Questions from Advanced Accounting

Q: Are debt service funds used to account for debt service on all

Are debt service funds used to account for debt service on all long-term obligations of a governmental unit? If not, which long-term debt obligations are excluded?

Q: Expenses of voluntary health and welfare organizations include classifications for program services

Expenses of voluntary health and welfare organizations include classifications for program services and supporting services. Explain these classifications.

Q: Is it possible to avoid estate taxation by giving assets as gifts

Is it possible to avoid estate taxation by giving assets as gifts prior to death?

Q: What are the major revenue groupings of hospitals? Give an example

What are the major revenue groupings of hospitals? Give an example of a revenue item that would be included in each grouping.

Q: 1. Tuition waivers for scholarships are: a Not reflected

1. Tuition waivers for scholarships are: a Not reflected in the accounting records b Recorded in a contra revenue account c Recorded as institutional support expenses d None of the above 2. Auxiliary...

Q: The following selected items were taken from the accounts of Hometown Memorial

The following selected items were taken from the accounts of Hometown Memorial Hospital, a not-for-profit hospital, at December 31, 2016: Debits Administrative services..................................

Q: Does the BAPCPA establish priorities for holders of unsecured nonpriority claims (

Does the BAPCPA establish priorities for holders of unsecured nonpriority claims (i.e., general unsecured claims)?

Q: Describe the difference in a set of financial statements for a governmental

Describe the difference in a set of financial statements for a governmental university and a private not-for-profit university.

Q: Describe the reporting requirements for a governmental not-for-profit

Describe the reporting requirements for a governmental not-for-profit entity with both governmental and business-type activities.

Q: Identify the functional expense classifications for a university. Provide an example

Identify the functional expense classifications for a university. Provide an example of each.