Questions from Accounting for Government and Non-Profit

Q: A foundation promises to donate $1 million to a local public

A foundation promises to donate $1 million to a local public broadcasting station (a not-for-profit organization) in one year. When, and in what amount, should the station recognize revenue? The stati...

Q: A balance sheet of Brown University, issued prior to the effective

A balance sheet of Brown University, issued prior to the effective date of FASB Statement No. 117, is presented below. Recast the fund balance (net asset) section of the balance sheet so that it prese...

Q: A university maintains several plant funds as shown in the condensed balance

A university maintains several plant funds as shown in the condensed balance sheets presented below. The fund structure and presentation are consistent with the AICPA college and university reporting...

Q: The fund balance sheet of Sundown State University, a public institution

The fund balance sheet of Sundown State University, a public institution, is presented below. For purposes of external reporting, the university has opted to report as a special-purpose entity that en...

Q: Discuss the different kinds of information a user of a hospital’s financial

Discuss the different kinds of information a user of a hospital’s financial information can obtain from its financial statements. How would this information differ for a nongovernmental versus a gover...

Q: A private college receives the following pledges of support. 1

A private college receives the following pledges of support. 1. As part of its annual fund drive, alumni and friends of the college pledge $8 million. The college estimates that about 15 percent of th...

Q: The following events and transactions relate to a single contribution.

The following events and transactions relate to a single contribution. 1. A high-tech firm pledged to contribute $1 million in the company’s common stock to a university’s business school if the schoo...

Q: In January 2017, Kirkland University receives a pledge of $200

In January 2017, Kirkland University receives a pledge of $200,000 to be used exclusively to support research in a specialized area of communication disorders. The university’s fiscal year ends on Jul...

Q: Review the 2014 financial statements of Hamilton College in Chapter 2,

Review the 2014 financial statements of Hamilton College in Chapter 2, and respond to the following questions: 1. What percentage of the college’s total revenues (including nonoperating items and reve...

Q: How many debt service funds does the government maintain? How can

How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?