Questions from Financial Reporting

Q: For governmental accounting, define the following types of funds:

For governmental accounting, define the following types of funds: 1. General fund 2. Proprietary fund 3. Fiduciary fund

Q: GAAP as they apply to personal financial statements use the cash basis

GAAP as they apply to personal financial statements use the cash basis. Comment.

Q: Is the concept of working capital used with personal financial statements?

Is the concept of working capital used with personal financial statements? Comment.

Q: List some sources of information that may be available when preparing personal

List some sources of information that may be available when preparing personal financial statements.

Q: Give examples of disclosure in notes with personal financial statements.

Give examples of disclosure in notes with personal financial statements.

Q: If quoted market prices are not available, a personal financial statement

If quoted market prices are not available, a personal financial statement cannot be prepared. Comment.

Q: List some objectives that could be incorporated into the financial reporting of

List some objectives that could be incorporated into the financial reporting of a professional accounting organization.

Q: No estimate or subjectivity is allowed in the preparation of financial statements

No estimate or subjectivity is allowed in the preparation of financial statements. Discuss.

Q: Do not-for-profit organizations, other than governments,

Do not-for-profit organizations, other than governments, use fund accounting? Comment.

Q: The accounting for governments is centered on the entity concept and the

The accounting for governments is centered on the entity concept and the efficiency of the entity. Comment.