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Study Resources (Accounting)

11) Under the Uniform Probate Code, the personal representative must publish for what time period a notice in a newspaper of general circulation in the county in which the decedent resided? A) For one week B) For two weeks C) For three weeks D) For five weeks 12) If estate assets are insufficient to pay.
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Multiple Choice Questions 1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from.
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11) Marshfield Hospital is a private, not-for-profit hospital. The following transactions occurred: 1.Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $180,000. The cash gifts were used in the current year in accordance with restrictions. 2.Unrestricted pledges of $800,000 were received. Ten percent of.
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13) Childrens Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1.Gross patient services charges totaled $6,400,000. 2.Included in the above revenues are: charity services, $210,000; contractual adjustments, $2,400,000; and courtesy allowances, $37,000. 3.Received a donation of marketable securities with a fair value of $165,000 for the purchase.
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17) A private, not-for-profit university received donations of $800,000 in 2011 that were restricted to capital improvements of the football stadium. The university spent $670,000 on capital improvements for the stadium in 2011 and recorded depreciation of $130,000. In 2011, an alumnus contributed a $1,500,000 endowment for football scholarships with all.
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16) The following information is available about the operations for a private, not-for-profit university. 1.The university sold $20,000,000 of 5% bonds to finance the construction of a new building for the business school. The bonds were sold on January 1 and pay interest on December 31 of each year. The bonds.
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11.A decision support system (DSS) provides a large group of problem solvers with information to solve a wide range of problems. 12.The sales growth rates for enterprise resource planning (ERP) system software decreased in the early 1990s as companies began to prepare for the Y2K problem. 13.The first users of computer output.
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9) Static City started a department to provide copy, printing and mailing services for all departments and agencies of the city. During the fiscal year from July 1, 2010 through June 30, 2011, the copy services department had the following transactions: 1.Paper and toner inventory was purchased for $58,000, on account. 2.The paper.
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5) Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2.Cafeteria sales, all cash, were.
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11) Voluntary health and welfare organizations classify fund-raising costs as A) costs of services sold. B) program services. C) auxiliary expenses. D) supporting services. 12) Voluntary health and welfare organizations A) may not have paid executives or staff. B) are governed by separate GASB statements. C) use fund accounting, following the rules for proprietary fund reporting. D) are supported.
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4) Wilhelman University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $4,000,000, with tuition waivers granted on that amount of $200,000. 2.State funding was received in the amount of $2,000,000. 3.The bookstore and cafeteria sales amounted to $1,600,000, and their cost of sales was $1,500,000..
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9) Philiam Benedict dies on October 1, 2011, leaving his entire estate to his sole surviving niece, Muriel Finster. After all devise distributions and payments for estate expenses and liabilities, the fair value of Philiam's estate is $6,350,000. Required: Calculate the federal estate tax on Philiam's estate, assuming that federal estate taxes.
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  True-False Questions 1.The first widely marketed computer was the UNIVAC I. 2.The term multitasking refers to the fact that the computer processor actually performs multiple tasks at the same time. 3.Apple introduced its microcomputer, called the personal computer, or PC, in 1982. 4.The largest mainframe computer and the personal computer on your desk have.
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8) The following information was taken from the accounts and records of the Community Chest Foundation, a private, not-for-profit VHWO organization. All balances are as of December 31, 2011, unless otherwise noted. Unrestricted Support - Contributions$6,500,000 Unrestricted Support - Membership Dues700,000 Unrestricted Revenues - Investment Income63,000 Temporarily restricted gain on sale of investments20,000 Expenses -.
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13) Journalize the following utility transactions in the Hazzard County Enterprise Fund: 1.The utility sold $4,000,000 of 6.5% revenue bonds at 98 on July 1, 2011 (an interest payment date). The bond proceeds are to be used for new plant construction and the issue will mature in 20 years. Interest is.
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16) Oscar Lloyd is the trustee for the Petra/Hobbes Trust. The following transactions occurred during 2011. Petra and Hobbes, two cats are going to reside with Oscar Lloyd, the trustee and devoted cat lover. February 18The Petra/Hobbes Trust was established at First State Bank by depositing $200,000 cash. February 19$195,000 was deposited.
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10) Coats for Kids is a private, not-for-profit organization that provides free coats for children in the suburbs of a large city. Coats for Kids had the following transactions in 2011. 1.Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $50,000. The cash.
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3) Southtown Community Hospital (SCH) shows the following balances on its trial balance at June 30, 2011, their fiscal year end. SCH is a not-for-profit, nongovernmental hospital. $260,000 cash was spent on equipment from donations restricted for that purpose. Debits: Administrative services expense200,000 Contractual allowances1,200,000 Depreciation expense700,000 Employee discounts300,000 General services expense900,000 Loss on sale of fixed.
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18) The four cash flow categories required in an Enterprise Fund's Statement of Cash Flows are listed below and assigned a letter code. A)Cash flows from operating activities B)Cash flows from noncapital financing activities C)Cash flows from capital and related financing activities D)Cash flows from investing activities Required: Use the correct letter code to indicate where.
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Exercises 1) Will Wealth made three charitable donations in 2011. Each was for $500,000, however they were made to three different organizations as follows: 1.Will donated to a local voluntary health and welfare organization (VHWO), and indicated that the funds could be used as the VHO wanted. 2.Will donated to a local private,.
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Multiple Choice Questions 1) Which of the following phrases is frequently used to refer to estate or trust accounting? A) Non-profit accounting B) Testamentary accounting C) Fiduciary accounting D) All of the above phrases are used to refer to estate or trust accounting. 2) In reference to accounting for trusts or estates, which of the following.
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11) Prepare journal entries in an Internal Service Fund of Union County to record each of the following transactions. 1.Purchased equipment on September 1, 2011 by paying $25,000 down and borrowing $100,000 on a 6%, 2-year note. 2.In 2011, billed General Fund $620,000 for services provided. Billings to the Enterprise Fund totaled.
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10) Journalize the following utility transactions in the Quest County Enterprise Fund: 1.Billings to external customers $1,600,000; billings to Quest County governmental funds $130,000. 2.Collected refundable deposits from new customers $10,000. 3.Collected 95% of all billings by fiscal year-end. 4.Refunded $4,000 in deposits to former customers. 5.Unbilled services to outside customers at year-end $14,000. .
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16) Prepare journal entries to record the following grant-related transactions of the municipal swimming pool, which is funded primarily by membership fees. 1.Received an operating grant in cash from the state for $200,000, to be used for life-saving and first-aid training. 2.Incurred and paid qualifying expenses on the state grant program by.
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13) Silvia Peacock has been appointed to serve as the executor of the estate of Mr. Mickey Babay, who passed away at the age of 104 on April 5, 2011. On April 5, 2011, Mr. Babay's assets consisted of the following: Asset Book Value Fair Value Cash $40,000 $40,000 Mutual fund investment 170,000 170,000 Selonoid Incorporated common stock 22,000 28,000 Ford Mustang 24,000 16,000 Condo in.
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9) The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2011, unless otherwise noted. Unrestricted Support - Contributions$2,000,000 Unrestricted Support - Membership Dues640,000 Unrestricted Revenues - Investment Income80,000 Temporarily restricted gain on sale.
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Exercises 1) Avery died testate early in 2011. The following transactions occurred relating to Avery's estate. 1.Avery's estate included bonds with a fair (market) value of $120,000. On the date of Avery's death, there was $2,000 of accrued but unpaid interest. Two months after Avery's death, a check arrived in the amount.
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19) Record the following transactions for Porter Hospital, a private, nonprofit hospital: 1.Gross patient services revenues: $25,000,000. Billed to patients. 2.Included in the above revenues are: charity services, $500,000; contractual adjustments, $11,000,000; and estimated uncollectible amounts, $250,000. 3.Purchased equipment by issuing a 5-year note for $200,000. 4.Received cash donations restricted for a capital building.
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15) A private, not-for-profit university received donations of $1,000,000 cash in 2011 that were restricted to certain research projects on sustainability, with an emphasis on reducing the campus waste. The university incurred and paid $450,000 of expenses on this research in 2011. In 2011, an alumnus contributed a $700,000 endowment for.
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14) Prepare journal entries to record the following transactions for a private, not-for-profit university. 1.Tuition and fees assessed total $10,000,000, 80% of which was collected by year-end; tuition scholarships were granted for $1,300,000, and $650,000 was expected to be uncollectible. 2.Revenues collected from sales and services by the university bookstore were $1,450,000. 3.Salaries.
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6) Carousel Clothes is a voluntary health and welfare organization that provides gently-used second-hand clothes to those in need. They had the following transactions in 2011. 1.Cash gifts were received in the amount of $60,000, of which $13,000 had been pledged in the prior year. 2.Pledges made in the current year but.
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15) Prepare journal entries to record the following grant-related transactions of an Enterprise Fund. 1.Received an operating grant in cash from the state, $2,500,000. 2.Incurred and paid qualifying operating expenses on the state grant program, $1,600,000. 3.Received a federal grant to finance construction of a plant, $4,500,000 (cash received in advance). 4.Incurred and paid.
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12) General Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1.Gross patient services charges totaled $3,700,000. 2.Included in the above revenues are: charity services, $360,000; contractual adjustments, $1,200,000; courtesy allowances, $20,000; and estimated uncollectible amounts, $250,000. 3.Premium fees receipts were $110,000. 4.Purchased $75,000 of hospital supplies on account,.
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4) Richard Stands passed away at on September 2, 2011. The probate court ruled that most assets could be excluded from estate inventory. Ty Republic has been appointed to serve as executor for the estate. The estate assets consisted of the following at that date: Asset Cost Fair Value Cash 160,750 160,750 Certificates of Deposit 100,000 100,000 Investments/Mutual Funds 487,160 3,506,490 Residence 185,000 368,000 Lake cottage 12,000 123,000 Cookie.
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7) The Trasque Hospital is a nongovernmental, not-for-profit hospital. During 2011, they had the following transactions. 1.Trasque's standard charges for services rendered amounted to $550,000. Contractual adjustments on those amounts with third-party payors amounted to $230,000. Bad debts on the remaining balance are estimated to be 10%. 2.The hospital received a cash.
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