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government and not for profit accounting
Questions and Answers of
Government And Not For Profit Accounting
Upon the death of a police officer, Leff City establishes a trust fund to provide for the education of the officer's collegeage children.1. In what type of fund should the resources contributed to
A government hospital entered into a licensing agreement with a commercial software company that would permit it to use the firm's patient billing program and related data storage facilities for a
A city constructed a power plant at a cost of $600 million. The facility has an estimated useful life of 50 years. At the end of the year in which the plant went on-line, city engineers determine
A wealthy alumna donates $500,000 in marketable securities to her alma mater to establish a scholarship fund . Per the trust agreement, only the interest and dividends (including any gains in fair
The BSK Health-Care foundation donated $900,000 as an endowment to be held in perpetuity to a senior citizens health and welfare organization during the year. The foundation stipulated that the
The following relate to the town of Coupland (dollar amounts in thousands):Revenue to be recognized in special revenue fundsa. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h. $4,000i.
The following relate to the town of Coupland (dollar amounts in thousands):Bonds payable to be recognized in the general funda. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h. $4,000i.
The following relate to the town of Coupland (dollar amounts in thousands):Bonds payable to be recognized in enterprise fundsa. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h. $4,000i.
The following relate to the town of Coupland (dollar amounts in thousands):Depreciation expenditure to be recognized in the general funda. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h.
The following relate to the town of Coupland (dollar amounts in thousands):Revenue to be recognized in an internal service funda. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h. $4,000i.
The following relate to the town of Coupland (dollar amounts in thousands):Depreciation expense to be recognized in internal service fundsa. $0b. $140c. $900d. $1,260e . $1,040f. $1,400g. $2,200h.
In 20X0, Lionsgate Logistics struck a deal with the city of Des Moines to move its headquarters to a property within the city to create jobs. Part of the incentive for the company to move its
Review the Annual Comprehensive Financial Report (ACFR) that you obtained.1. What are the main sources of the government's revenues, including those from both governmental and business-type
For its fiscal year ending September 30, 20X2, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 20X2 as follows (in millions):June 1, 20Xl, through September
The Alpine school district engaged in the following transactions in its fiscal year ending August 31, 20Xl. By law, the district is required to establish a capital projects fund toaccount for school
In anticipation of issuing of long-term bonds, a state issues on May 1, 20Xl, $200 million of 60-day BANs to finance highway construction. It expects to roll over the BANs into long-term bonds within
A city signs a three-year licensing agreement with a software company for use of a payroll management system in its electrical utility fund. Annual charges are $10,000 per year. It is the policy of
The East Eanes School District engaged in or was affected by the following events and transactions during its fiscal year ending June 30, 20Xl.1. Teachers and other personnel earned $350,000 in
On June l, 20Xl, a city issues $2 million in 7 percent d e m a nd bonds. Although t he bonds have a term of 10 years , they contain a " put" option permitting the holder to present the bonds for
In August 20X0, voters of Balcones, a medium-sized city, approved a $15 million general obligation bond issue to finance the construction of recreational facilities. In order to begin construction
Per the GASB, training costs should be expensed as incurred for both internally generated computer software and subscription-based technology arrangements (SBITAs). They should not be capitalized as
State courts that have held that financing leases do not qualify as long-term debt subject to debt limitations commonly base their decision on the inclusion in the lease agreement of aa.
A city enters into an 11 month lease with an option to renew the lease for additional 11 months up to 5 times. In your opinion does the lease qualify for the one-year exception and thereby be
Revenue bonds, compared with general obligation bonds, generallya. Are paid out of property or sales tax revenues.b. Bear lower interest rates.c. Are subject to the same debt limitations.d. Are not
To encourage a private health care company to construct a nursing home, a city agrees to issue tax exempt bonds for the benefit of the company. The bonds will fund the construction of the facility.
On December 1, 20Xl, a city issued $20 million in BANs and $6 million in RANs. By April 15, 20X2, the date the city issued its financial statements for the fiscal year ending December 31, 20Xl, the
A city issues bond anticipation notes on October 21, 20X0. It refunds the notes with 30-year bonds in January 20Xl. In its financial statements for the fiscal year ending December 31, 20X0, which are
A state authority (which is an independently legal entity) issues bonds back with a moral obligation of the state. This debta. Is probably backed by the full faith and credit of the stateb. Is
A city issues revenue anticipation notes on October 21, 20X0. It repays the notes in January 20Xl. In its financial statements for the fiscal year ending December31, 20X0, which are issued in April
Certificates of participation have the most in common witha. Revenue bonds.b. Pension annuities.c. Participating preferred stock.d. Short-term leases.
In 20X0, Marquette County opened a landfill that was expected to accept waste for four years. The following table indicates the estimates county officials made at the end of each of the four
In which of the following lease arrangements would a county government lessor not recognize a lease receivable as a noncurrent asset: It signsa. A 10-year lease for one floor of a five-story office
1. The MD&A reports that the city's general obligation bonds were rated AA-by Standard & Poor's. What is the significance of an AA-rating? (Standard & Poor's ratings are similar to those
Landfill closure and post closure costs should be recognized as expensesa. In the periods incurred.b. In the period that the landfill is closed.c. In the periods that the landfill is in operation.d.
What is a public-private partnership (PPP)? Why do governments enter in to these agreements?
A municipality expects to use a landfill evenly throughout the 25 years from January 1, 2X20, to December 31, 2X44. Upon closing the landfill, it estimates that it will incur closing costs of
A city enters into a public-private partnership with a private corporation. It transfers its tolled bridge to the corporation in exchange for an upfront payment of $50 million cash. The corporation
In 2X21, a city opens a municipal landfill, which it will account for in an enterprise fund. It estimates capacity to be 6 million cubic feet and usable life to be 20 years. To close the landfill,
A city entered into a contract with World Wide Construction Company (WWCC) to design, construct and operate a tunnel for a period of 30 years. Once the tunnel was completed, WWCC had complete
A state government, enters into an arrangement in which it will transfer to the Western Tollway Corporation (WTC) a recently constructed highway. The state reports the highway on its financial
For each of the following indicate the type of fiduciary fund in which it is most likely the fiduciary activity should be accounted for and reported.1. Per a trust agreement a state maintains an
The following data were drawn from the required supplementary information section of the Modian School District's annual report (all dollar amounts in thousands).1. What is the a mount that the
Hayward City maintains a defined benefit pension plan for its employees. In a recent year, the city contributed $5 million to its pension fund. However, its annual pension cost as calculated by its
The city maintains a $1-million endowment trust to provide financial assistance to needy retired employees and their families. In its government-wide statements, the $1 million would be reported as
An individual city employee is currently 50 years of age and anticipates retiring at age 65. Per mortality tables, she is expected to live an additional 18 years post retirement. Taking into account
A commercial office building held as an investment in an investment pool should be reported ata. Historical cost.b. Present value of estimated cash flows.c. Fair value.d. Depreciated historical cost.
The Westmont School District provides postemployment health care benefits through a cost-sharing plan administered through the State Teachers OPEE Plan (STOP). In its financial statements for its
The GASE requires that the difference between actual and expected earnings on plan investments bea. Charged immediately to a revenue or expense account as appropriate.b. Charged immediately to an
A city received a donation of $10 million. The amount was to be set aside in an endowment fund with income only to be used to preserve and improve its parks. In the year it was received the $10
For each of the following indicate the fund (or funds), if any, in which you think the activity should be accounted for and reported. If you think the fund should be a fiduciary fund, then indicate
For each of the following, indicate the fund, if any in which the government would account for the resources described. If a fiduciary, rather than a governmental fund, indicate the type of fund.
A primary government should "blend" its financial statements with those of a component unit ifa. The governing boards of the two governments are substantively the same.b. There is a financial
With respect to a component unit that does not satisfy the criteria for blending, the primary governmenta. Can opt to disclose key financial data about the unit in notes to the basic financial
The Lung Association received a contribution of marketable securities that were to be placed in a permanent endowment fund. Neither donor stipulations nor applicable state law requires that capital
The objective of this exercise is to get you familiar with the audited financial statements and IRS Form 990 of a Nonprofit Entity, the American Cancer Society (www.cancer.org, clickon "About Us,"
In 20X0, the Northwest Ballet Association (NBA), a not-for profit performing arts organization, undertook a major capital campaign to fund a new theater, expected to cost $10 million.It was quickly
The footnote in the financial statements of The Welfare Foundation contain the following note titled " Promises to Give": Unconditional promises to give were as follows at December 31:The discount
In December 20X0, the Consumer Association of America (CAA), a not-for-profit research organization, received a $6 million grant from the Sporting Goods Manufacturers Association (SGMA) to develop a
1. Prepare journal entries to take into account the following events and transactions .a. In January 20X0, the Wildlife Preservation Society received a grant from the Westwood Foundation of $6
Review the financial statements of the March of Dimes for 2019 as presented in Table 12-8.1. Comment as best you can ( even in the absence of guidelines as to what constitutes norms for comparable
What measures might be of more value to donors than the fund-raising ratio?
In June 20X0, a public university bills and collects $30 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $200 million for the
A not-for-profit university operates its college bookstore as an auxiliary enterprise. During the year the store has revenues of $20 million and expenses of $18 million. In its statement of
Public universities should report state appropriations asa. Operating revenues.b. Nonoperating revenues.c. Noncapital revenues.d. Special revenues.
In 20X0, a government university was awarded a federal reimbursement grant of $9 million to carry out research. Of this, $6 million was intended to cover direct costs and $3 million to cover
A not-for-profit university maintained an endowment of $400,000, the income of which was restricted for an annual conference on international relations. In a particular year, the fair value of the
Other factors held constant, which of the following colleges is likely to present the least risk that it will default on its bonds?a. One that admits 98 percent of applicantsb. One that draws the
Scholarships for which no services are required should be recorded as _________ and scholarships for which services are required should be recorded as _____ _a. Revenue deductions; expensesb.
In January 20X0, Kirkland University receives a pledge of $200,000 to be used exclusively to support research in a specialized area of communication disorders. The university's fiscal year ends on
Review the Statement of Activities of Hamilton College for the year ended June 30, 20X0, which is presented in Table 2-11. The statement indicates that during the year net assets increased by
A public university had tuition and fees for the year ended June 30, 20X0, in the amount of $18,000,000. Scholarships, for which no services were required, amounted to $1,400,000. Graduate
Review the financial statements of Hamilton College in Chapter 2, and respond to the following questions:1. What percentage of the college's total revenues (including nonoperating items and revenues
During the year, Griffin University's board of trustees established a $200,000 fund to be retained and invested for scholarship grants. The fund earned $12,000, which had not been distributed by
A public college should most likely report its athletic foundation as which of the following in its financial statements under GASE 39:a. Student serviceb. Component unitc. Fund from external
During the year, LeBlanc College received the following:• An unrestricted $70,000 pledge to be paid the following year• A $35,000 cash gift restricted by donors for study abroad scholarships• A
The December 31, 20X0, Statement of Net Assets of Mosholu Medical Center, a major urban hospital and research center, is presented.The following transactions and events occurred in 20Xl:1. The
A not-for-profit hospital signs a contract with an insurance company in which the company agrees to pay it $6 million in capitation fees for the year July 1, 20X0, through June 30, 20Xl. Between July
On June 30, 20X0, a county (government) hospital bought 3,000 shares of stock for $94,000 intending to hold the investment for its proposed expansion of its trauma center. The fair value of the stock
Please go to www.Guidestar.org, and download the Form 990 of three health-care organizations for 2018.1. Mental Health America of Greater Houston2. Southern Illinois Hospital Services3. Ronald
A not-for-profit hospital received a donor-restricted contribution of $10 million, which is used to purchase new equipment. It estimates that the useful life of the equipment will be 10 years with no
Ms. Wiley's estate donated land with a fair value of $600,000 and subject to a mortgage of $320,000 to Saint Joseph Hospital without any restriction. Which of the following entries should the St.
Hannah, an auditor, is performing a routine review of a not-for-profit hospital and noted the following account balances in the statement of operations for the fiscal year ending September 30,
The data below pertaining to two not-for-profit hospices were taken from GuideStar, an online database (www.guidestar. org) that provides information about not-for-profit organizations. Names and
JMH (a not-for-profit) Rehabilitation Center engaged in the following transactions during its most recent fiscal year: 1. Michael Vincent donated $625,000 to the hospital to help pay for the
Percy's community hospital would ordinarily include proceeds from the sale of balloons in the gift shop ina. In a separate entityb. Ancillary service revenuesc. Deductions from gift shop expensesd.
Below are the abridged operating statements of two not for-profit hospitals that serve similar populations.1. What is the performance indicator of the hospitals?2. Using the performance indicator,
A donor gave $100,000 to a not-for-profit hospital in 20X0 with the restriction that it be used for the purchase of equipment. Although the cash was received in 20X0, the equipment was purchased in
The Gulf Coast Hospital, a not-for-profit healthcare institute, issued $140 million in term bonds to finance the construction of a new cancer unit at its main hospital. Terms of the bond covenant
This problem was written by Dave Mest of Seton Hall University.The Dave Health-Care Center (DHCC)was created in 20X0 to provide medical services to low-income residents of DaveTown. DHCC had the
The Old-Fashioned Doc Clinic, a well-established health-care organization, received a $500,000 pledge in fiscal year 20X0 that was restricted to cover operating expenses. The gift was received over
Based on Saint Michael Hospital's established billing rate structure, the hospital would have earned patient service revenue of $8,500,000 for the year. However, Saint Michael does not expect to
Which of the following is not particularly indicative of a program's exposure to risk?a. Engagement of new independent auditorsb. Recently installed and untested computer systemsc. Past
Which of the following is least likely to impair the independence of a county auditor?a. He is appointed by the county manager and reports to the managerb. His responsibilities include preparing the
The requirement for a report on the schedule of findings and questioned costs is set forth in thea. AICPA's Professional Standardsb. GAO's Government Auditing Standardsc. Single Audit Actd. 0MB
The GAO's Green Book deals witha. Environmental issuesb. Federal investment policiesc. Internal controlsd. Waste, fraud, and abuse
What are "general" compliance requirements? Provide several examples.
Per the GAO standards, an auditor's reporta. Must disclose instances of material inefficienciesb. Can exclude from versions that will be made public information that would be harmful to national
What types of matters do "specific" requirements address?
The GAO reporting standards differ from those of the AICPA in that the GAO standards require the auditors to explicitly comment on their testing ofa. Financial transactionsb. Compliancec. Efficiency
Auditors have completed a draft of their report on a performance audit, which in several respects is critical of the program under review. The auditors shoulda. Refrain from discussing the findings
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