Questions from Accounting for Government and Non-Profit

Q: Select one of the more recently established (and larger) capital

Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

Q: The amount of revenue to be recognized from grants depends on the

The amount of revenue to be recognized from grants depends on the type of grant. The following relate to three grants that the town of College Hills received from the state during its fiscal year endi...

Q: Tax abatements are reductions in taxes that result from an agreement between

Tax abatements are reductions in taxes that result from an agreement between a government and a taxpayer, typically a corporation. In 20X0, Lionsgate Logistics struck a deal with the city of Des Moine...

Q: During its fiscal year ending June 30, 20X0, the Parkville

During its fiscal year ending June 30, 20X0, the Parkville Independent School District purchases a two-year insurance policy covering the period May l , 20X0, through April 30, 20X2. Annual premiums a...

Q: Expenditures for vacations do not necessarily reflect the amounts the employees have

Expenditures for vacations do not necessarily reflect the amounts the employees have earned. In 20Xl, employees of Pecos River County earned $5 million in vacation pay. They were paid for $4.2 million...

Q: Lemon County permits employees to accumulate any sick leave that they do

Lemon County permits employees to accumulate any sick leave that they do not take. If employees do not use accumulated sick leave, then they will be paid for those days upon retirement or termination...

Q: The ACFR of North Orange included the statement of fiduciary net position

The ACFR of North Orange included the statement of fiduciary net position for its employee pension plan presented here: 1. A note to the statement indicated that the plan net position was 75 percent o...

Q: An individual city employee is currently 50 years of age and anticipates

An individual city employee is currently 50 years of age and anticipates retiring at age 65. Per mortality tables, she is expected to live an additional 18 years postretirement. Taking into account he...

Q: The Westmont School District provides postemployment health care benefits through a cost

The Westmont School District provides postemployment health care benefits through a cost-sharing plan administered through the State Teachers OPEE Plan (STOP). In its financial statements for its fisc...

Q: Upon the death of a police officer, Leff City establishes a

Upon the death of a police officer, Leff City establishes a trust fund to provide for the education of the officer's collegeage children. 1. In what type of fund should the resources contributed to th...