Questions from Accounting for Government and Non-Profit

Q: The following schedule shows the amounts related to general purpose supplies that

The following schedule shows the amounts related to general purpose supplies that a city debited and credited to the indicated accounts during a year (not necessarily the year‐end ba...

Q: Do encumbrances that remain outstanding at year‐end lapse? That

Do encumbrances that remain outstanding at year‐end lapse? That is, do the amounts that will be expended in the following year, when the goods or services are received, have to be rebudgeted in the fo...

Q: As the auditor of Clearwater County you learn that various assets are

As the auditor of Clearwater County you learn that various assets are subject to spending constraints. Indicate how each of the following constraints would affect the county’s reported fund balance (i...

Q: The balance sheets of both enterprise funds and internal service funds report

The balance sheets of both enterprise funds and internal service funds report capital assets and longterm debt. What does that tell you about the funds’ measurement focus and basis of accounting? Expl...

Q: The ultimate aim of governmental and not‐for‐profit organizations

The ultimate aim of governmental and not‐for‐profit organizations is to produce outcomes. Yet in preparing program budgets, many organizations link expenditures to outputs rather than outcomes. Why?

Q: What is an agency fund? Why is it the easiest fund

What is an agency fund? Why is it the easiest fund for which to account?

Q: The following is from the governmental funds balance sheet section of the

The following is from the governmental funds balance sheet section of the Town of Libertyville’s Comprehensive Annual Financial Report. 1. What is the most likely reason that there a...

Q: What are three main sections of the report?

What are three main sections of the report?

Q: The following relate to the town of Coupland (dollar amounts in

The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost‐reimbursement basis; the equ...

Q: Select the best answer. 1. Oak Township issued the

Select the best answer. 1. Oak Township issued the following bonds during the year: Bonds to acquire equipment for a vehicle repair service that is accounted for in an internal service fund……………………………...