Questions from Accounting for Government and Non-Profit

Q: In what ways does the government-wide statement of net assets

In what ways does the government-wide statement of net assets differ from the balance sheet for governmental funds?

Q: How does the use of encumbrance procedures improve budgetary control over expenditures

How does the use of encumbrance procedures improve budgetary control over expenditures?

Q: If the General Fund of a certain city needs $6,

If the General Fund of a certain city needs $6,720,000 of revenue from property taxes to finance estimated expenditures of the next fiscal year and historical experience indicates that 4 percent of th...

Q: In 2011, Falts City began work to improve certain streets to

In 2011, Falts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. Estimated total cost of the project was $4,000,000; $2,500,000 was to come...

Q: “Actual revenues and expenditures reported on a budget and actual comparison

“Actual revenues and expenditures reported on a budget and actual comparison schedule should be prepared on the same basis as budgeted revenues and expenditures, even if a cash basis is used.” Do you...

Q: Explain the essential differences between extraordinary items and special items and how

Explain the essential differences between extraordinary items and special items and how each of these items should be reported on the government-wide statement of activities.

Q: Explain why expenses reported on the government-wide statement of activities

Explain why expenses reported on the government-wide statement of activities for supplies used in conducting governmental activities may differ in amounts from expenditures for the same supplies repor...

Q: Explain the primary differences between ad valorem taxes, such as property

Explain the primary differences between ad valorem taxes, such as property taxes, and other taxes that generate derived tax revenues, such as sales and income taxes. How does accounting differ between...

Q: If interim financial reporting to external parties is not required, why

If interim financial reporting to external parties is not required, why should a government bother to prepare interim financial statements and schedules? Give some examples of interim financial statem...

Q: How does a permanent fund differ from public-purpose trusts that

How does a permanent fund differ from public-purpose trusts that are reported in special revenue funds? How does it differ from private-purpose trust funds?