Questions from Accounting for Government and Non-Profit

Q: The Town of Elizabeth operates the old train station as an enterprise

The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings. Since the town has held the building for such a long ti...

Q: Following is the June 30, 2010, statement of net assets

Following is the June 30, 2010, statement of net assets for the City of Bay Lake Water Utility Fund. Required a. For fiscal year 2011, prepare general journal entries for the Water Utility Fund usin...

Q: Von County has prepared the following statement of revenues, expenses,

Von County has prepared the following statement of revenues, expenses, and changes in fund net assets for its proprietary funds. The county has three enterprise funds and two internal service funds....

Q: From the right-hand column, choose the letter that corresponds

From the right-hand column, choose the letter that corresponds to the section of the statement of cash flows where the activity listed in the left-hand column would be reported.

Q: In partnership with Jefferson County and the Mound City Visitor’s Bureau,

In partnership with Jefferson County and the Mound City Visitor’s Bureau, Mound City recently established a Native American Heritage Center and Museum, organized as a tax-exempt not-for-profit organiz...

Q: Explain the distinction(s) between agency funds and trust funds

Explain the distinction(s) between agency funds and trust funds.

Q: Identify the different types of trust funds and explain the purpose of

Identify the different types of trust funds and explain the purpose of each type.

Q: Must an agency fund be used to account for withholding taxes,

Must an agency fund be used to account for withholding taxes, retirement contributions, and (if applicable) social security taxes of General Fund employees? Explain.

Q: Why do agency funds have no fund equity?

Why do agency funds have no fund equity?

Q: What is a “pass-through” agency fund and under

What is a “pass-through” agency fund and under what conditions is it appropriate to use such a fund?