Questions from Accounting for Government and Non-Profit

Q: As part of your audit firm’s quality control policies, it maintains

As part of your audit firm’s quality control policies, it maintains a record of continuing profession education (CPE) taken by professional staff members. Following is information on some of the class...

Q: The following balances come from the trial balance of Sherlock State College

The following balances come from the trial balance of Sherlock State College as of the end of the 2011 fiscal year. Required a. Prepare a statement of revenues, expenses, and changes in net assets f...

Q: Choose the best answer. 1. Under GASB standards,

Choose the best answer. 1. Under GASB standards, public colleges and universities engaged only in business-type activities present all of the following statements in their stand-alone reports except a...

Q: Elizabeth College, a small private college, had the following transactions

Elizabeth College, a small private college, had the following transactions in fiscal year 2011. 1. Billings for tuition and fees totaled $5,600,000. Tuition waivers and scholarships of $61,500 were gr...

Q: What is the difference in accounting for investments among investor-owned

What is the difference in accounting for investments among investor-owned, not-for-profit, and governmental health care organizations?

Q: Breyer Memorial Hospital received a $100,000 gift that was

Breyer Memorial Hospital received a $100,000 gift that was restricted by the donor for heart research. At fiscal year-end Breyer had incurred $25,000 in expenses related to this project. Explain how t...

Q: Describe some measures of performance that can be used in assessing whether

Describe some measures of performance that can be used in assessing whether a university operates effectively.

Q: What are restricted assets and how are they shown in the financial

What are restricted assets and how are they shown in the financial statements?

Q: Explain how restricted gifts and grants are reported by a public college

Explain how restricted gifts and grants are reported by a public college or university. How would such restricted gifts and grants be recorded and reported by a private college or university?

Q: Private colleges and universities report temporarily and permanently restricted net assets.

Private colleges and universities report temporarily and permanently restricted net assets. What, if any, comparable reporting is provided by public universities?