Questions from Accounting for Government and Non-Profit

Q: As a newly hired staff auditor, you have been assigned to

As a newly hired staff auditor, you have been assigned to a governmental engagement that includes a single audit. Your supervisor asks you to familiarize yourself with OMB’s Uniform Administrative Req...

Q: What are some ways an audit report for a government differs from

What are some ways an audit report for a government differs from an audit report for a for-profit organization?

Q: You are considering making a contribution to the Conservation Fund . However

You are considering making a contribution to the Conservation Fund . However, as an accountant you decide to conduct “due diligence” related to the efficiency and effectiveness of the Conservation Fun...

Q: Identify the financial statements that must be prepared by a private college

Identify the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

Q: Discuss whether colleges and universities are subject to audits under Government Auditing

Discuss whether colleges and universities are subject to audits under Government Auditing Standards (GAS).

Q: For each of the following situations explain how a private and a

For each of the following situations explain how a private and a public university would record the transaction (assume the grants are non exchange): notification of a grant to be received in the next...

Q: How do private colleges and universities account for bad debts related to

How do private colleges and universities account for bad debts related to tuition and fees? Compare the accounting to that of public and for-profit (corporate) colleges and universities.

Q: When would receipt of a grant be recorded as revenue rather than

When would receipt of a grant be recorded as revenue rather than a contribution? Give an example of a transaction in which a grant would be recorded as revenue.

Q: A private college has received pledges that are due within one year

A private college has received pledges that are due within one year and pledges that are long-term (that is, due in more than one year). How will the college report the pledges in its financial statem...

Q: The NACUBO expense accounts typically used by colleges and universities do not

The NACUBO expense accounts typically used by colleges and universities do not identify the program and support functions. Discuss whether colleges and universities are required to identify program an...