Questions from Advanced Accounting

Q: List some of the major adjustments required when converting from fund financial

List some of the major adjustments required when converting from fund financial statements to government wide statements. Why are these adjustments necessary?

Q: Select the best answer to the following multiple-choice questions:

Select the best answer to the following multiple-choice questions: 1. Which of the following statements is correct concerning a governmental entity’s combined statement of cash flows...

Q: Millikin Corporation decided to hedge two transactions. The first transaction is

Millikin Corporation decided to hedge two transactions. The first transaction is a forecasted transaction to buy 500 tons of inventory in 60 days. The company was concerned that selling prices might i...

Q: What are the rules for recording infrastructure under the new GASB reporting

What are the rules for recording infrastructure under the new GASB reporting model? When are these rules effective? What conditions must exist in order to use one method versus another? What are the a...

Q: Early in 2018, a not-for profit organization received a

Early in 2018, a not-for profit organization received a $4,000,000 gift from a wealthy benefactor. This benefactor specified that the gift be invested in perpetuity with income restricted to provide s...

Q: Distinguish between accounting and financial reporting for state and local governments and

Distinguish between accounting and financial reporting for state and local governments and VHWOs for the following issues: 1. Measurement focus and basis of accounting 2. Revenue recognition 3. Deprec...

Q: Select the best answer for each of the following multiple-choice

Select the best answer for each of the following multiple-choice items dealing with not-for-profit organizations: 1. Which of the following criteria would suggest that a not-for-profit capitalize its...

Q: Whole Life Clinic is a VHWO that has three main programs

Whole Life Clinic is a VHWO that has three main programs Drug rehabilitation Alcohol recovery Weight control Unrestricted public support received during the period was $35,000; revenues from membershi...

Q: Record the following events of Mayo Health Clinic, a VHWO:

Record the following events of Mayo Health Clinic, a VHWO: 1. In her will, a leading citizen left a bequest of $400,000 to the clinic. Stipulations were that the amount was to become the corpus of a p...

Q: Indicate with choices (a) through (f) how the

Indicate with choices (a) through (f) how the following events are recorded in a private university: a. Credit Contributions—Unrestricted b. Credit Contributions—Temporarily Restricted...