Questions from Accounting for Government and Non-Profit

Q: The following information is available for the preparation of the governmentwide financial

The following information is available for the preparation of the governmentwide financial statements for the city of Southern Springs as of April 30, 2017: Cash and cash equivalents, governmental ac...

Q: On July 1, 2016, the City of Belvedere accepted a

On July 1, 2016, the City of Belvedere accepted a gift of cash in the amount of $3,200,000 from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. Th...

Q: On July 1, 2016, the Morgan County School District received

On July 1, 2016, the Morgan County School District received a $50,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $3,500 plus any interest earnings on the...

Q: Describe GASB requirements for accounting for investment trust funds. Include

Describe GASB requirements for accounting for investment trust funds. Include (a) A discussion of when the use of investment trust funds is appropriate. (b) The investments to be included and exclude...

Q: Baird County maintains an investment trust fund for the School District and

Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the pre closing trial balance for the investment trust fun...

Q: The City of South Pittsburgh maintains its books so as to prepare

The City of South Pittsburgh maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. You are to prepare, in jo...

Q: The City of Southern Pines maintains its books so as to prepare

The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City’s interna...

Q: Presented on the following pages are partial financial statements for the City

Presented on the following pages are partial financial statements for the City of Shenandoah, including: / Additional Information: 1. $856,700 of the capital assets purchased in fisca...

Q: Identify the types of nonexchange revenues that are most likely to result

Identify the types of nonexchange revenues that are most likely to result in differences in the timing of recognition between the accrual and modified accrual bases of accounting.

Q: The government-wide Statement of Net Position separately displays governmental activities

The government-wide Statement of Net Position separately displays governmental activities and business activities. Why are internal service funds most commonly displayed as governmental activities?