Questions from Accounting for Government and Non-Profit

Q: How do expenses and expenditures differ?

How do expenses and expenditures differ?

Q: State whether each of the following items should be classified as taxes

State whether each of the following items should be classified as taxes, licenses and permits, intergovernmental revenues, charges for services, fines and forfeits, or miscellaneous revenue in a gover...

Q: Park City experienced unusual volatility of taxable property values over a particular

Park City experienced unusual volatility of taxable property values over a particular five-year period. For the first three years of this period, the “pre-recession period,” average property values in...

Q: In this case, local governments receive reimbursements from the state government’s

In this case, local governments receive reimbursements from the state government’s Department of Social Services for expenditures incurred in conducting an array of locally administered programs that...

Q: In preparation for the annual meeting of Barker County, the finance

In preparation for the annual meeting of Barker County, the finance committee was meeting to discuss the financial reports that would be presented to the Board of Commissioners. The committee included...

Q: A tornado damaged a part of the City of Westbrook’s Police Station

A tornado damaged a part of the City of Westbrook’s Police Station. Some of the costs related to the damage included the following: 1. The building wiring had to be replaced. Since the wiring was over...

Q: On November 9, 2011, the chairman of the FASB announced

On November 9, 2011, the chairman of the FASB announced that a standard-setting project intended to improve the financial reporting of not-for-profit organizations had been added to the FASB’s agenda....

Q: You are a town council member in the seaside town of Pleasantville

You are a town council member in the seaside town of Pleasantville. Poor economic conditions and unusually severe weather conditions have affected tourism in the town, leading to significantly reduced...

Q: This case focuses on the analysis of a city’s general obligation debt

This case focuses on the analysis of a city’s general obligation debt burden. After examining the accompanying table that shows a city’s general obligation (tax-sup...

Q: Financial statements for the Building Maintenance Fund, an internal service fund

Financial statements for the Building Maintenance Fund, an internal service fund of Coastal City, are reproduced here. No further information about the nature or purposes of this fund is given in the...