Questions from Accounting for Government and Non-Profit

Q: What are the main sources of the government’s revenues, including those

What are the main sources of the government’s revenues, including those from both governmental and business-type activities?

Q: Why may flexible budgets be more important to a government’s business‐

Why may flexible budgets be more important to a government’s business‐type activities than to its governmental activities?

Q: For each of the following situations, indicate the amount of revenue

For each of the following situations, indicate the amount of revenue that the government should recognize in an appropriate governmental fund as well as in its government-wide statement of activities...

Q: For each of the following indicate the amount of revenue that Beanville

For each of the following indicate the amount of revenue that Beanville should recognize in its 2017 (1) government-wide statements and (2) governmental fund statements. Provide a brief justificatio...

Q: Nonexchange revenues can be of four types. The GASB has

Nonexchange revenues can be of four types. The GASB has identified four classes of nonexchange revenues: • Derived tax • Imposed • Government mandated • Voluntary For each of the following revenue tra...

Q: The town of Blair determines that it requires $22.5

The town of Blair determines that it requires $22.5 million in property tax revenues to balance its budget. According to the town’s property tax assessor, the town contains taxable property that it as...

Q: A city levies property taxes of $4 billion in June 2018

A city levies property taxes of $4 billion in June 2018 for its fiscal year beginning July 1, 2018. The taxes are due by January 31, 2019. The following (in millions) indicates actual and anticipated...

Q: A state imposes a sales tax of 6 percent. The state’s

A state imposes a sales tax of 6 percent. The state’s counties are permitted to levy an additional tax of 2 percent. The state administers the tax for the counties, forwarding the proceeds to the coun...

Q: Manor County was awarded a state grant to establish evening athletic programs

Manor County was awarded a state grant to establish evening athletic programs for at-risk youth. The $3.6 million award, to cover the calendar year 2018, was announced on November 15, 2017. According...

Q: Kyle Township charges residents $100 per year to license household pets

Kyle Township charges residents $100 per year to license household pets. As specified in a statute enacted in 2018, residents are required to purchase a license by October 1 of each year; the license...