Questions from Advanced Accounting

Q: Describe the principal financial statements used to report on the activities and

Describe the principal financial statements used to report on the activities and status of expendable fund entities.

Q: Why may it be difficult or impossible for a governmental unit to

Why may it be difficult or impossible for a governmental unit to determine the total cost of performing a particular activity or function?

Q: Define a fund as the term is applied in accounting for the

Define a fund as the term is applied in accounting for the activities of governmental units and other nonbusiness organizations.

Q: What are the revenue-recognition criteria for expendable fund entities?

What are the revenue-recognition criteria for expendable fund entities? How do these criteria differ from revenue recognition criteria for profit-oriented enterprises?

Q: Distinguish between an appropriation, an encumbrance, an expenditure, and

Distinguish between an appropriation, an encumbrance, an expenditure, and a disbursement.

Q: Distinguish between an expense and an expenditure.

Distinguish between an expense and an expenditure.

Q: Explain and justify the difference between the treatment of estimated uncollectible taxes

Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.

Q: Eleven funds are recommended to account for the various activities and resources

Eleven funds are recommended to account for the various activities and resources of a governmental unit. Identify these funds by title and type and briefly state (in two sentences or less) the basic p...

Q: What exception to the normal expenditure recognition criteria is associated with debt

What exception to the normal expenditure recognition criteria is associated with debt service funds and what is the justification for this exception?

Q: Identify and describe four types of interfund activities.

Identify and describe four types of interfund activities.