Questions from Accounting for Government and Non-Profit

Q: Provide examples of resources that are temporarily restricted as to: (

Provide examples of resources that are temporarily restricted as to: (a) purpose, (b) time, and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.

Q: How and why might the importance of the budget affect generally accepted

How and why might the importance of the budget affect generally accepted accounting principles for external (general‐purpose) reports?

Q: A city operates a computer service department. The department maintains and

A city operates a computer service department. The department maintains and repairs the computers of all other city departments, billing them for each job performed. The billing rates are established...

Q: Public officials, it is often charged, promote measures intended to

Public officials, it is often charged, promote measures intended to make the government “look good” in the short term but that may be deleterious in the long term. Assume that the following actions, d...

Q: The statement of net position (i.e., a balance

The statement of net position (i.e., a balance sheet) of a midsized city reports outstanding debt of $1,200,000,000. The city has a population of 800,000. The city is about to adopt the provisions of...

Q: Assume that you are a loan officer of a bank. A

Assume that you are a loan officer of a bank. A local church is seeking a $4 million, 20‐year loan to construct a new classroom building. Church officers submit a comprehensive financial report that w...

Q: A city engages in the transactions that follow. For each transaction

A city engages in the transactions that follow. For each transaction, indicate the amount of revenue or expenditure that it should report in 2017. Assume first that the main objective of the financial...

Q: The Burnet County Road Authority was established as a separate government to

The Burnet County Road Authority was established as a separate government to maintain county highways. The road authority was granted statutory power to impose property taxes on county residents to co...

Q: Unquestionably, constituents of both governments and not‐for‐profits

Unquestionably, constituents of both governments and not‐for‐profits are no less interested in what the organization has accomplished than they are in financial data, such as revenues and expenses. Ho...

Q: This chapter has set forth several distinguishing features of state and local

This chapter has set forth several distinguishing features of state and local governments, the federal government, not‐for‐profit organizations, and businesses. Presently there are separate standard‐s...