Questions from Accounting for Government and Non-Profit

Q: Following are several unrelated transactions involving a university. 1.

Following are several unrelated transactions involving a university. 1. In fiscal year 2011, the university was notified by the federal government that in 2012 it would receive a $500,000 grant for we...

Q: What are some of the accounting and reporting differences between endowments and

What are some of the accounting and reporting differences between endowments and split-interest agreements?

Q: Compare the reporting of contributed services by private and public colleges and

Compare the reporting of contributed services by private and public colleges and universities.

Q: A private college has received a multi-year unconditional pledge from

A private college has received a multi-year unconditional pledge from a major supporter. How will the college report the pledge in its financial statements?

Q: Explain the conditions that must exist for a public or private college

Explain the conditions that must exist for a public or private college or university to avoid accounting recognition of the value of its collections of art, historical treasures, and similar assets.

Q: What is an annuity agreement and how does it differ from a

What is an annuity agreement and how does it differ from a life income fund?

Q: What is a revocable split-interest agreement and how is it

What is a revocable split-interest agreement and how is it recorded by a private college?

Q: How is an OMB Circular A-133 audit related to a

How is an OMB Circular A-133 audit related to a GAGAS audit? How is an OMB Circular A-133 audit different from a GAGAS audit?

Q: Explain how federal award programs are selected for audit under the risk

Explain how federal award programs are selected for audit under the risk based approach.

Q: What is the National Single Audit Sampling Project and why is it

What is the National Single Audit Sampling Project and why is it important?