Questions from Accounting for Government and Non-Profit

Q: Select the best answer. 1. A government opts

Select the best answer. 1. A government opts to set aside $10 million of general‐fund resources to finance a new city hall. Construction is expected to begin in several years, when the city has been...

Q: In what way do the GAO standards impose more rigorous continuing professional

In what way do the GAO standards impose more rigorous continuing professional education requirements than those of the AICPA?

Q: The Education Agency of one of the nation’s most populous states evaluates

The Education Agency of one of the nation’s most populous states evaluates public elementary schools on the basis of the following inputs and outcomes: Outcomes • Total campus attendance • Average stu...

Q: Select the best answer. 1. Which of the

Select the best answer. 1. Which of the following items is least likely to appear on the balance sheet of a capital projects fund? a. Cash b. Investments c. Construction in process d. Reserve for enc...

Q: During 2018 Luling Township engaged in the following transactions related to modernizing

During 2018 Luling Township engaged in the following transactions related to modernizing the bridge over the Luling River. The township accounts for long‐term construction projects in a capital projec...

Q: What is the distinction between expenditures and expenses as the terms are

What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

Q: A government expects to pay its electric bill relating to its current

A government expects to pay its electric bill relating to its current fiscal year sometime in the following year. An official of the government requests your advice as to whether the anticipated payme...

Q: Under pressure to balance their budgets, governments at all levels have

Under pressure to balance their budgets, governments at all levels have resorted to fiscal gimmicks, such as delaying the wages and salaries of government employees from the last day of the month to t...

Q: A government permits its employees to accumulate all unused vacation days and

A government permits its employees to accumulate all unused vacation days and sick leave. Whereas (in accord with current standards) it may have to “book” a liability for the unused vacation days, it...

Q: A school district grants teachers a sabbatical leave every seven years.

A school district grants teachers a sabbatical leave every seven years. Yet, consistent with GAAP, it fails to accrue a liability for such leave over the period in which the leave is earned—not even i...