Questions from Accounting for Government and Non-Profit

Q: Compare a defined benefit pension plan with a defined contribution pension plan

Compare a defined benefit pension plan with a defined contribution pension plan. If you were an employee, which type of plan would you prefer? Why?

Q: Explain the difference between a private-purpose trust and a public

Explain the difference between a private-purpose trust and a public-purpose trust. How does the reporting for the two types of trusts differ?

Q: How does total pension liability differ from net pension liability?

How does total pension liability differ from net pension liability?

Q: Examine the CAFR. Utilizing the CAFR obtained for Exercise/Problem

Examine the CAFR. Utilizing the CAFR obtained for Exercise/Problem 1–15, examine the financial statements included in the financial section and answer the following questions. If the...

Q: Choose the best answer. 1. Which of the following

Choose the best answer. 1. Which of the following statements is true regarding the definition of a fund? a. A fund is a fiscal entity that is designed to provide reporting that demonstrates conformanc...

Q: A s noted in Appendix B to this chapter, most,

A s noted in Appendix B to this chapter, most, if not all, state governments require public school districts to report financial and other data to the appropriate state agency, so the state can report...

Q: Choose the best answer. 1. Which of the following

Choose the best answer. 1. Which of the following best describes the recommended format for the government-wide statement of activities? a. Revenues minus expenses equals change in net position. b. Re...

Q: Choose the best answer. 1. When equipment was purchased

Choose the best answer. 1. When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund? a. Expenditures. b. Equipment. c. Enc...

Q: Choose the best answer. 1. Under GASB standards,

Choose the best answer. 1. Under GASB standards, which of the following would be considered an example of an intangible asset? a. A lake located on city property. b. Water rights associated with the s...

Q: Section A provides a list of the results of Georgetown’s analysis of

Section A provides a list of the results of Georgetown’s analysis of its fund balances at its fiscal year end. Section B provides a list of the possible classifications for reporting the items listed...