Questions from Accounting for Government and Non-Profit

Q: Review the most recent government-wide Consolidated Financial Report.

Review the most recent government-wide Consolidated Financial Report. 1. What was the amount of the government's deficit for the year? What was the amount of its net position? 2. What three department...

Q: Sales taxes should be recognized when the underlying event takes p lace

Sales taxes should be recognized when the underlying event takes p lace. A state requires "large" merchants (i.e., those with sales over a specified dollar amount) to report and remit their sales taxe...

Q: Although not tied to "conventional" accounting reports, detailed information

Although not tied to "conventional" accounting reports, detailed information on individual government contracts, grants, and loan guarantees is readily available to the public. Go towww.USAspending.go...

Q: Among the most contentious of federal accounting issues is how the Federal

Among the most contentious of federal accounting issues is how the Federal Reserve System should be accounted for in the Financial Report of the U.S. Government. 1. Review a recent balance sheet of th...

Q: Review the Statement of Social Insurance, the related notes, and

Review the Statement of Social Insurance, the related notes, and the discussion of social insurance that is reported as "required supplementary information" in the most recent Consolidated Financial R...

Q: Federal agency financial statements were not discussed in detail in this chapter

Federal agency financial statements were not discussed in detail in this chapter. Nevertheless, despite some unusual terminology, they are readily understandable. Examine the following financial state...

Q: The financial statements of the Department of Veterans Affairs (VA)

The financial statements of the Department of Veterans Affairs (VA) contained the following excerpt from a note entitled "Veteran Benefits": Certain Veterans, who die or are disabled from military ser...

Q: A federal environmental agency engaged in the following transactions during a particular

A federal environmental agency engaged in the following transactions during a particular year. 1. It billed corporations for which it provided services $160 million. Of this, it collected $140 million...

Q: To help middle-income students finance the cost of their university

To help middle-income students finance the cost of their university educations, the Student Loan Authority guarantees student loans made by private banks. By guaranteeing the loans, the agency enables...

Q: When should the costs of subsidized loan programs be recognized?

When should the costs of subsidized loan programs be recognized? In 20X0, Congress established a small business direct loan program. The program provides that qualifying businesses can obtain loans at...