Non-for-profit Accounting

6. Which of the following is not true about balance sheet of governmental fund? a. 'Deferred outflow and deferred inflow' is the place that record the transactions that cash inflow and outflow existed, but didn't had eligibility of the 'available requirement'. b. 'Unassigned' category is only related to the general fund. The others are not. c. 'Restricted' is the place that record the transaction that is externally restricted, for example, laws and regulation. d'Assigned' is the place that record the transaction that is neither restricted nor committed 7. Read and select combination of 2 correct choices & 2 wrong choices. 1 General fund, special revenue fund, Internal service funds don't depreciation accounting. Statement of Revenue, Expenditures & Changes in Fund Balance is one of the financial statements of the governmental fund. * Enterprise fund is relate to : Accrual basis, Economic resources, Program. 4 Private purpose trust fund's nature is 'donation'. that fund's equity name is 'net position', that is not subject to government-wide F/S Statement of revenue, expenditures & changes in fund balance is one of the financial statement of Proprietary fund. 6 so-called 'Statement of changes in net position' exist in the governmental fund financial statements. One of the example of the nature of expense is : general administration When Governmental organization prepare government-wide financial statements, governmental fund category should report the five funds. When governmental accounting aggregate major fund, fiduciary fund is not included. a. 1, 3, 4, 5 b. 1, 2, 0,9 c. 5, 0, 8, 9 d. 3,5 6. 8 8. Which of the following is not true about budgetary accounting? (each sentences are independent) a. IF AIFA city prepare budgetary plan as follows: estimated revenue $1,000,000, estimated OFS $200,000, Appropriation $500,000, Estimated OFU $100,000. Then, budgetary fund balance is recognized at $600,000 to credit account. b. Amount available for use = Appropriation - Total expended and encumbered appropriations c. If budgetary fund balance amount exceed to encumbrance amount, this imply that sum of estimated revenue and estimated OFS exceed to sum of appropriation and estimated OFU. d. New York city issued purchase order $40,000 about police car in 20X1, and police car will actually arrive in 20X2. Meanwhile, at the beginning of 20X2, New York city anticipated budgetary amount as follows : estimated revenue $220,000, Appropriation $200,000. At this time, If New York city journalized budgetary accounting as below, : Estimated Revenue 220,000 Appropriation 240,000 Budgetary Fund Balance 20,000 they must have chosen their journalizing method as appropriation lapse. 10. Which of the following is not true about GASB 33? a. Income tax, Motor fuel tax and Property tax recognize revenue from 'levy' to 'next year, 60 day'. On the contrary, government-wide financial statements recognize these transactions as revenue when they exchange transaction in basic premise on 'derived tax' b. In fund financial statements, Fine revenue is recognized when cash is collected. On the other hand, In government-wide financial statements, fine revenue(net allowance) is recognized when government entity levy fine. c. GASB 33 is standard to make government-wide financial statements. d. In fund financial statements, donation revenue is recognized when donation is received. On the other hand, In Government-wide financial statements, this revenue is recognized when fulfill eligible requirement