Q: The Metropolitan Housing Authority is charged with providing housing to low‐
The Metropolitan Housing Authority is charged with providing housing to low‐income residents. The authority is currently assessing two options, each of which would provide homes for 100 families. Unde...
See AnswerQ: A city received two state grants in fiscal 2018. The first
A city received two state grants in fiscal 2018. The first was an award for a maximum of $800,000, over a two-year period, to reimburse the city for 40 percent of specified costs incurred to operate a...
See AnswerQ: For each of the following grants and awards, indicate whether the
For each of the following grants and awards, indicate whether the recipient government should recognize revenues and expenditures. In a sentence or two, justify your response. 1. As the result of dama...
See AnswerQ: The Foundation for Educational Excellence has decided to support the Tri-
The Foundation for Educational Excellence has decided to support the Tri-County School District’s series of teacher training workshops intended to improve instruction in mathematics. The foundation is...
See AnswerQ: The board of trustees of an independent school district is contemplating several
The board of trustees of an independent school district is contemplating several policy changes and other measures, all of which it intends to implement within the fiscal year that ends August 31, 201...
See AnswerQ: In October 2018, the Village of Mason levied $80 million
In October 2018, the Village of Mason levied $80 million of property taxes for its 2019 fiscal year (which is the same as the calendar year). The taxes are payable 50 percent by December 31, 2018, and...
See AnswerQ: In 2018, the Bakersville Independent School District incurred $12 million
In 2018, the Bakersville Independent School District incurred $12 million in expenditures for teachers’ salary and benefits. In that year, the legislature of the state in which the district is located...
See AnswerQ: The GASB has established a “60-day” rule for
The GASB has established a “60-day” rule for the recognition of property taxes in governmental funds. On what basis can you justify such a rule for property taxes but not for other revenues? Do you th...
See AnswerQ: How many capital projects funds does the government maintain? How can
How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?
See AnswerQ: A not-for-profit organization receives a restricted gift.
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? Wh...
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