Recent pronouncements of the GASB and the FASB have considerably narrowed the differences in accounting and reporting practices between government and not-for-proﬁt colleges and universities. Do you agree? Are there any remaining distinguishing features?
Answer to relevant QuestionsAs emphasized later in this text, depreciation is recorded in proprietary funds, but not in governmental funds. What is the rationale for recording depreciation in proprietary funds? Consolidated balances are not substitutes for individual fund balance sheets. The combined governmental funds balance sheet of the town of Paris is presented on the facing page. Per schedules included in the notes to the ...Multiple Choice Questions 1. In a particular year, a not-for-profit hospital provides free care to charity patients, which, if billed at standard rates, has a value of $3 million. During the same period, it bills patients ...Bronxville College, a not-for-proﬁt institution, maintains a loan fund of approximately $1 million (including receivables). The funds are invested in stocks and bonds, and all investment income must be added to the balance ...You are comparing two cities. In one, the average of the population is considerably below the average age for the country; in the other, it is considerably above. What are the ﬁnancial implications of the differences?
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