Questions from Accounting for Government and Non-Profit

Q: Which of the following do you think a city should classify as

Which of the following do you think a city should classify as “special” items: a. The settlement of an age discrimination lawsuit b. The sale, at a sizable gain, of city‐owned land to a private develo...

Q: In December 2017, the Consumer Association of America (CAA),

In December 2017, the Consumer Association of America (CAA), a not-for-profit research organization, received a $6 million grant from the Sporting Goods Manufacturers Association (SGMA) to develop a f...

Q: Sea Life Aquarium, a not-for-profit entity,

Sea Life Aquarium, a not-for-profit entity, received a contribution of $500,000 that must be used to acquire plant and equipment. In the following year it applied the gift toward the purchase of vario...

Q: 1. Prepare journal entries to take into account the following events

1. Prepare journal entries to take into account the following events and transactions. a. In January 2017, the Wildlife Preservation Society received a grant from the Westwood Foundation of $6 million...

Q: For each of the following situations, indicate whether the organization should

For each of the following situations, indicate whether the organization should recognize the described contributed services as revenue (offset by a corresponding expense). Briefly justify your respons...

Q: As the comptroller of a hospital, you were just informed that

As the comptroller of a hospital, you were just informed that one of the surgeons failed to remove an instrument from a patient’s innards. The hospital is certain to be sued. How should this informati...

Q: The footnote in the financial statements of The Welfare foundation contain the

The footnote in the financial statements of The Welfare foundation contain the following note titled “Promises to Give”: Unconditional promises to give were as fol...

Q: Review the financial statements of the March of Dimes for 2013 as

Review the financial statements of the March of Dimes for 2013 as presented in Table 12-8. 1. Comment as best you can (even in the absence of guidelines as to what constitutes norms for comparable fou...

Q: Refer to the financial statements of the March of Dimes for 2013

Refer to the financial statements of the March of Dimes for 2013 presented in Table 12-8. 1. Did the organization exert a greater fiscal effort on fund-raising in 2013 than it did in 2012? 2. Did it d...

Q: Parents Against Underage Drinking (PAUD) recently paid $50,

Parents Against Underage Drinking (PAUD) recently paid $50,000 to sponsor a series of commercials on a local television station. Each commercial is one minute in length. In the first 45 seconds, sport...