Questions from Accounting for Government and Non-Profit

Q: What is the purpose of a debt service fund? Does a

What is the purpose of a debt service fund? Does a debt service fund require budgeting? Why or why not?

Q: Explain the financial reporting for special assessment bonds when (a

Explain the financial reporting for special assessment bonds when (a) a government assumes responsibility for debt service should special assessment collections be insufficient, and when (b) the gover...

Q: Although the most common type of general long-term liabilities are

Although the most common type of general long-term liabilities are those arising from financing activities (e.g., bonds, notes, and capital leases), general long-term liabilities can also be created t...

Q: Refer to Case 3–11 for instructions about how to obtain

Refer to Case 3–11 for instructions about how to obtain the CAFR for a city of your choice. Using that CAFR, go to the required supplementary information (RSI) section, immediately following the notes...

Q: Governments are prevented from borrowing unlimited funds through the enforcement of debt

Governments are prevented from borrowing unlimited funds through the enforcement of debt limits. Explain the concept of a debt limit. How are debt limits computed? How is the concept of borrowing powe...

Q: How do term bonds differ from serial bonds? What, if

How do term bonds differ from serial bonds? What, if any, impact does this difference have on the entries made to the debt service fund over the life of the bonds?

Q: What are the GASB requirements for reporting investments held for the purpose

What are the GASB requirements for reporting investments held for the purpose of servicing government debt?

Q: What are the characteristics of a proprietary fund? How do internal

What are the characteristics of a proprietary fund? How do internal service funds and enterprise funds differ?

Q: What is meant by “segment information for enterprise funds”? When

What is meant by “segment information for enterprise funds”? When is the disclosure of segment information required?

Q: Explain the reporting requirements for internal service funds and enterprise funds.

Explain the reporting requirements for internal service funds and enterprise funds. Internal service funds and enterprise funds are both proprietary funds, so why do their reporting requirements diffe...