Questions from Advanced Accounting

Q: How does one determine whether a hospital, college, or voluntary

How does one determine whether a hospital, college, or voluntary health and welfare organization should be reported in accordance with FASB standards or GASB standards?

Q: What is the authoritative status of AICPA Audit and Accounting Guides for

What is the authoritative status of AICPA Audit and Accounting Guides for not-for-profit and health care organizations as of 2016?

Q: If property tax bills totaling $200,000 are mailed to

If property tax bills totaling $200,000 are mailed to taxpayers and 97 percent are deemed collectible, what amount should be recorded as revenue?

Q: The following information was taken from the accounts and records of the

The following information was taken from the accounts and records of the Community Society, a nongovernmental not-for-profit organization. The balances are as of December 31, 2016, unless otherwise st...

Q: For nongovernmental NFP, explain the difference between a conditional promise to

For nongovernmental NFP, explain the difference between a conditional promise to give and an unconditional promise to give.

Q: 1. When a temporary restriction on resources of a nongovernmental not

1. When a temporary restriction on resources of a nongovernmental not-for-profit entity is met by the incurrence of an expense for the restricted purpose: a The expense is reported in the statement of...

Q: For nongovernmental NFP, how is the expiration of a time restriction

For nongovernmental NFP, how is the expiration of a time restriction recognized?

Q: Distinguish between governmental funds, proprietary funds, and fiduciary funds.

Distinguish between governmental funds, proprietary funds, and fiduciary funds. Which funds are classified as governmental funds?

Q: K.T. Tim has been appointed to serve as executor

K.T. Tim has been appointed to serve as executor for the estate of Ms. Lisa Triciao, who passed away on August 15, 2015. Ms. Triciao’s assets consisted of the following: The probat...

Q: What is the accounting equation for a governmental fund?

What is the accounting equation for a governmental fund?