion would give the following transactions under (a) the cash basis of
(Compare current financial resources measurement focus and modified accrual basis of accounting with economic resources measurement focus and accrual basis of accounting) Without making journal
(Matching general terminology) Match the terms on the left with the descriptions on the right by placing the appropriate letter in the space provided (use each letter only once). 1 1. Governmental
(Fill in the blanks-general terminology) 1. A accounts. is a fiscal and accounting entity with a self-balancing set of 2. The current financial resources measurement focus is used for 3. The basis of
(Fund definitions through examples) For each of the following situations, indicate which fund would be used to report the transaction. 1. The city made payments to a contractor on a major bridge
(Use of funds) The mayor of New West Wall wanted to simplify the accounting system used by the town. He approached you with the following task: reduce the number of individual funds used in our
(Fill in the blanks-general terminology) 1. A governmental unit may have. Fund. 2. Accounting fora. 3. (one or more than one) General Fund is the same as that of the General Fund. Funds are used to
(Use of funds) The city council asked you to explain why the accounting records for proprietary-type funds use a different basis of accounting than those of governmental-type funds. Write the
Showing 300 - 400
of 614
1
2
3
4
5
6
7