Questions from Financial Accounting

Q: 1. For the summer session of 20X2, Pacific University assessed

1. For the summer session of 20X2, Pacific University assessed its students $1,700,000 (net of refunds) covering tuition and fees for educational and general purposes. However, only $1,500,000 was exp...

Q: Where is a gain on the sale of hospital properties recorded by

Where is a gain on the sale of hospital properties recorded by a hospital? How is the gain reported in the hospital’s financial statements?

Q: Is depreciation accounted for by a hospital? Why or why not

Is depreciation accounted for by a hospital? Why or why not?

Q: What is a VHWO’s basis of accounting for unrestricted assets and restricted

What is a VHWO’s basis of accounting for unrestricted assets and restricted assets?

Q: Do agency funds have a net fund balance? Why or why

Do agency funds have a net fund balance? Why or why not?

Q: On August 1, 20X6, the City of Rock haven received

On August 1, 20X6, the City of Rock haven received $1,000,000 from a prominent citizen to establish a private-purpose trust fund. The donor stipulated that the cash be permanently invested and that th...

Q: 1. Which basis of accounting should a voluntary health and welfare

1. Which basis of accounting should a voluntary health and welfare organization use? a. Cash basis for all funds. b. Modified accrual basis for all funds. c. Accrual basis for all funds....

Q: Mountain View City is preparing its government wide financial statements for the

Mountain View City is preparing its government wide financial statements for the year. As of the year-end, the city has determined the following information for its capital assets, exclusive of its in...

Q: The numbered items on the left consist of a variety of transactions

The numbered items on the left consist of a variety of transactions that occur in a municipality. The lettered items on the right consist of various ways to record the transactions. Select the appropr...

Q: The numbered items on the left consist of a variety of transactions

The numbered items on the left consist of a variety of transactions that occurred in Jeffersen City’s water utility enterprise fund for the year ended June 30, 20X9. Items A, B, C, a...