Questions from Accounting for Government and Non-Profit

Q: During 2017, the Town of Falmouth had a number of transactions

During 2017, the Town of Falmouth had a number of transactions that affected net position of its town skating rink, which is operated as an enterprise fund. You are provided with the following informa...

Q: The Town of Elizabeth operates the old train station as an enterprise

The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings. Since the town has held the building for such a long ti...

Q: Following is the June 30, 2017, statement of net position

Following is the June 30, 2017, statement of net position for the City of Bay Lake Water Utility Fund. Required: a. For fiscal year 2017, prepare general journal entries for the Water Utility Fund u...

Q: Inglis City had a beginning cash balance in its enterprise fund of

Inglis City had a beginning cash balance in its enterprise fund of $895,635. During 2017, the following transactions occurred: 1. Interest received on investments totaled $42,400. 2. The city acquired...

Q: Bluff County’s schedule of changes in net pension liability and related ratios

Bluff County’s schedule of changes in net pension liability and related ratios is shown below. Required: Compute the missing amounts.

Q: The county collector of Suncoast County is responsible for collecting all property

The county collector of Suncoast County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated admi...

Q: Residents of Green Acres, a gated community located in the City

Residents of Green Acres, a gated community located in the City of Foothills, voted to form a local improvement district to fund the construction of a neighborhood park. The city agreed to administe...

Q: Following is a list of fund names and descriptions from comprehensive annual

Following is a list of fund names and descriptions from comprehensive annual financial reports (CAFRs). Required: Indicate which of the following are fiduciary funds. If not a fiduciary fund, identi...

Q: The Albertville City Council decided to pool the investments of its General

The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool partic...

Q: Statement of Financial Accounting Concepts 1 , “Objectives of Federal Financial

Statement of Financial Accounting Concepts 1 , “Objectives of Federal Financial Reporting” at (http://www.fasab.gov/pdffiles/handbook_sffac_1.pdf ) identifies accountability and decision usefulness as...