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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

Explain the distinction between the terms “withdrawals”and “salaries.” LO2
List some of the alternative methods of calculating a bonus that may appear in a partnership agreement. LO2
What is meant by dissolution and what are its causes? LO2
Discuss the methods used to record changes in partnership membership. LO2
Differentiate between the admission of a new partner through assignment of an interest and through investment in the partnership. LO2
Under what two conditions will the bonus and goodwill methods of recording the admission of a partner yield the same result? LO2
Describe the circumstances where neither the goodwill nor the bonus method should be used to record the admission of a new partner. LO2
How might a partner withdrawing in violation of the partnership agreement and without the consent of the other partners be treated? What about a partner who is forced to withdraw? LO2
Describe the steps used to distribute available partnership assets in liquidation under the Uniform Partnership Act (UPA). LO2
List the order of priority for each class of creditors in partnership liquidation under the UPA. LO2
Prepare a liquidation schedule to settle debts and allocate assets. LO2
Prepare a “safe payment approach” liquidation schedule. LO2
Describe the four steps in the preparation of an advance plan for the distribution of cash in a partnership liquidation. LO2
Prepare the journal entries to incorporate a partnership. LO2
Why are realization gains or losses allocated to part- ners in their profit and loss ratios? LO2
In what manner should the final cash distribution be made in partnership liquidation? LO2
Why does a debit balance in a partners' capital account create problems in the UPA order of pay- ment for a partnership liquidation? LO2
Is it important to maintain separate accounts for a partner's outstanding loan and capital accounts? Explain why or why not. LO2
Discuss the possible outcomes in the situation where the equity interest of one partner is inadequate to absorb realization losses. LO2
During a liquidation, at which point may cash be distributed to any of the partners? LO2
What is "marshaling of assets"? LO2
To what extent can personal creditors seek recovery from partnership assets? LO2
In an installment liquidation, why should the part- ners view each cash distribution as if it were the final distribution? LO2
Discuss the three basic assumptions necessary for calculating a safe cash distribution. How is this safe cash distribution computed? LO2
How are unexpected costs such as liquidation expenses, disposal costs, or unrecorded liabilities covered in the safe distribution schedule? LO2
What is the objective of the procedures used for the preparation of an advance cash distribution plan? LO2
What is the "loss absorption potential"? LO2
In what order must partnership assets be distrib- uted? LO2
Distinguish between a nonbusiness organization and a profit-oriented enterprise. LO9
Explain the role of fund accounting. LO9
Distinguish among the concepts of revenues, expenses, and expenditures as used in profit-oriented entities and as used for expendable fund entities. LO9
Understand the classification of revenues and other resource inflows for fund accounting. LO9
Understand the classification of expenditures and other resource outflows for fund accounting. LO9
Describe the critical events in the use of financial resources of an expendable fund. LO9
Explain how capital expenditures are recorded in an expendable fund. LO9
Understand the role of a general fund. LO9
Contrast the consumption and the purchases methods of accounting for inventories (and other prepaid items). LO9
What characteristics distinguish nonbusiness organi- zations from profit-oriented enterprises? LO9
Define a fund as the term is applied in accounting for the activities of governmental units and other nonbusiness organizations. LO9
What is the significance of the "unreserved fund bal- ance" of an expendable fund entity? LO9
What are the major classifications of increases and decreases in expendable fund resources? LO9
What are the revenue-recognition criteria for expend- able fund entities? How do these criteria differ from revenue-recognition criteria for profit-oriented enterprises? LO9
Distinguish between an appropriation, an encum- brance, an expenditure, and a disbursement. LO9
Distinguish between an expense and an expendi- ture. LO9
Explain the purposes of encumbrance accounting. Might encumbrance accounting be used by com- mercial enterprises? LO9
Is the year-end balance in the Reserve for Encumbrances account a liability? Explain. LO9
Why is depreciation on fixed assets not recorded in the records of expendable fund entities? LO9
How does the adoption of a budget for a general fund entity differ from the adoption of a budget by a commercial unit? LO9
Describe the principal financial statements used to report on the activities and status of expendable fund entities. LO9
Why may it be difficult or impossible for a govern- mental unit to determine the total cost of perform- ing a particular activity or function? LO9
Identify the issues involved in developing standards for nonprofit organizations. LO4
Describe the broad categories of government fund entities. LO4
Distinguish between a general fund and a special revenue fund. LO4
Explain the use of a capital projects fund. LO4
Describe the purpose of a debt service fund. LO4
Explain the use of a permanent fund. LO4
Distinguish proprietary funds from government funds. LO4
Understand the need for account group entities. LO4
Describe the changes in reporting requirements under GASB Statement No. 34. LO4
Explain the benefits of government-wide statements. LO4
PoOHCOmNO =ROCDOoaDP.N TDe scribe the types of interfund activities. LO4
In addition to fund entities, two nonfund "self- balancing" account group entities are recom- mended for use by governmental units. Identify these account groups and state the purpose of each.
Why are governments required to prepare financial statements on a government-wide basis using full accrual accounting? LO4
What is the difference between a governmental fund and a proprietary fund? LO4
Are fiduciary funds governmental funds or propri- etary funds? Explain. LO4
In what funds or account groups would you expect bonds payable to be included? LO4
In what funds or account groups might property and other nonfinancial resources be recorded? LO4
Why are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund? LO4
Are all major capital facilities acquisitions accounted for in a capital projects fund? Explain. LO4
Describe the reporting for service-type special assessments. LO4
Describe the manner in which special assessment debt for which the government is not obligated in any manner is reported in the financial statements. LO4
What exception to the normal expenditure recognition criteria is associated with debt service funds and what is the justification for this exception? LO4
Identify and describe four types of interfund activities. LO4
Describe some of the major reconciling items between a government fund and the governmentwide financial statements. LO4
Describe the source of accounting standards for nongovernment nonbusiness organizations (NNOs). LO9
Identify the three basic statements for NNOS. LO9
Describe the basic funds used by nongovernment nonbusiness organizations. LO9
Distinguish between a current restricted fund and an unrestricted fund. LO9
Explain the term "assets whose use is limited." LO9
Distinguish between a mandatory and a nonmandatory transfer. LO9
Explain how contributions are recorded by NNOS. LO9
Understand how donated services are recorded. LO9
Describe the funds used to account for property, plant and equipment. LO9
Explain the basic accounting used by endowment funds. LO9
Indicate how equity investments are reported in the financial statements. LO9
Explain the change in accounting for loan funds brought about by new standards. LO9
Understand the use of an annuity or life income fund. LO9
Discuss the special reporting issues of hospitals. LO9
What authoritative body(s) is (are) responsible for establishing financial accounting standards for NNOs? LO9
Why do most NNOs use fund accounting? LO9
NNOs distinguish between restricted and unrestricted funds. Why is this distinction important? LO9
What is the major difference in accounting for the general fund of a hospital and the unrestricted fund of other NNOS? LO9
What is the major difference in accounting between conditional and unconditional pledges? Give an example of each. LO9
What is the relationship (if any) between board designated funds and nonmandatory transfers? LO9
May board designated funds ever be accounted for in the unrestricted current fund? Explain. LO9
When should an NNO record donated services in its accounting records? LO9
The donated services of volunteer workers on fund- raising campaigns are usually not given accounting recognition. Why? LO9
What fund is used to account for the library books owned by a university? How should depreciation of the library books be reflected in the financial state- ments of the university? LO9
What capital assets (if any) of ONNOS need not be depreciated? LO9
Identify three different types of endowment funds and explain how they differ. LO9

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