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accounting for governmental and nonprofit entities

Questions and Answers of Accounting For Governmental And Nonprofit Entities

The Silverton Symphony Orchestra Hall is a well-established not-for-profit organization exempt under IRC section 501(c)(3) that owns a debt-financed facility that is home to the local symphony
Information from the 2018 Form 990 and the 2019 audited financial statements for Feeding America follows. Although Form 990 indicates it is for 2018, it is actually for the period July 1, 2018, to
Following is the June 30, 2022, statement of net position for the City of Bay Lake Water Utility Fund. Requireda. For fiscal year 2023, prepare general journal entries for the Water Utility Fund
Identify different types of custodial funds and explain the purpose of each.
Identify different types of trust funds and explain the purpose of each.
Discuss the difference between an external investment pool and an investment trust fund, including how the activities of each would be reported.
Compare a private-purpose trust fund to a governmental permanent fund.
How are the employer’s pension expenditures and the employer’s pension expenses calculated?
Explain the Internal Revenue Code Sec. 148 rule on arbitrage.
A common type of custodial fund is the tax custodial fund. To gain a better understanding of the operation of a tax custodial fund, visit the Miami-Dade County Tax Collector website at
As dis-cussed in the textbook, there are a variety of custodial and trust funds that can be reported by state and local governments. To provide an indication of the various purposes for which
Choose the best answer. Items 1 through 5 relate to the following information:The county collects taxes on behalf of the county, city, and a special purpose district. For 2023, the taxes to be levied
Choose the best answer.1. Which of the following is needed for a fiduciary relationship to exist?a. The assets are controlled by outside entities.b. The assets are derived from the reporting
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
The following are the trial balances for the fiduciary funds administered by the City of Mariville as of its year-end June 30, 2023. The net position amounts provided are as of the beginning of the
How does a primary government know if it is financially accountable for another entity?
What are the components of a CAFR?
Are major funds and major component units determined in the same manner? Explain your answer.
What is IPSASB, and what is its purpose?
The MD&A for the 2019 City and County of Denver CAFR is included as Appendix B in this chapter. Following are two tables that have been adapted from the statistical section of the CAFR. Use the
What is XBRL, and why is there an interest in its use by state and local governments?
Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i.e., it uses no
The Village of Rodale keeps its governmental fund accounting records on a modified accrual basis. At the end of the fiscal year, the village accountant must convert the modified accrual information
Explain the difference between financial position and economic condition.
Why is it important to evaluate a government’s financial performance?
What type of benchmarking is most common in governments? Why?
The Mercatus Center provides comparison information on the fiscal performance of state governments. For this case, access the Mercatus Center at https://mercatus.org.Requireda. What is the Mercatus
The California State Auditor’s Office assesses the fiscal health of the state’s cities and posts the information on Fiscal Health of California Cities (www.auditor.ca.gov/ bsa/cities_risk_index).
Write down the letters a through o. Beside each letter, put a plus (+) if a high or increasing value of the item is generally associated with stronger financial condition, a minus (−) if a high or
What auditing standards are used for audits of for-profit organizations, not-for-profit entities, and government?
In a state and local government audit, does the auditor issue an opinion on supplementary information?
The chief administrator for a group of not-for-profit early education centers and outreach facilities has hired you to conduct an audit. A mission of the organization is to provide child care and
The cooperative extension program at Land Grant University was awarded a Rural Health and Safety Grant from the Department of Agriculture. As part of the university’s single audit, you have
You are a voluntary advisor for the Hikers and Bikers of New England, a club that is in the early stages of registering as a not-for-profit organization. The club has members from New Hampshire,
You are preparing a presentation for new hires to explain characteristics of GAGAS. The following items are on slides for the presentation._____ 1. The auditor should be independent._____ 2. The
Greenville County had the following federal award activity during the most recent fiscal year:Requireda. Based on size, which programs would be considered Type A programs? Type B programs?b. Based on
As of December 31, 2022, Sandy Beach had $9,500,000 in 3 percent serial bonds outstanding. Cash of $509,000 is the debt service fund’s only asset as of December 31, 2022, and there are no
Following is Grant County’s debt service fund pre-closing trial balance for the fiscal year ended June 30.RequiredUsing information provided by the trial balance, answer the following.a. Assuming
You’ll be moving to a nearby state after graduation and are focusing on two cities near your new job. After reading this chapter, you decide to look at the debt held by each of the governments.
The City of Amarillo is authorized to issue $8,000,000, 3 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits. The bonds mature in
As discussed in the textbook a given parcel of real estate may be subject to assessments for the payment of taxes to retire bonds issued by two or more governments. To provide an example of
What disclosures about long-term liabilities are required in the notes to the financial statements?
The year-end pre-closing trial balance for the Woodland Park Capital Projects Fund is provided below.Requireda. Prepare the year-end statement of revenues, expenditures, and changes in fund balances
During FY 2023, the voters of Surprise County approved construction of a $21 million police facility and an $11 million fire station to accommodate the county’s population growth. The construction
Choose the best answer. 1. Under GASB standards, intangible assets includea. Computer software internally generated by government personnel.b. Water rights.c. Leased assets.d. All of the
Fulbright County constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital
Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by
A tornado hit the City of Fairview. City hall was closed six months for renovation, during which time city operations were moved to meeting rooms at a nearby convention center. Further details
In preparation for the annual meeting of Barker County, the finance committee met to discuss the financial reports that would be presented to the Board of Commissioners. The committee included
In 2016, city officials in Salem, Oregon, requested funding from their voters to replace their 26,000-square-foot police headquarters with a 148,000-square-foot, state-ofthe-art building—the
You are an auditor in a regional public accounting firm that conducts a number of governmental audits and consulting engagements. The finance director of a large metropolitan city has asked you for
How should a government handle a residual or deficit fund balance in a capital projects fund after a project has been completed?
What is a special assessment? How does the recording of a capital asset funded by a special assessment differ from that of other capital assets in a local government?
The City of Castleton’s General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year:During the year ended June 30, 2023, the following transactions, in
The following transactions occurred during the 2023 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary
You are the mayor of a midsized town. Given growing interest in environmental issues in your area, the Environmental Protection Agency (EPA) has proposed opening a new regional office in your town.
When property taxes become delinquent, government entities often accrue interest and penalties on the delinquent taxes or choose to sell the rights to collect such taxes, interest, and penalties to
The budget report for the first three quarters of the fiscal year has been prepared for the City of Leeville’s Street Maintenance Division. The Division is responsible for regular maintenance of
What is a payment in lieu of taxes (PILOT)? How does this contribution differ from the payment of property taxes?
What happens to property taxes that are not collected by their due date? Why might a government that does not collect 100% of its current-year property taxes not report taxes receivable on its
Examine the city’s government-wide statement of activities and statement of revenues, expenditures, and changes in fund balances—governmental funds and prepare a brief report responding to the
When would a government use allotments?
When are budgetary comparison schedules or statements required? Should the actual revenues and expenditures on the budgetary comparison schedules be reported on the GAAP basis? Why or why not.
Discuss when a government would leave Encumbrances open at fiscal year-end and when Encumbrances would be closed.
Compare the statement of revenues, expenditures, and changes in fund balance with the schedule of revenues, expenditures, and changes in fund balance— budget and actual, providing both similarities
Choose the best answer.1. Government financial reports should be useful in assessing a government’s accountability. Three objectives of government financial reporting identify how financial
Explain the difference between program revenue and general revenue. Why does the GASB require this distinction?
While this edition of the textbook was being written, the GASB was in the process of issuing an exposure draft for a new financial reporting model for state and local governments. By the time you
Identify the governmental fund balance classifications and give an example of what might be included in each classification identified.
What is meant by the terms deferred outflows of resources and deferred inflows of resources? When are these accounts used? Where are they reported on the financial statements?
How does the modified accrual basis of accounting differ from accrual accounting? Why is modified accrual used for governmental fund financial statements?
Explain differences between the government-wide statement of activities and the governmental fund statement of revenues, expenditures, and changes in fund balance.
What are the three activity categories the GASB indicates are common to most general purpose governments? What types of activities are performed in each category?
GASB Concepts Statement No. 3 discusses various methods of communicating financial accounting information to users. One method is using required supplementary information (RSI). What is RSI, and how
Access the Financial Accounting Standards Board website at www.FASB.org. Find the Accounting Standards Updates for 2019. In 2019 two updates were issued related to financial reporting for
Why are federal government financial reports prepared?
Many governments are making an increasing amount of data accessible to citizens and other interested parties. One common source for accessing the data of various governments is through the federal
What are the required financial statements for nongovernmental not-for-profit organizations?
What is interperiod equity, and how does it relate to fiscal accountability?
Are budgets required to be prepared for proprietary funds?
In an enterprise risk management (ERM) analysis, what are the types of risks faced by governments?
How might a government’s budget process and performance measurement system overlap?
Following is the audit report for Lakeview Village.RequiredBased on your knowledge of audit reporting requirements for government audits, you have determined that the audit report issued by Tom and
How have government budget approaches evolved over time?
The text notes that a budget calendar can span a 10-month period. Why does the budget process take so long?
On July 1, 2022, the first day of its 2023 fiscal year, the Town of Bear Creek issued at par $2,000,000 of 2 percent term bonds to renovate a historic wing of its main administrative building. The

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