Questions from Accounting for Government and Non-Profit

Q: “If a discrete presentation is used for the financial data of

“If a discrete presentation is used for the financial data of a component unit in the statement of net assets of a governmental financial reporting entity, there is no need for the component unit to i...

Q: The government-wide financial statements for the City of Arborland for

The government-wide financial statements for the City of Arborland for a three-year period are presented on the following pages. Additional information follows: Population: Year 2011: 30,420, Year...

Q: “Governmental and not-for-profit organizations do not differ

“Governmental and not-for-profit organizations do not differ significantly from for-profit organizations and therefore should follow for-profit accounting and reporting standards.” Do you agree or dis...

Q: What are the three categories of funds prescribed by GASB standards and

What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Do the three fund categories correspond precisely with the three activity categories desc...

Q: Which fund category uses the modified accrual basis of accounting? What

Which fund category uses the modified accrual basis of accounting? What are the recognition rules for revenues and expenditures under the modified accrual basis of accounting?

Q: Amber City borrowed $1,000,000 secured by a

Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should b...

Q: Explain the criteria for determining if a governmental or enterprise fund must

Explain the criteria for determining if a governmental or enterprise fund must be reported as a major fund. What other funds should or may be reported as major funds?

Q: For more than 100 years, the financial statements of the Town

For more than 100 years, the financial statements of the Town of Brookfield have consisted of a statement of cash receipts and a statement of cash disbursements prepared by the town treasurer for each...

Q: Locate a comprehensive annual financial report (CAFR) for a local

Locate a comprehensive annual financial report (CAFR) for a local government from some source on the Internet, perhaps the Web site of the governmental entity or the Governmental Accounting Standards...

Q: Write T if the corresponding statement is true. If the statement

Write T if the corresponding statement is true. If the statement is false, write F and state what changes should be made to make it a true statement. 1. Activities of a general purpose government that...