Questions from Accounting for Government and Non-Profit

Q: The following is a Statement of Cash Flows for the risk management

The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather tha...

Q: What are the required financial statements for a pension trust fund?

What are the required financial statements for a pension trust fund? What are the required supplementary information schedules?

Q: With regard to current GASB standards for pension reporting, do the

With regard to current GASB standards for pension reporting, do the following: a. Distinguish between (1) Defined contribution plans. (2) Defined benefit plans. b. Distinguish between (1) Agent (...

Q: Assume that a local government is the trustee for the pension assets

Assume that a local government is the trustee for the pension assets for its police and fire department employees and participates in a statewide plan for all of its other employees. Individual accoun...

Q: The City of Sweetwater maintains an Employees’ Retirement Fund, a single

The City of Sweetwater maintains an Employees’ Retirement Fund, a single employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuaria...

Q: Presented below is the pre closing trial balance for the Retiree Health

Presented below is the pre closing trial balance for the Retiree Health Benefit Plan of the Alger County School District. Prepare (1) The year-end closing entries. (2) A Statement of Changes in Fid...

Q: Describe how the fiduciary fund categories could change under the GASB exposure

Describe how the fiduciary fund categories could change under the GASB exposure draft for fiduciary funds? What current fund type would be discontinued, and where would those activities be reported in...

Q: Benton County maintains a tax agency fund for use by the County

Benton County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all other units of government in the...

Q: A concerned citizen provides resources and establishes a trust with the local

A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?

Q: Presented below is the pre closing trial balance for the Scholarship Fund

Presented below is the pre closing trial balance for the Scholarship Fund, a private-purpose trust fund of the Algonquin School District. Prepare the year-end closing entries and a Statement of Chan...