Questions from Accounting for Government and Non-Profit

Q: For each of the following, indicate the fund, if any

For each of the following, indicate the fund, if any in which the government would account for the resources described. If a fiduciary, rather than a governmental fund, indicate the type of fund. Brie...

Q: The general principles of revenue recognition are the same for both governmental

The general principles of revenue recognition are the same for both governmental and government-wide statements. For each of the following situations, indicate the amount of revenue that the governmen...

Q: For each of the following indicate the amount of revenue that Beanville

For each of the following indicate the amount of revenue that Beanville should recognize in its 20X2 (1) governmentwide statements and (2) governmental fund statements. Provide a brief justification...

Q: The "In Practice" on page 261 notes that tax-

The "In Practice" on page 261 notes that tax-exempt advance refundings involving debt redemptions are no longer allowed under U.S. tax law and that, as a result, the cost of debt issuance may go up fo...

Q: As indicated in the chapter, the GASE takes a different position

As indicated in the chapter, the GASE takes a different position with respect to capitalization of interest during periods of construction than does the FASB. Inasmuch as there appears to be little di...

Q: As discussed in Chapter 4, governments must mark-tomarket their

As discussed in Chapter 4, governments must mark-tomarket their investments (including held-to-maturity debt securities). Suppose that a city has in its portfolio debt securities that it intends to ho...

Q: Per the GASB, training costs should be expensed as incurred for

Per the GASB, training costs should be expensed as incurred for both internally generated computer software and subscription-based technology arrangements (SBITAs). They should not be capitalized as p...

Q: A city enters into an 11 month lease with an option to

A city enters into an 11 month lease with an option to renew the lease for additional 11 months up to 5 times. In your opinion does the lease qualify for the one-year exception and thereby be accounte...

Q: To encourage a private health care company to construct a nursing home

To encourage a private health care company to construct a nursing home, a city agrees to issue tax exempt bonds for the benefit of the company. The bonds will fund the construction of the facility. Th...

Q: Generally accepted accounting principles require governments to include in their annual reports

Generally accepted accounting principles require governments to include in their annual reports a comparison of actual results with the budget for each governmental fund for which an annual budget has...