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59.A not-for-profit organization (Charity A) raises money for other charitable organizations. Charity A receives $10,000 to distribute to Charity B.Assume that the donor retains the right to revoke or redirect the gift.Prepare the journal entries for Charity A and Charity B. The entries should be for the gift when received.
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52.When should property taxes be recognized under modified accrual accounting? 53.What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced? 54.What is the primary difference between monies accounted for in the general fund.
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62.A new truck was ordered for the sanitation department at a cost of $122,200 on September 3, 2011.Required:(A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements. 63.The school system had some booklets printed by.
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Multiple Choice Questions 1.For government-wide financial statements, what account is credited when a piece of equipment is leased on a capital lease? A.Equipment - Capital Lease B.Encumbrances - Long Term C.Encumbrances - Lease Obligations D.Capital Lease Obligation E.The lease is not recorded. 2.For fund financial statements, what account is credited when a piece of equipment is leased.
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37.What is meant by the term legally independent? 38.How is the Statement of Cash Flows for Proprietary Funds similar and dissimilar to a Statement of Cash Flows for a for-profit business? 39.The City of Wetteville has a fiscal year ending June 30. Examine the following transactions for Wetteville:(A.) On 6/1/11, Wetteville enters.
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52.In settling an estate, what is the meaning of the term legacy? 53.The estate of Kent Talbert reported the following information:Required:Prepare a schedule to show the amount of the taxable estate. 54.During the most recent year, an estate generated income of $26,000:The interest income was conveyed immediately to the beneficiary stated in.
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41.The parking garage and parking lots owned by the City of Danton reported the following balances for 2011:Required:What amount of net revenue (or expense) should be reported by the fund that was used to account for parking operations assuming the preparation of government-wide financial statements? 42.The City of Nextville operates a.
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Multiple Choice Questions 1.Reciprocal transfers where both parties give and receive something of value are A.contributed services. B.unconditional promises to give. C.endowment transactions. D.exchange transactions. E.required contributions. 2.Which of the following types of health care organizations follow FASB Accounting Standards Codification for GAAP? A.Option A B.Option B C.Option C D.Option D E.Option E 3.Which of the following types of health care organizations recognize.
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21.Which statement is false regarding the government-wide Statement of Net Assets? A.the purpose of the Statement of Net Assets is to report the economic resources of the government as a whole. B.assets are reported excluding capital assets. C.capital assets are reported net of depreciation. D.investments are reported at fair value rather than historical cost. E.Business-type.
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77.The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny.
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57.What is the purpose of fund financial statements? 58.What is the purpose of government-wide financial statements? 59.The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2011, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers.
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11.Which of the following is usually accounted for as an adjustment to a trust's principal? A.repairs expense. B.rent expense. C.investment costs and commissions. D.insurance expense. E.property taxes. 12.Which of the following is usually not accounted for as an adjustment to a trust's income? A.ordinary repairs expense. B.rent expense. C.investment costs and commissions. D.insurance expense. E.property taxes. 13.The trustor is the A.income beneficiary of.
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42.What is meant by estate accounting? 43.What is meant by "an individual dies intestate"? 44.In settling an estate, what is the meaning of the term devise? 45.What is the purpose of the Uniform Probate Code? 46.How may real property be treated in identifying estate property subject to probate? .
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11.Under modified accrual accounting, when should an expenditure be recorded to recognize interest on long-term debt? A.at the end of each accounting period. B.when payment is due within one fiscal year. C.when payment is due. D.when cash is available to pay the interest. E.when the interest is incurred. 12.Which of the following funds is most likely.
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42.What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established? 43.What is a special revenue fund used to account for? 44.What is the definition of the term fund? 45.For a government, what kinds of operations are accounted for using a proprietary fund? Give three examples. 46.What are.
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Multiple Choice Questions 1.Which standard issued by the Governmental Accounting Standards Board in 1999 required two distinct sets of financial statements for state and local governments? A.GASB Statement No. 32. B.GASB Statement No. 33. C.GASB Statement No. 34. D.GASB Statement No. 35. E.GASB Statement No. 36. 2.Which group of governmental financial statements reports all revenues and all.
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75.The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible.Required:Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant. 76.The Town of Anthrop has recorded the receipt of a $10,000 grant to make its Town Hall handicapped-accessible..
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True / False Questions 1.Accounting and Finance is a primary activity in the value chain. 2.Accounting Information Systems at this date are all computerized. 3.Business value includes all those items, events and interactions that determine the financial health and well-being of the firm. 4.The Certified Information Technology Professional (CITP) is a professional designation for.
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71.Shell City transfers $100,000 from the General Fund to the Debt Service fund.Required:Prepare the required journal entries and identify the funds in which they are recorded. 72.Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund.
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21.According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports? A.The Securities Exchange Commission, the citizenry, and legislative and oversight bodies. B.The Securities Exchange Commission, legislative and oversight bodies, and investors and creditors. C.The Securities Exchange Commission, the citizenry, and.
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11.Historically, what was the pattern of reporting of not-for-profit organizations?(1) Patterned after for-profit accounting(2) Emphasis on separate fund types(3) Disregard for the entire entity A.1 only. B.2 only. C.1 and 2 only. D.1, 2 and 3. E.2 and 3 only. 12.Which of the following statements is required for voluntary health and welfare organizations, but not for.
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49.For the month of December 2011, patient charges at Northfield Hospital (a not-for-profit hospital) were $2,720,000. Third-party payors were billed $1,800,000.$520,000 of the $2,720,000 was expected to be uncollectible.Required:Prepare the necessary journal entry to record the anticipated uncollectible amount. 50.For the month of December 2011, patient charges at Northfield Hospital (a.
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Essay Questions34.Give several examples of voluntary health and welfare organizations. 35.What are the objectives of accounting for a not-for-profit organization? 36.What term is used by voluntary health and welfare organizations for contributions? 37.What two classifications are used for the expenses incurred by voluntary health and welfare organizations? 38.What is the main source of financial.
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44.For a not-for-profit organization, when is recognition of contributions of artworks and historical treasures not required? 45.How does a recipient not-for-profit organization record the receipt of a gift that will be transferred without restriction to another charitable organization? What if the donor retains the right to revoke or redirect the gift? 46.For.
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Multiple Choice Questions 1.When a person dies without leaving a valid will, how is the distribution of his or her property determined? A.in accordance with federal inheritance laws. B.inaccordance with generally accepted accounting principles. C.in accordance with a plan developed by the executor of the estate. D.in accordance with state inheritance laws. E.in accordance with common.
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True / False Questions 1.Accountants now face a challenge of helping businesses optimize processes. 2.To be valuable business partners, accountants must understand how the business delivers value to its employees. 3.A business process constrains business rules. 4.A business model is typically a graphical depiction of the essential business process information. 5.Documentation can be thought of.
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21.Which entry would be the correct entry on the donor's books when the donor relinquishes control of an asset that it contributes to a not-for-profit organization? A.Option A B.Option B C.Option D D.Option D E.Option E 22.Which entry would be the correct entry on the donor's books when the donor retains control of an asset that.
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36.The IT strategic roles of AIS investments are classified as: A.Automate, Informate, Transform B.Value creation, Value Destruction, Value Neutral C.Digitize, Report, Transform D.Automate, Digitize, Transport 37.According to a recent study, the transform IT strategic role is defined as systems that: A.replacing human labor in automating business processes B.provides information about business activities to all employees C.provide information about.
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54.During 2011, the Garfield Humane Society, a voluntary health and welfare organization, received cash donations of $892,000 and membership dues of $62,000. A member of the Humane Society donated services valued at $8,000 that would otherwise have been performed by a paid staff member. A pet food manufacturer donated dog.
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Essay Questions41.For each of the following transactions, select the area of accounting records in which an entry will be recorded. (A) General Fund only.(B) Governmental Activities only.(C) General Fund and Governmental Activities.(D) General Fund and Debt Service Fund.(E) Capital Projects Fund and Governmental Activities.(F) Debt Service Fund and Governmental Activities.(G).
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72.The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and Personal Property $80,000. Additionally, the executor found $100,000 of various debts incurred before the decedent's death. The cost of Danny.
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Essay Questions 31.What three criteria must be met to identify a governmental unit as a primary government? 32.What three criteria must be met before a governmental unit can elect to not capitalize and therefore report a work of art or historical treasure as an asset? 33.What are the three broad sections of a.
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Essay Questions41.For each of the following situations, select the best answer concerning adjustments to principal and income of an estate. Assume that the will does not specify whether the item is to be classified as principal or income.(A.) Adjustment to the principal of the estate.(B.) Adjustment to the income of.
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11.The characteristics of relevant information include predictive value, feedback value and timeliness. 12.The characteristics of reliable information are that the information is verifiable, without bias and timely. 13.Information overload is defined as the difficulty a person faces in understanding a problem and making a decision as a consequence of too much information. 14.The.
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31.When a city received a federal grant for books to be purchased for a library, the money should have been recorded in A.the Permanent Fund. B.an Expendable Trust Fund. C.a Capital Projects Fund. D.an Agency Fund. E.a Special Revenue Fund. 32.When a city holds pension monies for city employees, the monies should be recorded in A.the General.
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Multiple Choice Questions 26.Accounting information systems are: A.Always computerized. B.Report only accounting information. C.Records, processes and reports D.Are for computer games 27.Which of the following are not a characteristic of useful information? A.Easy to understand B.Feedback value. C.Timely D.Representational Faithfulness 28.Which of the following are considered to be mandatory information required by a regulatory body? A.Financial reports for the Securities and Exchange.
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39.What criteria must be met before a voluntary health and welfare organization can recognize donated services as a means of support? 40.For a voluntary health and welfare organization, what are supporting services expenses? 41.What financial statements would normally be prepared by a voluntary health and welfare organization? 42.What are third party payors? Why.
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67.On January 1, 2011, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used.Required:Record the journal entries for these transactions using the purchases method. (Disregard the encumbrance entries.) 68.On January 1, 2011, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were.
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