Questions from Advanced Accounting

Q: Cite some governmental operations that might be accounted for through an internal

Cite some governmental operations that might be accounted for through an internal service fund.

Q: How does a proprietary fund statement of cash flows differ from a

How does a proprietary fund statement of cash flows differ from a commercial enterprise’s statement of cash flows?

Q: You have been hired as trustee for the testamentary trust created by

You have been hired as trustee for the testamentary trust created by the will of Jimmy Olson. The trust is created on July 22, 2015. (Use the information provided in P 23-1.) The trust initially inves...

Q: What fund types are included in the fiduciary fund category? Where

What fund types are included in the fiduciary fund category? Where are they reported in the financial statements?

Q: Because proprietary funds are accounted for in much the same manner as

Because proprietary funds are accounted for in much the same manner as commercial business organizations, is it appropriate for FASB pronouncements to be used for their accounting?

Q: How are capital projects funds financed, and when would a capital

How are capital projects funds financed, and when would a capital projects fund be terminated?

Q: Under what circumstances does a firm emerging from bankruptcy qualify for fresh

Under what circumstances does a firm emerging from bankruptcy qualify for fresh start reporting? Can you find an example of how a firm should report in a fresh start reporting situation?

Q: What is the GAAFR? Who creates the GAAFR?

What is the GAAFR? Who creates the GAAFR?

Q: Why is it important for internal service funds to differentiate between revenues

Why is it important for internal service funds to differentiate between revenues generated by interfund transactions and transactions with external parties?

Q: Jut filed a petition under Chapter 7 of the bankruptcy act in

Jut filed a petition under Chapter 7 of the bankruptcy act in January 2016. On March 15, 2016, the trustee provided the following information about Jut’s financial affairs. REQUIRE...