Questions from Accounting for Government and Non-Profit

Q: Desert City is a rapidly growing city in the Southwest, with

Desert City is a rapidly growing city in the Southwest, with a current population of 200,000. To cope with the growing vehicular traffic and the need for infrastructure expansion (e.g., streets, sidew...

Q: How does the modified accrual basis of accounting differ from the accrual

How does the modified accrual basis of accounting differ from the accrual basis?

Q: Recent river flooding damaged a part of the Town of Brownville Library

Recent river flooding damaged a part of the Town of Brownville Library. The library building is over 70 years old and is located in a part of the town that is on the national historic preservation reg...

Q: Make all necessary entries in the appropriate governmental fund general journal and

Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by t...

Q: Lynn County has prepared the following schedule related to its capital asset

Lynn County has prepared the following schedule related to its capital asset activity for the fiscal year 2011. Lynn County has governmental activities only, with no business-type activities. Requir...

Q: Crystal City signed a lease agreement with East Coast Builders, Inc

Crystal City signed a lease agreement with East Coast Builders, Inc., under which East Coast will construct a new office building for the city at a cost of $12 million and lease it to the city for 30...

Q: On July 20, 2011, the building occupied by Sunshine City’s Parks

On July 20, 2011, the building occupied by Sunshine City’s Parks and Recreation Department suffered severe structural damage as a result of a hurricane. It had been 48 years since a hurricane had hit...

Q: In the current fiscal year, St. George County issued $

In the current fiscal year, St. George County issued $3,000,000 in general obligation term bonds for 102. The county is required to use any accrued interest or premiums for servicing the debt issue. a...

Q: The debt limit for general obligation debt for Milos City is 1

The debt limit for general obligation debt for Milos City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt mar...

Q: The Statement of Net Assets of Green Tree State University, a

The Statement of Net Assets of Green Tree State University, a governmentally owned university, as of the end of its fiscal year June 30, 2010, follows. The following information pertains to the year...