Questions from Accounting for Government and Non-Profit

Q: In a particular year, the federal government was affected by the

In a particular year, the federal government was affected by the following transactions and events. For each, indicate the amount that it should recognize as an expense during that year. Cite the FASA...

Q: The dual objectives of assessing inter period equity and ensuring budgetary compliance

The dual objectives of assessing inter period equity and ensuring budgetary compliance may necessitate different accounting practices. A city engages in the transactions that follow. For each transact...

Q: The recognition of revenue from fines does not necessarily reflect the amount

The recognition of revenue from fines does not necessarily reflect the amount "earned" by merely issuing tickets. In August 20Xl, the last month of its fiscal year, Goldwaithe Township issued $88,000...

Q: Do conventional financial statements satisfy the objectives of financial reporting?

Do conventional financial statements satisfy the objectives of financial reporting? The financial statements that follow were adapted from those of the University of Texarkana. 1. Based on the informa...

Q: Nonexchange revenues can be of four types. The GASB has

Nonexchange revenues can be of four types. The GASB has identified four classes of nonexchange revenues: • Derived tax • Imposed • Government mandated • Voluntary For each of the following revenue tra...

Q: The "60-day rule" may not be applicable to

The "60-day rule" may not be applicable to all types of revenues. Manor County was awarded a state grant to establish evening athletic programs for at-risk youth. The $3.6 million award, to cover the...

Q: A change to the full accrual basis may have little impact upon

A change to the full accrual basis may have little impact upon reported revenues. A city levies property taxes of $4 billion in June 20Xl for its fiscal year beginning July 1, 20Xl. The taxes are due...

Q: Transactions may have significantly different impacts on a government's budget, governmental

Transactions may have significantly different impacts on a government's budget, governmental funds statements, and government-wide statements. A school district prepares its budget on a cash basis. It...

Q: Different types of funds justify different practices as to budgets and commitments

Different types of funds justify different practices as to budgets and commitments. Review the budget note to Smith City's financial statements presented in the previous problem. Assume that the city...

Q: A state government provided several grants to school districts and local governments

A state government provided several grants to school districts and local governments during its fiscal year ending August 31. 1. On August 1, 20Xl, it announced a $2 million grant to a local school di...