Questions from Accounting for Government and Non-Profit

Q: In what significant way do financial audits in government and not‐

In what significant way do financial audits in government and not‐for‐profit organizations differ from those carried on in businesses?

Q: What are the four main types of reports required of a single

What are the four main types of reports required of a single audit?

Q: Select the best answer. 1. A local chapter

Select the best answer. 1. A local chapter of the Society for Protection of the Environment benefited from the voluntary services of two attorneys. One served as a member of the Society’s board of di...

Q: Upon meeting with the executive director of the Crime Victims Advocacy Group

Upon meeting with the executive director of the Crime Victims Advocacy Group, the president of a private foundation agreed to contribute in the following year $100,000 in support of the group’s propos...

Q: In each of the following scenarios, an organization receives a contribution

In each of the following scenarios, an organization receives a contribution in kind. Prepare journal entries, as necessary, to give them accounting recognition. For each, tell why you made an entry or...

Q: During 2017 the Lung Association received a contribution of marketable securities that

During 2017 the Lung Association received a contribution of marketable securities that were to be placed in a permanent endowment fund. Neither donor stipulations nor applicable state law requires tha...

Q: Discovery Barn, a not-for-profit science center for

Discovery Barn, a not-for-profit science center for children, received a contribution of $30,000 explicitly designated for the acquisition of computers. During the year it acquired $21,000 of computer...

Q: Based on Form 990 and the annual report and the audited financial

Based on Form 990 and the annual report and the audited financial statements of the American Cancer Society obtained for fiscal year 2014 1. Identify the types of receivables presented in the statemen...

Q: What typically are the two main adjustments required to convert the government

What typically are the two main adjustments required to convert the government fund balance sheet to the government‐wide statement of net assets?

Q: What typically are the main adjustments relating to capital assets and long

What typically are the main adjustments relating to capital assets and long‐term obligations required to convert the government funds statement of revenues and expenditures to the government‐wide stat...