Questions from Advanced Accounting

Q: The Willingham Museum qualifies as a component unit of the City of

The Willingham Museum qualifies as a component unit of the City of Willingham. How does an activity or function meet the requirements to be deemed a component unit of a primary government?

Q: What is the difference between a blended component unit and a discretely

What is the difference between a blended component unit and a discretely presented component unit?

Q: What are the two government-wide financial statements? What does

What are the two government-wide financial statements? What does each normally present?

Q: What are the two fund financial statements for governmental funds? What

What are the two fund financial statements for governmental funds? What information does each normally present?

Q: What is the difference in program revenues and general revenues? Why

What is the difference in program revenues and general revenues? Why is that distinction important?

Q: How does partnership accounting differ from corporate accounting?

How does partnership accounting differ from corporate accounting?

Q: The Prince-Robbins partnership has the following capital account balances on

The Prince-Robbins partnership has the following capital account balances on January 1, 2018: Prince, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000 Robbins, Capital . . . . ....

Q: Why does a government determine the net expenses or revenues for each

Why does a government determine the net expenses or revenues for each of the functions within its statement of activities?

Q: How are internal service funds reported on government-wide financial statements

How are internal service funds reported on government-wide financial statements?

Q: In governmental accounting, what is the difference between an acquisition and

In governmental accounting, what is the difference between an acquisition and a merger? What differences exist between the accounting for an acquisition and for a merger?