Questions from Accounting for Government and Non-Profit

Q: Fawn community, located in the City of Deerville, voted to

Fawn community, located in the City of Deerville, voted to form a local improvement district to fund the construction of a new community center. The city agreed to construct the community center and a...

Q: St. George County has entered into a contract for the demolition

St. George County has entered into a contract for the demolition and construction of a six-lane bridge. It is expected that the project will take three years to complete. The terms of the contract ind...

Q: The Albertville City Council decided to pool the investments of its General

The Albertville City Council decided to pool the investments of its General Fund with Albertville Schools and Richwood Township in an investment pool to be managed by the city. Each of the pool partic...

Q: The Village of Dover administers a defined benefit pension plan for its

The Village of Dover administers a defined benefit pension plan for its police and fire personnel. Employees are not required to contribute to the plan. The village received from the actuary and other...

Q: The State of Nodak operates a Public Employees Retirement System (PERS

The State of Nodak operates a Public Employees Retirement System (PERS) for all employees of the state. The preclosing trial balance of the PERS as of June 30, 2011, follows (in thousands of dollars):...

Q: Ray County administers a tax agency fund, an investment trust fund

Ray County administers a tax agency fund, an investment trust fund, and a private-purpose trust fund. The tax agency fund acts as an agent for the county, a city within the county, and the school dist...

Q: Describe the governmental activities of a state or local government and identify

Describe the governmental activities of a state or local government and identify the measurement focus and basis of accounting used in accounting and financial reporting for these activities.

Q: What is a special district and why might a government create one

What is a special district and why might a government create one or more special districts?

Q: What is the difference between a note to the financial statements and

What is the difference between a note to the financial statements and required supplementary information?

Q: A city manager was overheard saying, “Since we don’t release

A city manager was overheard saying, “Since we don’t release them to the public, I don’t see any value in taking the time to prepare interim reports.” Explain why you agree or disagree with this state...