Questions from Accounting for Government and Non-Profit

Q: In the year a road maintenance district was established, it engaged

In the year a road maintenance district was established, it engaged in the transactions that follow involving capital assets (all dollar amounts in thousands). The district maintains only a single gov...

Q: A city’s road maintenance department received “donations” of two types

A city’s road maintenance department received “donations” of two types of assets: 1. From the county in which the city is located it received earthmoving equipment. The equipment had cost the county $...

Q: The following totals were drawn from Independence City’s “Schedule of Changes

The following totals were drawn from Independence City’s “Schedule of Changes in Capital Assets by Function and Activity,” included in the city&ac...

Q: In the management discussion and analysis accompanying its 2018 financial statements,

In the management discussion and analysis accompanying its 2018 financial statements, Tiber County reported that “for the fifth consecutive year revenues exceeded expenditures.â...

Q: The schedule that follows pertaining to governmental capital assets was excerpted from

The schedule that follows pertaining to governmental capital assets was excerpted from the annual report of Urbana, Illinois (with changed dates): A related schedule indicates the following: Capital o...

Q: A school district constructs a new elementary school at a cost of

A school district constructs a new elementary school at a cost of $24 million. It finances the project by issuing 30-year general obligation serial bonds, payable evenly over the outstanding term ($80...

Q: Select the best answer. 1. Government Auditing Standards

Select the best answer. 1. Government Auditing Standards must be adhered to in all financial audits of a. State and local governments b. Federal agencies c. Federally chartered banks d. All of the ab...

Q: In 2017 Bantham County incurred $80 million in costs to construct

In 2017 Bantham County incurred $80 million in costs to construct a new highway. Engineers estimate that the useful life of the highway is 20 years. 1. Prepare the entry that the county should make to...

Q: The City of Allentown recently received a donation of two items:

The City of Allentown recently received a donation of two items: 1. A letter written in 1820 from James Allen, the town’s founder, in which he sets forth his plan for the town’s development. Independe...

Q: A government held the securities shown in the following table in one

A government held the securities shown in the following table in one of its investment portfolios. All the securities are either stocks or bonds that mature in more than one year. 1. Ignoring dividend...