Questions from Accounting for Government and Non-Profit

Q: The following information is provided about the Village of Wymette’s General Fund

The following information is provided about the Village of Wymette’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2010. Required a. Di...

Q: The City of Marion adopted the following General Fund budget for fiscal

The City of Marion adopted the following General Fund budget for fiscal year 2011: Required a. Assuming that a city ordinance mandates a balanced budget, what must be the minimum amount in the Fund...

Q: During FY 2011, the voters of the Town of Dex approved

During FY 2011, the voters of the Town of Dex approved constructing and equipping a recreation center to be financed by tax-supported bonds in the amount of $3,000,000. During 2011, the following even...

Q: How should one determine whether FASB or GASB standards should be followed

How should one determine whether FASB or GASB standards should be followed by any particular not-for-profit organization?

Q: During July 2010, the first month of the 2011 fiscal year

During July 2010, the first month of the 2011 fiscal year, the City of Marion issued the following purchase orders and contracts, Required a. Show the general journal entry to record the issuance of...

Q: The printout of the Estimated Revenues and Revenues subsidiary ledger accounts for

The printout of the Estimated Revenues and Revenues subsidiary ledger accounts for the General Fund of the City of Salem as of February 28, 2011, appeared as follows: Required Assuming that this pri...

Q: The finance director of the Town of Liberty has asked you to

The finance director of the Town of Liberty has asked you to determine whether the appropriations, expenditures, and encumbrances comparison for Office Supplies for a certain year (reproduced as follo...

Q: Review the computer generated budgetary comparison report presented below for the Lincoln

Review the computer generated budgetary comparison report presented below for the Lincoln City Parks and Recreation Department as of July 1 of its fiscal year ending December 31, 2010, and respond to...

Q: The Town of Bedford Falls approved a General Fund operating budget for

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900...

Q: Explain why some transactions for governmental activities at the government wide level

Explain why some transactions for governmental activities at the government wide level are reported differently than transactions for the General Fund. Give some examples of transactions that would be...