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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Distinguish between term bonds and serial bonds.
Describe the process for establishing and maintaining a debt service fund.
Identify the financial statements commonly prepared from debt service fund accounts.
Fort Steven School District uses a debt service fund to retire its long-term bonds. The following transactions took place during the period from January 1 to December 31.Instructions: January
Newbridge School Parish maintains a debt service fund that has accounts with balances as is listed in the following: Reserve for debt retirement Debt service fund equity $300,000 3,090 Cash
Westbury School Corporation issued $2,000,000 par value of serial bonds on July 1. The bonds will pay 10 percent per year, to be called in blocks of $200,000 every two years, beginning July 31. On
Assume a school system issued 9 percent, twenty-year bonds having a face value of $1,000,000. What entry would be made to record the school district’s bond liability?
The Bureau County School System issued 9 percent, ten-year bonds in the amount of $1,750,000, and serial bonds in the amount of $1,000,000 bearing interest at the rate of 10 percent, of which
Notice was given that the general fund had paid $120,000 in interest due on $800,000 of 8 percent, tenyear bonds and on $500,000 of 9 percent serial bonds. In addition, the general fund deposited
At the end of the sixth year, Cuyahoga Schools retired $150,000 of serial bonds from the debt service fund. What entry is made to show retirement of these bonds?
Fort Steven School District was authorized to issue bonds of $7,500,000 for providing additional school equipment. The authorization provided for issuance of long-term bonds maturing in ten years
Mesa City Schools issued bonds to finance new equipment for classrooms. The issue consisted of serial bonds with a face value of $800,000. The amount of $100,000 is to be retired annually from
The General Fund of the Genesee Central School District had the following opening balances and transactions for the fiscal year. Assume all capital fund expenditures are financed through
For the following fiscal year, the Genesee Central School District had the following transactions. Assume account balances for July 1 are those reported on the statement of general fixed assets as of
Download the current U.S. schedules for income levels, free milk and free meals from the U.S.Department of Agriculture, Food and Nutrition program website.
Determine the annual, monthly and weekly income eligibility for a single-parent family with two schoolage children living at home.
Assume the remodeling of a cafeteria is begun by a contractor during the current year and that upon completion, 15 percent of total project costs is to be retained until the contractor’s work has
The balance sheet of an enterprise fund for the past year included the following items in the fixed assets section: Fixed assets: Building $80,000 Less: Allowance for depreciation-building 32,000
Show the fixed assets section of the balance sheet after recording the entries in activity 4 above.
The Newaygo High School Food Service Fund from Newaygo School District 5 has the following trial balance at the beginning of the school year.The following transactions took place during the fiscal
A school bus is purchased for $35,000 and has an estimated useful life of eight years, at which time it is estimated that the bus will have a scrap value of $3,000. What is the amount of annual
What are two major advantages of operating a central maintenance department of a school system rather than a decentralized department?
On July 1, the board of education of the Kimberly Hills School District created an internal service fund to provide pupil transportation services. To establish this fund, the following were
Why are trust funds created?
What happens to the principal in a non-expendable trust fund?
What happens to the principal in an expendable trust fund?
The Fort Steven School District has a non-expendable trust fund established by the donation of $500,000 from John and Freda Hummel. Income, to be deposited in an expendable trust fund, is to be used
The Michago School District has a non-expendable trust fund that was established by the donation of$2,000,000 from the will of Marian Cooper. Income, to be deposited in an expendable trust fund, is
Why are agency funds created?
How are agency funds different from trust funds?
Responsibility for payroll administration of the Kimberly Hills School District rests with the central payroll fund. The following account balances were taken from the central payroll fund’s trial
Obtain a current copy of (Circular E), Employer’s Tax Guide from the U.S. Department of the Treasury website (www.irs.gov/pub/irs-pdf/p15.pdf).
Given:Payroll is prepared biweekly.An hourly custodial employee completes a timesheet.Employee’s hourly rate is $10.00/hour.In a two-week period, employee’s hours worked total 86 (48 hours in
Given:Teacher contract is based on 180 days. Base contract, $55,000. Stipend of 2 percent for being yearbook sponsor (percentage of base salary). Biweekly payroll (assume 26 pays per year). Stipend
The following account balances were taken from the Fort Steven School District central payroll fund on September 30:During the month of October, the following transactions occurred:Instructions: Due
The annual United Way campaign is taking place in the Michago School System. Students at the system’s schools are collecting for the drive, and weekly collections are turned over to the business
Describe internal accounting control.
Describe the difference between a voucher and a warrant.
If a school district central treasury operates as a separate unit, give the journal entries to record the following:a. Receipt of cash by the treasurer from the general fund.b. Deposit of cash in the
Fort Steven School District’s general fund bank statement for March shows a $22,300 balance. The check stub balances and the account balance show $19,800. A comparison of cancelled checks and
A November 1 internal audit of the Lebanon School Corporation accounts at the close of business on October 31 produced the following information:a. Cash balance in bank account $52,000.b. Bank
Interview a school business official to identify measures used to determine student census, enrollment and attendance.
Obtain at least two commercially prepared student accounting programs and compare them for ease of understanding, input of data, reports produced and costs associated with using each program.
Develop a spreadsheet that employs the cohort-survival method of enrollment projection for a school district having grades kindergarten through twelve.
Research at least one additional method of forecasting enrollment and compare it to the cohort-survival method, citing advantages and disadvantages.
Identify the planning process and procedures to be followed for a school district to conduct a district-wide census. Identify potential problems and pitfalls.
Fort Steven School District’s live births for the last ten years and actual student enrollment for the first five years are shown in table 22.2.Instructions: Determine the average cohort-survival
Use the information from activity 6 and the following average cohort-survival ratios and current school year enrollment:Instructions: Grade Percent Level Enrollment Change 1 2,841 97.2 23 2,754 102.7
Identify the primary objectives of financial and managerial accounting for school districts.
Interview a school business official to learn what changes/adaptations the district had to make under GASB Statement 34.
Interview a school board member to determinea. the financial reports used by the school district;b. the procedures for preparation of those reports; andc. a comparison of the district’s reports
Discuss the items frequently included in the financial and statistical sections of the consolidated annual financial report and the rationale for including those items.
Obtain a copy or download from the NCES website (http://nces.ed.gov/) a copy of Financial Accounting for Local and State School Systems: 2009 Edition. Identify the differences between the new
Discuss some advantages to having outside and independent examinations of the school district’s financial records.
Discuss advantages and disadvantages of maintaining continuing contractual relationships with outside auditor firms for more than one year.
Identify the purpose of the opinion section of the audit report.
Interview a school business official to determine the following for that district:a. Procedures used to secure an outside, independent audit.b. District procedure for duration of agreement and
Prepare a draft request for proposal (RFP) for an independent audit and identify a process that could be used to select an auditor.
What is the Certificate of Excellence (COE) Program?
What is the Meritorious Budget Award (MBA) Program?
List some of the benefits for school entities receiving COE or MBA recognition.
Visit www.asbointl.org/MBA or www.asbointl.org/COE and review the information posted.
Contact ASBO International to receive the COE checklist used in preparing the COE submission.
Review a school entity’s CAFR and compare it to the items listed in the COE checklist.
Interview (in person or via telephone) a school business administrator in your state from a school entity that has earned either the COE or MBA. The March issue of School Business Affairs each year
Definea. Ratiob. Benchmarkc. Horizontal ratiod. Vertical ratio
This chapter listed thirty questions that, when answered, can be indicators of fiscal distress for a school district. Review this list and indicate which could use ratio analysis to resolve the
In activity 2, what would you need to do to move a ratio value up or down?
Can both the numerator and denominator increase and have the ratio go down in value? Give an example.
Review the following articles from ASBO International’s School Business Affairs: Vadlicka and Hartman(1994) and Everett (1992)—see Resources/References/Selected Readings.
Log on to the ASBO International website, www.asbointl.org, and review the professional standards(2001) for the preparation of chief school business officials. Compare and contrast these standards
Log on to the ASBO International website and review (1) the professional registration program information, (2) the Certificate of Excellence in Financial Accounting information and (3) the
Obtain a copy of your state/provincial chart of accounts for public schools. These may be available by going to state and provincial websites.
Access two different school district websites and carefully examine the budget and annual financial report or comprehensive annual financial report provided.
Define each of the following terms:a. Accountingb. Fundc. Accounting entityd. Assete. Liabilityf. Fund balance g. Balance sheet accounts
What types of accounts are included in the school fund accounting equation?
What is the purpose of the statement of revenues, expenditures and fund balance report?
On June 30, XXXX, the account balances of the general fund of Christopher Point School District were as follows: Cash in bank $20,000 Accounts payable 30,000 Investments 25,000 Taxes receivable
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of Randyville School System was $75,000. During the year, revenues amounting to $96,000 were realized and expenditures
On July 1, XXXX (beginning of fiscal year), the fund balance of the general fund of New Douglas School System was $97,455. During the year, revenues amounting to $346,000 were realized and
Define each of the following terms:a. Debit (adjective, noun and verb)b. Credit (adjective, noun and verb)c. Trial balanced. T-accounte. Compound entryf. Debit account g. Credit account h. Transaction
Give an example of a compound entry.
What is the purpose of preparing a trial balance?
Describe which accounts are to be debited and which are to be credited for each of the following transactions:a. General state aid is received.b. Teacher salaries are paid.c. Money is borrowed from
Fort Steven School District began the year with assets of $95,000, no liabilities and a fund balance of$95,000 in the general fund. During the year that ended on June 30, XXXX, the following
The Markham City School System began the year with assets of $125,000, liabilities of $30,000 and a fund balance of $95,000 in the general fund. During the year that ended on June 30, XXXX, the
Briancon School District began the year with assets of $220,000, some liabilities and a fund balance of$85,000 in the general fund. During the year that ended on June 30, XXXX, the following
The Susanville School System had general ledger account balances in its general fund on July 1, XXXX, as follows:The following transactions occurred during the fiscal year:a. Local property taxes of
Janet Ridge School System began the fiscal year July 1, XXXX, with the following account balances in the general fund:a. Local property taxes were assessed and levied in the amount of $85,000.b. Cash
Kimberly Hills School System began the fiscal year July 1, XXXX, with the following account balances in the general fund:To be computed by reader.During the year that ended on June 30, XXXX (end of
Use the transaction information from activity 1 of chapter 5.Instructions:Journalize the transactions in the general journal.Post the general journal transactions to the accounts in the general
Use the transaction information from activity 2 of chapter 5.Instructions:Journalize the transactions in the general journal.Post the general journal transactions to the accounts in the general
Use the transaction information from activity 3 of chapter 5.Instructions:Journalize the transactions in the general journal.Post the general journal transactions to the accounts in the general
Fort Steven School District began the fiscal year July 1, XXXX, with the following account balances in the general fund:The following transactions occurred during July:a. Local property taxes of
If possible, obtain a copy of a revenue account page from the school district where you reside.
The Timton School District had a beginning cash balance of $400,000 and a fund balance of $400,000.The board of education approved a budget that included the following amounts for revenue:The
The Randyville School District had a beginning cash balance of $450,000 and a fund balance of $450,000.The board of education approved a budget that included the following amounts for revenue:
The New Douglas School District had a beginning cash balance of $500,000 and a fund balance of$500,000. The board of education approved a budget that included the following amounts for revenue:
The general ledger account balances in the general fund of the Timton School District at the beginning of the fiscal year were as follows:The following transactions occurred during the fiscal year
The general ledger account balances in the general fund of the New Douglas School District at the beginning of the fiscal year were as follows:The following transactions occurred during the fiscal

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