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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

13. Define construction contract. Explain how a construction in progress is recorded in a governmental fund.
12. Which funds may be used to account for the activities of a general governmental special assessment construction project with long-term financing? Explain.
11. How do special assessment levies differ from general tax levies?
10. Describe a transaction that would affect the general fund and the debt service fund at the same time.
9. Explain the concept of intergovernmental revenue. Describe the consequences of the failure to recognize revenue from the grant.
8. How do the purchases and consumption methods of accounting for inventory differ?
7. How are capital projects funds financed, and when would a capital projects fund be terminated?
6. What is the purpose of a capital projects fund? Are all general fixed assets of a governmental unit acquired through capital projects funds? Explain.
5. List the required governmental fund financial statements under GASB 34. On what basis of accounting are these statements prepared?
4. What are encumbrances, and how does encumbrance accounting help control expenditures?
3. If property tax bills totaling $200,000 are mailed to taxpayers and 97 percent are deemed collectible, what amount should be recorded as revenue?
2. What classifications of fund balance are currently allowed and which ones are no longer allowed?13Criteria for classification of the “converted” revenues and expenses into the program and
1. What is the accounting equation for a governmental fund?
4. Visit the GuideStar Web site and obtain the Form 990 for a local not-for-profit organization.a. Examine Part VIII of the 990 to determine gross receipts of the organization.b. Examine Part IX of
3. Visit NACUBO’s Web site. Locate the Accounting Advisory Reports. Select Business and Policy Areas and then choose Accounting. Under Accounting select Advisory Reports.View the most recent
2. Visit the AICPA’s Web site. Select Publications and then select Journal of Accountancy.Find an article related to not-for-profits. Read the article and prepare a one-page summary.
1. Search the Internet for the financial statements of the United Way or a charity of your choice.a. Print a copy of the financial statements and bring them to class for discussion.b. Is the charity
P 22-8 Journal entries—Nongovernmental not-for-profit health care organization The Fort Collins Health Center is a nongovernmental not-for-profit health care organization. During the current year,
P 22-7 Journal entries—Voluntary health and welfare organization The Good Grubb Food for the Hungry Institute is a nongovernmental not-for-profit organization that provides free meals for the
P 22-6 Journal entries—Nongovernmental not-for-profit university Prepare journal entries to record the following transactions in the appropriate funds of a nongovernmental not-for-profit
P 22-5 Statement of activities—Nongovernmental not-for-profit organization The following information was taken from the accounts and records of the Community Society, a nongovernmental
P 22-4 Journal entries and statement of activities—Nongovernmental not-for-profit college The following information relates to revenues and expenses for a private not-for-profit college:Tuition and
P 22-3 Statement of operations—Nongovernmental not-for-profit health care organization The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-forprofit
P 22-2 Cash flow statement of a college—Indirect method Below is the comparative balance sheet of Cave College for the year ended December 31, 2014(in thousands):2014 2013 Cash and equivalents $50
3. $5,000 each for a Buddhist temple and a mosque, restricted to building a garden at each site. The money was invested in a long term deposit with 5 percent interest. The accrued interest is also
2. $50,000 in cash to a local college for research purposes. $20,000 of the fund is immediately used to research a potential cure for cancer.
P 22-1 Journal entries—various donations Johnny decided to donate some of his money to several not-for-profit organizations as follows:1. $10,000 to a local nongovernment hospital for a specific
E 22-9 College journal entries Burges College’s total tuition and fees is at $1,250,000, where a fellowship program reduces the fees by 5 percent, and a bad debt of 2.5 percent is expected. The
E 22-8 Expense classification at a not-for-profit college The expenses at a college are as follows:1. Computer laboratory maintenance 2. Faculty salary 3. Student consultation 4. Research grants for
E 22-7 Net assets classification Brotherhood, a religious organization, received funds and gifts in the form of:1. Donations by members Accounting for Not-for-Profit Organizations 769 2. Donations
5. Discounts allowed to third-party payors in hospital accounting are recorded as:a Charity care b Contractual adjustments c Courtesy allowances d Mandatory discounts
4. Charity care provided by a not-for-profit hospital:a Is reported as an operating expense in the statement of operations of unrestricted funds b Is reported as a deduction from gross patient
3. Oliver Hardwick, a roofing contractor, repaired the roof on the Mosely Clinic, a nongovernmental health care entity, at no charge to the clinic. The estimate for the job was $3,000.a The donated
2. Premium fees:a Are earned whether the standard charges for services actually rendered are more or less than the amount of the fee b Are earned only to the extent of services actually provided in
E 22-6 Multiple choice 1. A principal source of revenue for hospitals is from patient services. Patient services revenue for hospitals is recorded at:a Amounts actually billed to patients b The
5. Scholarships are classified as:a Academic support b Student services c Institutional support d Student aid
4. Contributions of principal that must be held indefinitely but whose income is available for restricted or unrestricted purposes are termed:a Bequests b Annuities c Endowments d Support
3. Under GASB Statement No. 35, a state university (governmental) with only business-type activities may present:a Fund financial statements b Government-wide financial statements c Only the
2. Auxiliary enterprises in a college and university include all of the following, except:a Bookstore b Research c Cafeteria d Dormitories
E 22-5 Multiple choice 1. Tuition waivers for scholarships are:a Not reflected in the accounting records b Recorded in a contra revenue account c Recorded as institutional support expenses d None of
5. Grant funds received from the federal government and remitted directly to students provide an example of:a An exchange transaction b An endowment c An agency transaction d A restricted contribution
4. Required financial statements for a private, nongovernmental not-for-profit college include which of the following?a A statement of cash flows b A statement of functional expenses c A statement of
3. A university that follows the AICPA college model for internal control may have all of the following funds, except:a Property, plant, and equipment b Loan c Life income d Endowment
2. The operations of dormitories and dining halls for colleges and universities are reported as:a Operating income b Auxiliary operations c Restricted income d Specific-purpose income
E 22-4 Multiple choice 1. A university that is considered a special-purpose government:a Is generally required to follow GASB standards b Is generally required to follow FASB standards c Should refer
5. Unconditional promises to give (pledges) of nongovernmental voluntary health and welfare organizations are recognized as revenue and support in the period in which:a The pledges are received b
4. Volunteers collect money and nonperishable food for the Food Pantry, a nongovernmental VHWO, by going house to house once each year for donations. The services of the volunteers should be
3. Fund-raising costs of voluntary health and welfare organizations are classified as:a Functional expenses b Program services c Supporting services d Management and general expenses Accounting for
2. Voluntary health and welfare organizations:a Are required to use fund accounting principles to segregate unrestricted and restricted net assets b May report fund accounting information as
E 22-3 Multiple choice 1. Which of the following statements is not required for nongovernmental voluntary health and welfare organizations that issue financial statements in accordance with GAAP?a
5. In preparing the statement of cash flows for a nongovernmental not-for-profit entity, cash contributions that are restricted for long-term purposes are classified as:a Operating activities b
4. Unconditional promises to give that are collectible within one year of the financial statement date:a Should be reported at their gross amount b Should be reported at the gross amount less an
3. How will a nongovernmental not-for-profit entity record an agency transaction in which it receives resources?a No entry is made in the accounts.b Debit the asset account and credit contribution
2. A nongovernmental not-for-profit entity gives donors a sweatshirt imprinted with its logo when they pay $25 dues.The value of the sweatshirt is approximately $25. This transaction is most likely
E 22-2 Multiple choice 1. When a temporary restriction on resources of a nongovernmental not-for-profit entity is met by the incurrence of an expense for the restricted purpose:a The expense is
5. Long-lived assets are purchased by a nongovernmental not-for-profit entity with cash that was restricted for that purpose. The assets are reported in temporarily restricted net assets.
4. Contributed long-lived assets that are donor restricted for a certain time period are reported by a nongovernmental not-for-profit entity as:a Unrestricted support in unrestricted net assets b
3. Which of the following is not a characteristic of a conditional promise to give?a It depends on the occurrence of a specified future and uncertain event to bind the promisor.b The gift may have to
2. Unconditional promises to give are recognized as contribution revenue under GAAP when:a The promise is received b The related receivable is collected c The time or purpose restriction is satisfied
E 22-1 Multiple choice 1. Contributions that are restricted by a donor to a nongovernmental not-for-profit organization are reported as a part of:a Permanently restricted net assets b Temporarily
21. Discuss the two options that not-for-profit organizations have for recording donated fixed assets.E x E R c I S E S
20. Identify the functional expense classifications for a university. Provide an example of each.
19. Describe the reporting requirements for a governmental not-for-profit entity with both governmental and business-type activities.
18. Other than FASB standards and the AICPA guide, where can you find guidance on accounting and reporting issues for colleges and universities?
17. When is the AICPA college guide model used?
16. Describe the difference in a set of financial statements for a governmental university and a private notfor-profit university.
15. Are provisions for bad debts and depreciation of hospitals reported as expenses? Explain.
14. What are the major revenue groupings of hospitals? Give an example of a revenue item that would be included in each grouping.
13. How are net patient service revenues of hospitals measured, and in which hospital financial statement are they reported?
12. Health care entities frequently provide charity care to qualified individuals. How is charity care reported in the financial statements of a hospital?
11. Are contributed services reported in the statement of activities of a nongovernmental voluntary health and welfare organization?
10. What is the purpose of the statement of functional expenses of voluntary health and welfare organizations?
9. Expenses of voluntary health and welfare organizations include classifications for program services and supporting services. Explain these classifications.
8. For nongovernmental NFP, are gifts in kind always reported as unrestricted support that increases unrestricted net assets?
7. For nongovernmental NFP, how is the expiration of a time restriction recognized?
6. For nongovernmental NFP, how are unconditional promises to give with collections due in the next period accounted for?
5. For nongovernmental NFP, explain the difference between donor-imposed conditions and donor-imposed restrictions.
4. For nongovernmental NFP, explain the difference between a conditional promise to give and an unconditional promise to give.Accounting for Not-for-Profit Organizations 765
3. Explain how net assets, revenues, expenses, gains, and losses are classified and reported on a not-for-profit financial statement.
2. How many categories are there for not-for-profit entities? Differentiate between their accounting and financial reporting methods.
1. What are the characteristics of a not-for-profit entity?
3. Locate the Web site for your hometown. Does this municipality provide local transit service (i.e., bus, subway, etc.)? If so, how is it funded? Did the government receive any capital or operating
2. Locate the Web site for the municipality in which your college or university is located.Does this municipality provide utilities, sewer, or water to its residents? Are these activities accounted
1. Choose a CAFR from a city, county, or other local government. Review the CAFR and answer the following questions:a. How many proprietary funds does the government have? List the name of one
P 21-7 Enterprise fund statement of cash flows Caleb County had a beginning cash balance in its enterprise fund of $714,525. During the year, the following transactions affecting cash flows
P 21-6 Internal service fund journal entries [AICPA adapted]The City of Meringen operates a central garage through an internal service fund to provide garage space and repairs for all city-owned and
P 21-5 Preparation of trust fund statements On July 1, 2016, Duchy County receives a $500,000 contribution from the local chapter of Homeless No More. A trust agreement specifying that the income
P 21-4 Preparation of trust fund statements On January 1, 2016, J. G. Monee created a student aid trust fund to which he donated a building with a fair value of $400,000 (his cost was $250,000),
P 21-3 Preparation of internal service fund statements Comparative adjusted trial balances for the motor pool of Douwe County at June 30, 2016, and June 30, 2017, are as follows:June 30, 2017 June
P 21-2 Enterprise fund journal entries and trial balance The following transactions relate to the Fiedler County Utility Plant, a newly established municipal facility financed with debt secured
P 21-1 Internal service fund journal entries The City of Thomasville established an internal service fund to provide printing services to all city offices and departments. The following transactions
E 21-10 Net position classification For an enterprise fund, note how each of the following transactions affects (a) net investment in capital assets (net of related debt), (b) restricted net
E 21-9 Journal entries—various funds For each of the following events or transactions, prepare the necessary journal entry or entries, and identify the fund or funds that will be affected.1. A
E 21-8 Identification of fund type For each of the following events or transactions, identify the fund or funds that will be affected.1. A governmental unit operates a municipal pool. Costs are
E 21-7 Enterprise fund journal entries and reporting Prepare journal entries to record the following grant-related transactions of an enterprise fund activity. Explain how these transactions should
During 2016 the tax agency fund collected and remitted $150,000 of the 2016 levies to the various governmental units. The collection fees associated with the $150,000 were remitted to Laramee’s
E 21-6 Agency fund statement of net position The City of Laramee established a tax agency fund to collect property taxes for the City of Laramee, Bloomer County, and Bloomer School District. Total
6. What accounts and amounts should be reported in Cane’s 2016 financial statements for the capital projects fund?a Other financing sources, $2,000,000; general long-term debt, $2,000,000 b
5. What account and amount should be reported in Cane’s 2016 financial statements for the general fund?a Other financing uses, $1,000,000 b Other financing sources, $2,000,000 c Expenditures,
4. In connection with Thurman Township’s long-term debt, the following cash accumulations are available to cover payment of principal and interest on:Bonds for financing of water treatment plant

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