Questions from Accounting for Government and Non-Profit

Q: A school district receives a grant from the federal government to support

A school district receives a grant from the federal government to support programs directed at special needs students. The grant is a matching grant in which each dollar spent by the school district o...

Q: GASB Statement No. 34 has been widely criticized for mandating the

GASB Statement No. 34 has been widely criticized for mandating the preparation and presentation of government‐wide statements. Mainly, the critics contend that the benefits of the statements are not c...

Q: Define the seven key elements that comprise the financial statements.

Define the seven key elements that comprise the financial statements.

Q: Upon examining the balance sheet of a large city, you notice

Upon examining the balance sheet of a large city, you notice that the total assets of the general fund far exceed those of the combined total of the city’s ten separate special revenue funds. Moreover...

Q: Why are there generally no capital projects (work in progress or

Why are there generally no capital projects (work in progress or other long‐lived assets) in governments’ capital projects funds? Why are there generally no long‐term debts in debt service funds?

Q: Distinguish between funds as the term is used in governmental as contrasted

Distinguish between funds as the term is used in governmental as contrasted with business accounting

Q: As will be emphasized later in this text, depreciation is recorded

As will be emphasized later in this text, depreciation is recorded in proprietary funds but not in governmental funds. What is the rationale for recording depreciation in proprietary funds?

Q: The “object classification” budget of a police department includes the

The “object classification” budget of a police department includes the following expense categories: • Salaries • Employee benefits • Supplies • Equipment • Vehicle maintenance, gas, etc. • Dues and s...

Q: What are fiduciary funds? What are the two main types,

What are fiduciary funds? What are the two main types, and what is the distinction between them?

Q: What is permanent about a permanent fund?

What is permanent about a permanent fund?