Questions from Accounting for Government and Non-Profit

Q: The following is a recommendation from Against the Grain, a series

The following is a recommendation from Against the Grain, a series of proposals by the State Comptroller of Texas on how the state could enhance revenues and decrease expenditures: Amend the Lottery...

Q: Select the best answer. 1. Appropriation budgets are

Select the best answer. 1. Appropriation budgets are typically concerned with a. The details of appropriated expenditures b. Long‐term revenues and expenditures c. Current operating revenues and expe...

Q: In what way do the reporting standards of the GAO differ from

In what way do the reporting standards of the GAO differ from those of the AICPA as to (1) public dissemination of the reports and (2) tests of compliance and internal controls?

Q: What are the key elements of program budgets as exemplified by a

What are the key elements of program budgets as exemplified by a zero‐base budget decision package for an activity?

Q: Select the best answer. 1. Upon ordering supplies

Select the best answer. 1. Upon ordering supplies a government should a. Debit encumbrances and credit reserve for encumbrances b. Debit reserve for encumbrances and credit encumbrances c. Debit expe...

Q: Kilbourne County engaged in the following transactions in summary form during its

Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions. You need not be concerned with the category of funds balances to which reser...

Q: Wickliffe County authorized the issuance of bonds and contracted with the USA

Wickliffe County authorized the issuance of bonds and contracted with the USA Construction Company (UCC) to build a new sports complex. During 2014, 2015, and 2016 the county engaged in the transactio...

Q: The budgeted and actual revenues and expenditures of Seaside Township for a

The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows. 1. Prepare journal entries to record the budget. 2...

Q: London Township began Year 1 with a balance of $10 million

London Township began Year 1 with a balance of $10 million in its bridge repair fund, a capital projects fund. The fund balance is classified as restricted. At the start of the year, the governing cou...

Q: At the start of its fiscal year on October 1, Fox

At the start of its fiscal year on October 1, Fox County reported the following (all dollar amounts in thousands): Fund balance: Committed for encumbrances……………………………. $200 Unassigned……………………………………………...