Questions from Accounting for Government and Non-Profit

Q: Select the best answer. 1. A term endowment

Select the best answer. 1. A term endowment is a gift a. The principal of which must be returned to the donor after a specified period of time b. The principal of which is available for expenditure a...

Q: The Wickliffe City Council authorizes the restoration of the city library.

The Wickliffe City Council authorizes the restoration of the city library. The project is to be funded by the issuance of bonds, a reimbursement grant from the state, and property taxes. 1. Prepare jo...

Q: Pacific Independent School District issued $100 million of general obligation bonds

Pacific Independent School District issued $100 million of general obligation bonds to finance the construction of new schools. The bonds were issued at a premium of $0.6 million. 1. Prepare the capit...

Q: Why is a choice of basis of accounting unavoidably linked to measurement

Why is a choice of basis of accounting unavoidably linked to measurement focus?

Q: The accompanying statements of the parks, recreations, and municipal capital

The accompanying statements of the parks, recreations, and municipal capital improvement bond fund (a capital projects fund) were drawn from an annual report of Parkville. According to a note in the r...

Q: Do you think that capital projects funds should be limited to accounting

Do you think that capital projects funds should be limited to accounting for resources that are externally restricted? What about debt service funds?

Q: / A city included the schedule above in its financial statements

A city included the schedule above in its financial statements. 1. Prepare entries to reflect the activity relating to improvements and equipment in both the general-fund and the government-wide state...

Q: Should parks be classified as ordinary capital assets or as infrastructure?

Should parks be classified as ordinary capital assets or as infrastructure? Should the various elements that make up a park be classified separately? Parks include lighting, restrooms, sports fields,...

Q: Why are general capital assets not recorded in governmental funds?

Why are general capital assets not recorded in governmental funds?

Q: A state incurs interest on funds used while a highway was under

A state incurs interest on funds used while a highway was under construction. How will this interest be accounted for on the state’s (a) capital project’s fund statements and (b) government-wide state...