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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

12. The accounting records for the City of Worthington General Fund include a ledger account titled Fund Balance Reserved for Inventory of Supplies. Explain the purpose of this account.
11. Explain the purpose of the Other Financing Sources and Other Financing Uses ledger accounts of a governmental entity’s general fund.
10. Distinguish between the Expenditures ledger account of a governmental entity’s general fund and the expense accounts of a business enterprise.
9. What revenues of a governmental entity’s general fund generally are accrued? Explain.
8. What does the reference to a governmental entity’s general fund as residual mean?Explain.
7. What is the function of the Budgetary Fund Balance ledger account for a governmental entity’s general fund?
6. The Estimated Revenues ledger account of a governmental entity’s general fund may be considered a pseudo asset, and the Appropriations account may be considered a pseudo liability. Why is this
5.a. Differentiate between a program budget and a performance budget.b. Differentiate between a budgetary deficit and a deficit budget.
4. What is the support for each of the following accounting standards for general funds of governmental entities?a. The modified accrual basis of accounting.b. The encumbrance accounting technique.c.
3. What is a fund in accounting for governmental entities?
2. What characteristics of governmental entities have a significant influence on the accounting for governmental entities? Explain.
1. Does the Financial Accounting Standards Board establish accounting standards for governmental entities? Explain.
13. The statement of financial position of a nonprofit organization displays the organization’s assets, liabilities, and:a. Fund balance.b. Equity.c. Excess of assets over liabilities.d. Net assets.
12. The fund of a nonprofit university that is revolving is a(n):a. Annuity fundb. Life income fundc. Loan fundd. Endowment fund
11. An annuity fund of a nonprofit organization resembles the organization’s:a. Endowment fundsb. Restricted fundsc. Life income fundsd. Loan funds
10. The records of Rehab Hospital, a nonprofit organization, had the following amounts on June 30, 2006:Net patient service revenues for Rehab Hospital for the year ended June 30, 2006, amount to:a.
9. Does the current funds group of a nonprofit university include:Annuity Funds? Loan Funds?a. Yes Yesb. Yes Noc. No Nod. No Yes
8. The plant assets of a nonprofit hospital are accounted for as part of:a. The general fund.b. A restricted fund.c. A plant fund.d. Other nonoperating funds.
7. One characteristic of nonprofit organizations that is comparable with characteristics of governmental entities is:a. Stewardship of resources.b. Governance by board of directors.c. Measurement of
6. With respect to a nonprofit organization’s payments to beneficiaries of annuity funds and life income funds:a. Annuity fund payments are fixed in amount; life income fund payments vary in
5. The Contractual Adjustments ledger account of a nonprofit hospital is:a. An expense account.b. A revenue offset account.c. A loss account.d. An asset account.
4. The type of endowment fund that may be established only by the board of trustees of a nonprofit university is a:a. Permanent endowment fund.b. Term endowment fund.c. Quasi-endowment fund.d.
3. Costs of fund-raising dinners by a nonprofit organization are:a. Recognized as expense when incurred.b. Deferred and recognized as expense over the accounting periods expected to benefit from the
2. Caddy School, a nonprofit private elementary school, occupies its school building rent-free, as permitted by the building owner. The existence of rent-free facilities is recognized in Caddy
1. Are fund-raising expenses of a nonprofit organization displayed in the statement of activity as:Program Services Supporting Services Expenses? Expenses?a. Yes Yesb. Yes Noc. No Yesd. No No
13. Identify the financial statements that are issued by a nonprofit organization.
12. Define the following terms applicable to nonprofit organizations:a. Designated Fund Balanceb. Third-party payorc. Pledged. Charity caree. Term endowment fund
11. Differentiate between an annuity fund and a life income fund of a nonprofit organization.
10. How are collections reported in the financial statements of a nonprofit museum?Explain.
9. Explain the accounting for pledges of grants that may be revoked by the board of trustees of a nonprofit performing arts organization.
8. How are expenses classified in the statement of activities of a nonprofit organization that receives significant support from the public? Explain.
7.a. Does a nonprofit organization recognize contributed material in its accounting records? Explain.b. Does a nonprofit organization recognize contributed services in its accounting records? Explain.
6. Nonprofit hospitals and universities often reduce their basic revenue charges to patients and students, respectively. How are these reductions reflected in the revenue accounting for the two types
5. What characteristics of nonprofit organizations resemble those of business enterprises?
4. What are three characteristics of nonprofit organizations that resemble those of governmental entities?
3. What role did the AICPA’s Accounting and Auditing Guides or Industry Audit Guides play in the establishment of accounting standards for nonprofit organizations? Explain.
2. List four types of nonprofit organizations in the United States.
1. What is a nonprofit organization?
17. On April 30, 2006, Carson Welles, trustee in bankruptcy liquidation for Lyle Company, paid $12,140 in full settlement of Lyle’s liability under product warranty, which had been carried in
16. A retained earnings deficit of a business enterprise undergoing bankruptcy reorganization typically is eliminated by its:a. Offset against gain from discharge of indebtedness in bankruptcy.b.
15. The estimated amount available for free assets in a statement of affairs for a business enterprise undergoing bankruptcy liquidation is equal to the assets’:a. Carrying amounts less current
14. The following journal entry (explanation omitted) was prepared by an enterprise that had filed a debtor’s petition in bankruptcy:Cash with Escrow Agent 100,000 Cash 100,000 Such a journal entry
13. The sequence of listing (1) fully secured liabilities, (2) partially secured liabilities,(3) unsecured liabilities with priority, and (4) unsecured liabilities without priority in the liabilities
12. The period of time that must elapse before a debtor that has had a previous bankruptcy discharge may again be discharged is:a. Four yearsb. Five yearsc. Six yearsd. Seven years
11. Under the Bankruptcy Code, are creditors having priority:Secured Creditors? Unsecured Creditors?Yes Yes Yes No No Yes No No
10. The accounting records of a trustee in a bankruptcy liquidation are maintained:a. Under the accrual basis of accounting.b. Under the cost basis of accounting.c. Under an accountability
9. With respect to the terms bankrupt and insolvent as adjectives:a. Bankrupt refers to a legal state; insolvent refers to the financial condition of a person or a business enterprise.b. Bankrupt
8. In journal entries for a bankruptcy reorganization, the difference between the carrying amount of a liability of the debtor and the amount accepted by the creditor in full settlement of the
7. Regis Company is being liquidated in bankruptcy. Unsecured creditors without priority are expected to be paid 50 cents on the dollar. Sardo Company is the payee of a note receivable from Regis in
6. In a statement of affairs (financial statement), assets pledged for partially secured liabilities are:a. Included with assets pledged for fully secured liabilities.b. Offset against partially
5. The bankruptcy trustee for Insolvent Company sold assets having a carrying amount of $10,000 for $8,500 cash. The journal entry (explanation omitted) to record the sale is:a. Cash 8,500 Loss on
4. The Paid-in Capital in Excess of Par ledger account of a debtor corporation undergoing bankruptcy reorganization typically is debited or credited for:a. Costs of bankruptcy proceedings.b. Gain
3. The number of classes of creditors in a bankruptcy liquidation is:a. Twob. Threec. Fourd. Five
2. In a bankruptcy proceeding, the term statement of affairs refers to:a. A document containing a series of questions concerning all aspects of the debtor’s financial condition and operations.b. A
1. A category of assets that typically has zero in the Estimated Amount Available column of a statement of affairs is:a. Factory supplies inventoryb. Toolsc. Short-term prepaymentsd. None of the
18. What is fresh-start reporting for a business enterprise reorganized under Chapter 11 of the Bankruptcy Code, and under what circumstances is it appropriate?
17. Must all classes of creditors accept a reorganization plan before the plan may be confirmed by the bankruptcy court? Explain.
16. What is the role of the Securities and Exchange Commission in a bankruptcy reorganization?
15. For what types of bankruptcy reorganizations might an examiner be appointed by the bankruptcy court?
14. Describe the accountability method of accounting used by a trustee in a bankruptcy liquidation.
13. What use is made of the accounting financial statement known as a statement of affairs? Explain.
12. What are the effects of a discharge in bankruptcy liquidation proceedings? Explain.
11. Describe the authority of a bankruptcy trustee with respect to a preference.
10. Describe the priority of claims for wages and salaries under the Bankruptcy Code.
9. List the unsecured debts having priority over other unsecured debts under the provisions of the Bankruptcy Code.
8. What is a statement of financial affairs under the Bankruptcy Code?
7. Who may file a creditors’ petition for bankruptcy liquidation?
6. May any business enterprise file a debtor’s bankruptcy petition for liquidation?Explain.
5. Differentiate between a debtor’s petition and a creditors’ petition.
4. Describe the process of liquidation under Chapter 7 of the Bankruptcy Code.
3. Identify the various classes of creditors whose claims are dealt with in bankruptcy liquidations.
2. What are Federal Rules of Bankruptcy Procedure?
1. Define insolvency as that term is used in the Bankruptcy Code for an entity other than a partnership.
Data for the three operating segments of Polyglot Company for the fiscal year ended June 30, 2006, were as follows (amounts in thousands):Operating Segment Alpha Beta Gamma Total Sales to
21. The SEC’s present position with respect to the inclusion of financial forecasts in filings with the SEC is that financial forecasts are:a. Permissibleb. Mandatoryc. Forbiddend. Unimportant
20. The current report form of the SEC is:a. Form 10-Kb. Form 10-Qc. Form 8-Kd. Proxy statement
19. Which of the following is not a registration statement filed with the SEC?a. Form S-1b. Form S-2c. Form S-3d. Form 10e. Form 10-K
18. Guidance for the completion of nonfinancial statement disclosure requirements in the various Forms filed with the SEC is provided in:a. Regulation S-Xb. Regulation S-Kc. ASR 142d. SAB 1
17. Which of the following SEC publications provides guidelines for the financial statements required in reports to the SEC?a. Regulation S-Xb. Regulation S-Kc. Staff Accounting Bulletinsd.
16. Wade Company, which has a fiscal year ending February 28 or 29, had the following pretax financial income and estimated effective annual income tax rates for the first three quarters of the year
15. According to APB Opinion No. 28, “Interim Financial Reporting,” income taxes expense in an income statement for the first interim period of an enterprise’s fiscal year should be computed by
14. In interim financial reporting, year-end adjustments to which of the following item or items must be estimated and assigned to interim periods?a. Inventory shrinkage.b. Doubtful accounts
13. According to APB Opinion No. 28, “Interim Financial Reporting,” must lower-of-costor-market writedowns of inventories be provided for interim periods if the interim date market declines are
12. In APB Opinion No. 28, “Interim Financial Reporting,” the APB adopted the:a. Integral theoryb. Interim theoryc. Discrete theoryd. Unified theory
11. In accordance with APB Opinion No. 28, “Interim Financial Reporting,” may costs and expenses other than product costs be allocated among interim periods based on an estimate of:Activity
10. APB Opinion No. 28, “Interim Financial Reporting,” provided special treatment for interim periods’ cost of goods sold for:a. Gross margin method.b. Temporary depletions of base layers of
9. When an operating segment has been discontinued during the year, the segment’s losses of the current period up to the disposal date are displayed in the:a. Income statement as part of the income
8. Trent Company had a net income of $700,000 for the fiscal year ended June 30, 2007, after the following events or transactions that occurred during the year:(1) The decision was made July 1, 2006,
7. May a net-of-tax provision for operating losses of a discontinued operating segment be included with:Income (Loss) from Continuing Gain (Loss) on Disposal of the Operations of the Discontinued
6. On September 15, 2006, the board of directors of Harte Company approved a plan to dispose of an operating segment. It was expected that the disposal would be accomplished on June 1, 2007, for $1
5. For the reporting of segment revenues for operating segments in interim reports, the FASB requires that:a. Sales to unaffiliated customers and intersegment sales or transfers be disclosed
4. Revenue of an operating segment of a business enterprise includes:a. Intersegment sales or transfers.b. An appropriate portion of revenue earned solely at the corporate level.c. Equity in net
3. Irving Company discloses operating segment information in its annual report. The following data were available for the year ended December 31, 2006:Operating Traceable Segment Sales Expenses
2. Rawson Company is a diversified enterprise that discloses segment financial information for its operating segments. The following information is available for 2006:Traceable Nontraceable Operating
1. In financial reporting for segments of a business enterprise, must the segment profit or loss of an operating segment include:Interest Expense? Income Taxes Expense?a. Yes Yesb. Yes Noc. No Yesd.
14. Does the SEC require the inclusion of financial forecasts in filings with the SEC?Select the best answer for each of the following multiple-choice questions:
13. What are Financial Reporting Releases?
12. What is Regulation S-K of the SEC?
11. How do accountants use Regulation S-X in filings with the SEC?
10. What position did the SEC take regarding its role in the establishment of accounting principles?

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