Questions from Accounting for Government and Non-Profit

Q: Name the four classes of nonexchange transactions defined by GASB standards and

Name the four classes of nonexchange transactions defined by GASB standards and explain the revenue and expenditure/expense recognition rules applicable to each class.

Q: Using either a city’s own Web site or the GASBS 34 link

Using either a city’s own Web site or the GASBS 34 link of the GASB’s Web site, download either the city’s entire comprehensive annual financial report (CAFR) or, if possible, just the portion of the...

Q: Property owners in Trevor City were shocked when they recently received notice

Property owners in Trevor City were shocked when they recently received notice that assessed valuations on their homes had increased by an average 35 percent, based on a triennial reassessment by the...

Q: During the current fiscal year, the City of Manchester created a

During the current fiscal year, the City of Manchester created a Printing and Sign Fund (an internal service fund) to provide custom printing and signage for city departments, predominantly those fina...

Q: How are general long-term liabilities distinguished from other long-

How are general long-term liabilities distinguished from other long-term liabilities of the government? How does the financial reporting of general long-term liabilities differ from the financial repo...

Q: In this case, local governments receive reimbursements from the state government’s

In this case, local governments receive reimbursements from the state government’s Department of Social Services Teen Assistance Program for expenditures incurred in conducting an array of locally adm...

Q: Choose the best answer. 1. When equipment was purchased

Choose the best answer. 1. When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund? a. Expenditures. b. Equipment. c. Encu...

Q: GASB financial reporting standards assist users in assessing the operational accountability of

GASB financial reporting standards assist users in assessing the operational accountability of a government’s business-type activities and the fiscal accountability of its governmental activities.” Do...

Q: The City of Perrin collects its annual property taxes late in its

The City of Perrin collects its annual property taxes late in its fiscal year. Consequently, each year it must finance part of its operating budget using tax anticipation notes. The notes are repaid u...

Q: The Village of Darby’s budget calls for property tax revenues for the

The Village of Darby’s budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2,660,000. Village records indicate that, on average, 2 percent of taxes levied are not...