Questions from Accounting for Government and Non-Profit

Q: Presented below is the Governmental Funds Statement of Revenues, Expenditures,

Presented below is the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances for the Trinity Parish Fire District, a special-purpose entity engaged in a single governm...

Q: Residents of a neighborhood financed the installation of sidewalks through a note

Residents of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to acc...

Q: The Great Lakes Maritime Institute is a public institution preparing cadets for

The Great Lakes Maritime Institute is a public institution preparing cadets for careers in commercial shipping and includes instruction in piloting, navigation, maritime law, and other fields. 1. Th...

Q: Beachfront property owners of the Town of Eden Beach requested a seawall

Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raise...

Q: Assume a government leases equipment to be used in governmental activities under

Assume a government leases equipment to be used in governmental activities under a noncancelable lease, meeting the requirements for classification as a capital lease. Where the capital lease and the...

Q: On January 1, 2017, the Mount Rogers city water department

On January 1, 2017, the Mount Rogers city water department leases a truck under a non-cancelable lease agreement meeting the requirements for classification as a capital lease. The present value (8 pe...

Q: On July 1, 2016, a five-year agreement is

On July 1, 2016, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment not associated with proprietary funds activity. The co...

Q: With regard to current GASB standards for pension reporting:

With regard to current GASB standards for pension reporting: 1. Distinguish between (1) Defined contribution plans. (2) Defined benefit plans. 2. Distinguish between defined benefit pension report...

Q: The Ombudsman Foundation is a private not-for-profit

The Ombudsman Foundation is a private not-for-profit organization providing training in dispute resolution and conflict management. The Foundation had the following pre closing trial balance at Decem...

Q: The Blair Museum Association, a nonprofit organization, had the following

The Blair Museum Association, a nonprofit organization, had the following transactions for the year ended December 31, 2017. 1. Cash contributions to the Association for the year included (a) Unres...