Questions from Accounting for Government and Non-Profit

Q: Explain what disclosures the GASB requires for capital assets in the notes

Explain what disclosures the GASB requires for capital assets in the notes to the financial statements.

Q: What is the difference between using the modified approach to accounting for

What is the difference between using the modified approach to accounting for infrastructure assets and depreciating infrastructure assets? Under the modified approach, what happens if infrastructure a...

Q: How does one determine whether a particular lease is a capital lease

How does one determine whether a particular lease is a capital lease or an operating lease? What entries are required in the general journals of a governmental fund and governmental activities at the...

Q: Compare the reporting of intangible assets under GASB and FASB standards.

Compare the reporting of intangible assets under GASB and FASB standards.

Q: What is the purpose of a capital projects fund? Give some

What is the purpose of a capital projects fund? Give some examples of projects that might be considered capital projects.

Q: If a capital project is incomplete at the end of a fiscal

If a capital project is incomplete at the end of a fiscal year, why is it considered desirable to close Encumbrances and all operating statement accounts at year-end? Why is it desirable to reestablis...

Q: What disclosures about long-term liabilities are required in the notes

What disclosures about long-term liabilities are required in the notes to the financial statements?

Q: Which expenditures of a capital projects fund should be capitalized to Construction

Which expenditures of a capital projects fund should be capitalized to Construction Work in Progress? Is Construction Work in Progress included in the chart of accounts of a capital projects fund? If...

Q: The county replaced its old office building with a new structure.

The county replaced its old office building with a new structure. Rather than destroy the old office building, the county decided to convert the old building and use it as a storage facility. Why woul...

Q: Compare the accounting for capital projects financed by special assessment bonds when

Compare the accounting for capital projects financed by special assessment bonds when (a) a government assumes responsibility for debt service should special assessment collections be insufficient, a...