Questions from Accounting for Government and Non-Profit

Q: Explain the nature of any governmental‐fund balance sheet classifications related

Explain the nature of any governmental‐fund balance sheet classifications related to expenditures.

Q: Does the entity report depreciation as an expense in its government‐

Does the entity report depreciation as an expense in its government‐wide statements? If not, why not?

Q: What types of other financing sources and uses does the governmental entity

What types of other financing sources and uses does the governmental entity report in the general fund? What effect do these items have on the net change in fund balance for the year?

Q: What is the difference between an exchange and a nonexchange transaction?

What is the difference between an exchange and a nonexchange transaction?

Q: What are the main categories of revenues per GASB Statement No.

What are the main categories of revenues per GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions?

Q: What criteria must be met before revenues can be recognized on a

What criteria must be met before revenues can be recognized on a modified accrual basis? What is the rationale for these criteria?

Q: What is the general rule for recognizing property taxes as revenues?

What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to in the government-wide statements?

Q: The Granite Falls Detention Center is a boot camp for criminal offenders

The Granite Falls Detention Center is a boot camp for criminal offenders aged 18 to 25. “Campers” spend one year at the camp, during which time they take vocational courses (mainly in the construction...

Q: What is meant by “deferred inflow of resources?” Provide an

What is meant by “deferred inflow of resources?” Provide an example of when a government might credit such an account.

Q: What is the earliest point in the sales tax collection process that

What is the earliest point in the sales tax collection process that revenue may be recognized? How can you justify recognizing revenue on the basis of this event?