Questions from Accounting for Government and Non-Profit

Q: Identify and describe the four sections of a federal department or agency’s

Identify and describe the four sections of a federal department or agency’s performance and accountability report.

Q: A not-for-profit organization is required to report expenses

A not-for-profit organization is required to report expenses incurred for programs separately from management and general expenses and fund-raising costs. Explain who would use this information and wh...

Q: Identify and briefly describe the three broad categories of service activities that

Identify and briefly describe the three broad categories of service activities that most general purpose governments perform.

Q: For each characteristic, concept, or financial reporting requirement listed on

For each characteristic, concept, or financial reporting requirement listed on the next page, place a Y for yes in the type of organization column if the item applies to that type of organization or N...

Q: Identify the criteria for determining if a governmental or enterprise fund must

Identify the criteria for determining if a governmental or enterprise fund must be reported as a major fund. What other funds should or may be reported as major funds?

Q: What are the three categories of funds prescribed by GASB standards and

What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Which basis of accounting is used by each category?

Q: What is meant by the terms deferred outflows of resources and deferred

What is meant by the terms deferred outflows of resources and deferred inflows of resources? When are these accounts used?

Q: Identify the fund balance classifications and give an example of what might

Identify the fund balance classifications and give an example of what might be included in each classification identified.

Q: Explain the different purposes of the fund-based and government-

Explain the different purposes of the fund-based and government-wide financial statements of a state or local government and the primary differences between the fund-based and government-wide operatin...

Q: In relation to the government-wide statement of activities, define

In relation to the government-wide statement of activities, define direct expenses and indirect expenses and why it is important to distinguish between them.