Questions from Accounting for Government and Non-Profit

Q: A newly established not‐for‐profit organization engaged in the

A newly established not‐for‐profit organization engaged in the following transactions. 1. A donor pledged $1,000,000, giving the organization a legally enforceable 90‐day note for the full amount. 2....

Q: A special district accounts for its general fund (its only fund

A special district accounts for its general fund (its only fund) on a modified accrual basis. In a particular period it engaged in the following transactions: • It issued $20 million in long‐term bond...

Q: The newly established Society for Ethical Teachings, a not‐for

The newly established Society for Ethical Teachings, a not‐for‐profit organization, maintains two funds—a general fund for operations and a building fund to accumulate resources for a new building. In...

Q: A city maintains the following funds: 1. General

A city maintains the following funds: 1. General 2. Special revenue 3. Capital projects 4. Debt service 5. Enterprise 6. Internal service 7. Permanent (trust) 8. Agency For each of the following trans...

Q: Review the introductory section of the CAFR. a. Was

Review the introductory section of the CAFR. a. Was the entity’s annual report of the previous year awarded a “certificate of achievement for excellence in financial reporting” by the Government Finan...

Q: What are the three main categories of SEA indicators?

What are the three main categories of SEA indicators?

Q: Review the financial section. a. Which, if any

Review the financial section. a. Which, if any, independent audit firm performed an audit of the CAFR? b. Did the entity receive an “unqualified” audit opinion? If not, why not? c. Does the report con...

Q: Review the statistical section. a. What is the population

Review the statistical section. a. What is the population of the entity being reported on? b. Who is the entity’s major employer? c. What types of information are included in the statistical section?...

Q: Entrepreneurs Consultants, a state agency, was established to provide consulting

Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified acc...

Q: The Sherill Utility District was recently established. Its balance sheet,

The Sherill Utility District was recently established. Its balance sheet, after one year, is presented below. Note the following additional information: • The general fund received a...