Questions from Accounting for Government and Non-Profit

Q: The following relate to three grants that the town of College Hills

The following relate to three grants that the town of College Hills received from the state during its fiscal year ending December 31, 2018. Prepare journal entries to record the three grants. 1. A ca...

Q: Why do many governments consider it unnecessary to prepare appropriation budgets for

Why do many governments consider it unnecessary to prepare appropriation budgets for, and incorporate budgetary entries into the accounts of, their capital project funds?

Q: Which of the entity’s governmental functions or activities had the greatest amount

Which of the entity’s governmental functions or activities had the greatest amount of directly identifiable revenues?

Q: Does the report discuss the accounting basis for recognizing revenues?

Does the report discuss the accounting basis for recognizing revenues?

Q: Does the government’s government-wide statement of net position or governmental

Does the government’s government-wide statement of net position or governmental-fund balance sheet report “deferred revenue” (or deferred inflows of resources)? If so, what is the most likely reason t...

Q: What are allotments? What purpose do they serve?

What are allotments? What purpose do they serve?

Q: At what percentage of fair market value is real property assessed?

At what percentage of fair market value is real property assessed?

Q: When are property taxes due? When do interest and penalties begin

When are property taxes due? When do interest and penalties begin to accrue?

Q: By what percentage did each of the three largest sources of tax

By what percentage did each of the three largest sources of tax revenue increase over the last ten years?

Q: How is reserve for encumbrances reported on a year‐end balance

How is reserve for encumbrances reported on a year‐end balance sheet?