Questions from Accounting for Government and Non-Profit

Q: The following balance sheet was adapted from the financial statements of the

The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed). Fund Types The transactions of the authority a...

Q: Bertram County maintains a fund accounting system. Nevertheless, its comptroller

Bertram County maintains a fund accounting system. Nevertheless, its comptroller (who recently retired from a position in private industry) prepared the following balance sheet (in millions): The fund...

Q: See the following balance sheet for the town of Paris governmental funds

See the following balance sheet for the town of Paris governmental funds. In addition, you learn from other records that the town has capital assets with a book value (net of depreciation) of $1,450 m...

Q: Kendal County engaged in the following transactions. For each, prepare

Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded: 1. It levied and collected...

Q: A newly formed not‐for‐profit advocacy organization, the

A newly formed not‐for‐profit advocacy organization, the Center for Participatory Democracy, requests your advice on setting up its financial accounting and reporting system. Meeting with the director...

Q: The balance sheet of the Hillcrest Home Care Service, a not

The balance sheet of the Hillcrest Home Care Service, a not‐for‐profit organization providing assistance to the elderly, is presented here: Hillcrest Home Care Service Balance Sheet as of December 31...

Q: Select the best answer. 1. Which of the

Select the best answer. 1. Which of the following is likely to be a line item in a fire department’s program budget but not its object classification budget? a. Administrative salaries b. Travel to c...

Q: See the balance sheet of a not‐for‐profit hospital

See the balance sheet of a not‐for‐profit hospital presented on page 83. It is intended to display the hospital’s fund structure. Inasmuch as it does not conform to FASB standards, it is inappropriate...

Q: The newly formed Buffalo School District engaged in the following transactions and

The newly formed Buffalo School District engaged in the following transactions and other events during the year: 1. It levied and collected property taxes of $110 million. 2. It issued $30 million in...

Q: This chapter has described the fund structure in governments. Do you

This chapter has described the fund structure in governments. Do you think that it is necessary to display individual funds in a government’s annual report? If so, then do you think it is any less nec...