Questions from Accounting for Government and Non-Profit

Q: Examine the Governmental Accounting Standards Board’s Web site (www.GASB

Examine the Governmental Accounting Standards Board’s Web site (www.GASB.org) and prepare a brief report about its mission, standard setting process, board composition, and the role of the Governmenta...

Q: Following is a description of the basic financial statements extracted from an

Following is a description of the basic financial statements extracted from an example city’s management’s discussion and analysis (MD&A). Review the description and respond to the requirements at the...

Q: Explain why some transactions for governmental activities at the government wide level

Explain why some transactions for governmental activities at the government wide level are reported differently than transactions for the General Fund. Give some examples of transactions that would be...

Q: When preparing the statement or schedule of revenues, expenditures, and

When preparing the statement or schedule of revenues, expenditures, and changes in fund balance on the budgetary basis, how are encumbrances outstanding at year end treated if they will be honored in...

Q: In many cases, property taxes comprise a significant source of revenue

In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If property tax cash collections typically occur during one or two collection periods, how do...

Q: During a recession citizens and governments see a substantial decline in the

During a recession citizens and governments see a substantial decline in the value of homes. How might this decline in value impact a government’s gross property tax levy?

Q: How does accounting in a governmental fund for the purchase of supplies

How does accounting in a governmental fund for the purchase of supplies from an outside vendor differ from the purchase of supplies from an internal service fund?

Q: Explain why some governments may account for inventories of supplies using the

Explain why some governments may account for inventories of supplies using the purchases method in the General Fund and the consumption method at the government-wide level? How would the amount report...

Q: The computer department of a certain city, a General Fund department

The computer department of a certain city, a General Fund department, charges other funds for data processing services. At the end of the fiscal year, the General Fund is owed $5,000 by the City Libra...

Q: How does a permanent fund differ from public-purpose trusts that

How does a permanent fund differ from public-purpose trusts that are reported in special revenue funds? How does it differ from private-purpose trust funds?