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11.In accounting for loan funds, revenue is recorded when the a.contribution is received. b.loan is made to students. c.loan is repaid by students. d.students graduate. 12.All of the following are a plant fund in colleges and universities except a.unexpended plant fund. b.funds for renewals and replacements. c.investment in plant. d.plant replacement and expansion fund. 13.Most property, plant and equipment.

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  • 11.In accounting for loan funds, revenue recorded when the a.contribution
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What is the relationship (if any) between board-designated funds and nonmandatory transfers? May board designated funds ever be accounted for in the unrestricted current fund? Explain. When should an NNO record donated services in its accounting records? The donated services of volunteer workers on fundraising campaigns are usually not given ac-counting.

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  • What the relationship (if any) between board-designated funds and nonmandatory
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21.Which one of the following statements is not required for NNOs?     statement of financial position    statement of cash flows     statement of changes in net assets    statement of activities 22.Admissions, counseling and registration are considered to be:     educational and general services.    auxiliary enterprises.     student services.    institutional support. 23.A good reason for NNOs to.

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  • 21.Which one of the following statements not required for NNOs?    
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Problems 16-1The NOR Partnership is being liquidated. A balance sheet prepared prior to liquidation is presented below: AssetsLiabilities & Equities Cash$240,000Liabilities$  160,000 Other Assets300,000Reese, Loan60,000 Nen, Capital180,000 Ott, Capital60,000      Reese, Capital    80,000 Total Assets$540,000Total Equities$540,000 Nen, Ott, and Reese share profits and losses in a 40:40:20 ratio. All partners are personally insolvent. Required: A.Prepare the journal entries necessary to record the.

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  • Problems 16-1The NOR Partnership being liquidated. A balance sheet prepared prior
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19-4An NNO obtained cash for the acquisition of property and equipment as follows: Loan proceeds$200,000 Contributions$400,000 These funds are used to acquire land. In addition, $20,000 in principal and $2,000 in interest is paid on indebtedness relating to property and equipment. Depreciation on property and equipment for the year is $80,000. Required: Prepare all necessary.

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  • 19-4An NNO obtained cash for the acquisition of property and
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16-7           Using the information from Problem 16-6, assume the noncash assets are sold for $160,000. Determine the amount of cash to be distributed to each partner assuming all partners are personally solvent. 16-8The December 31, 2010, balance sheet of the Deng, Danielson, and Gibson partnership, along with the partners’ residual profit.

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  • 16-7           Using the information from Problem 16-6, assume the noncash
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18-4           The following schedule of capital assets was prepared for Pratt County. Government ActivitiesBeg. BalanceAdditionsRetirementsEnding Balance Total Capital Assets              $850,000              250,000              (185,000)              $915,000 Less:  Accumulated              ( 500,000)              ( 50,000)              150,000              ( 400,000) Depreciation                                                                                         Net Capital Assets              $350,000              $200,000              ( 35,000)              .

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  • 18-4           The following schedule of capital assets was prepared for
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Chapter 16 Partnership Liquidation Multiple Choice 1.Which of the following statements is correct? 1.Personal creditors have first claim on partnership assets. 2.Partnership creditors have first claim on partnership assets. 3.Partnership creditors have first claim on personal assets. a.1 b.2 c.3 d.Both 2 and 3 2.The first step in the liquidation process is to a.convert noncash assets into cash. b.pay partnership creditors c.compute any net.

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  • Chapter 16 Partnership Liquidation Multiple Choice 1.Which of the following statements correct? 1.Personal creditors
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11.Which of the following requires the use of the encumbrance system? a.Capital projects fund b.Debt service fund c.Internal service fund d.Enterprise fund 12.The following related entries were recorded in sequence in the general fund of a municipality: 1.Encumbrances15,000 Reserve for Encumbrances15,000 2.Reserve for Encumbrances15,000 Encumbrances15,000 3.Expenditures15,350 Vouchers Payable15,350 The sequence of entries indicates that a.an adverse event was foreseen and a reserve of.

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  • 11.Which of the following requires the use of the encumbrance
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What is “marshaling of assets”? To what extent can personal creditors seek re-covery from partnership assets? In an installment liquidation, why should the partners view each cash distribution as if it were the final distribution? Discuss the three basic assumptions necessary for calculating a safe cash distribution. How is this safe cash distribution.

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  • What “marshaling of assets”? To what extent can personal creditors seek
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TRUE/FALSE 1.The three themes of the text are operating systems, e-business, and internal control. 2.In an assurance service the accountant will provide the original information used for decision making. 3.Financial care for the elderly has been identified by the AICPA as a potential assurance service. 4.Wireless technologies was identified as one of the ten.

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  • TRUE/FALSE 1.The three themes of the text operating systems, e-business, and
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11.Encumbrances would not appear in which fund? a.General b.Enterprise c.Capital projects d.Special revenue 12.Which type of fund can be either expendable or nonexpendable? a.Debt service b.Enterprise c.Trust d.Special revenues 13.Which of the following funds frequently does not have a fund balance? a.General fund b.Agency fund c.Special revenue fund d.Capital projects fund 14.A city should record depreciation as an expense in its a.general fund and enterprise fund. b.internal.

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  • 11.Encumbrances would not appear in which fund? a.General b.Enterprise c.Capital projects d.Special revenue 12.Which type
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Problems 19-1The following events affected the Burlington University Loan Fund: 1.$300,000 is received from a donor to establish a student loan fund. Loans will carry a 6% annual interest rate. 2.The Loan Fund loaned the $300,000 to students. Five percent of the loans are estimated to be uncollectible. 3.Loans of $50,000 were repaid with.

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  • Problems 19-1The following events affected the Burlington University Loan Fund: 1.$300,000 received
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Chapter 18 Introduction to Accounting for State and Local Governmental Units Multiple Choice 1.The highest level of priority of pronouncements that a government entity should look to for accounting and reporting guidance is a.GASB Technical Bulletins. b.GASB Concepts Statements. c.AICPA Industry Accounting Guides. d.GASB Statements. 2.Which of the following funds would account for operations that are financed and.

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  • Chapter 18 Introduction to Accounting for State and Local Governmental Units Multiple
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17-4The following information regarding the fiscal year ended June 30, 2011, was drawn from the accounts and records of the Chase County general fund: Revenues and other asset inflows: Property taxes$6,000,000 Licenses and permits750,000 State grants150,000 Collection of interfund advance to other fund80,000 Proceeds from sale of equipment 40,000 Expenditures and other asset outflows: General government $2,250,000 Public safety1,130,000 Judicial.

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  • 17-4The following information regarding the fiscal year ended June 30,
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Chapter 15 Partnerships: Formation, Operation, and Ownership Changes Multiple Choice 1.When a partner retires and withdraws assets in excess of his book value, the remaining partners absorb the excess a.equally. b.in their profit-sharing ratio. c.based on their average capital balances. d.based on their ending capital balances. 2.In a partnership, interest on capital investment is accounted for as a(n) a.return.

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  • Chapter 15 Partnerships: Formation, Operation, and Ownership Changes Multiple Choice 1.When a partner
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21.Which of the following does not have to be disclosed in interim reports? a.Seasonal costs or expenses. b.Significant changes in estimates. c.Disposal of a segment of a business. d.All of these must be disclosed. 22.For interim financial reporting, the effective tax rate should reflect AnticipatedExtraordinary Tax CreditsItems a.YesYes b.YesNo c.NoYes d.NoNo 23.Companies using the LIFO method may encounter a liquidation of base.

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  • 21.Which of the following does not have to be disclosed
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Chapter 19 Accounting for Nongovernment Nonbusiness Organizations: Colleges and Universities, Hospitals, and Other Healthcare Organizations Multiple Choice 1.Special entities are not-for-profit organizations that are a.government owned. b.privately owned. c.publicly owned. d.either government owned or privately owned. 2.A municipality's capital projects fund is similar to a university's a.renewals and replacements fund. b.retirement of indebtedness fund. c.investment in plant fund. d.none of these. 3.Board.

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  • Chapter 19 Accounting for Nongovernment Nonbusiness Organizations: Colleges and Universities,
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21.Steve and Robby are partners operating an electronics repair shop. For 2011, net income was $50,000. Steve and Robby have salary allowances of $90,000 and $60,000, respectively, and remaining profits and losses are shared 4:6. The division of profits would be: a.$20,000 and $30,000 b.$50,000 and $-0- c.$30,000 and $20,000 d.$25,000 and $25,000 22.Steve and Robby.

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  • 21.Steve and Robby partners operating an electronics repair shop. For
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Chapter 17 Introduction to Fund Accounting Multiple Choice 1.Governmental units include all of the following except a.counties. b.school districts. c.industrial development districts. d.voluntary health and welfare organizations. 2.Which type of fund entities are used to account for the activities of nonbusiness organizations that are similar to those of business enterprises? a.Expendable fund entities b.Proprietary fund entities c.Budgetary fund entities d.Restricted fund entities 3.When.

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  • Chapter 17 Introduction to Fund Accounting Multiple Choice 1.Governmental units include all of
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Expenditures may be classified by function, activity, object, or organizational unit. Give an ex-ample of each classification for a municipality. Which classification is the most appropriate for external financial reporting? Distinguish between an appropriation, an en-cumbrance, an expenditure, and a disbursement. Distinguish between an expense and an expenditure. Explain and justify the difference between.

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  • Expenditures may be classified by function, activity, object, or organizational
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Short Answer Questions from the Textbook What characteristics distinguish nonbusiness organizations from profit-oriented enterprises? Define a fund as the term is applied in accounting for the activities of governmental units and other nonbusiness organizations. What is the significance of the “unreserved fundbalance” of an expendable fund entity? What are the major classifications of increases.

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  • Short Answer Questions from the Textbook What characteristics distinguish nonbusiness organizations
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14-4Logan Company prepares quarterly financial statements. The following information is available concerning calendar year 2011: Estimated full-year earnings$3,000,000 Full-year permanent differences: Penalty for pollution150,000 Estimated dividend income exclusion60,000 Actual pretax earnings, 1/1/11 to 3/31/11480,000 Nominal income tax rate40% Required: Compute the income tax provision for the first quarter of 2011. 14-5           XYZ Corporation has eight industry segments with sales,.

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  • 14-4Logan Company prepares quarterly financial statements. The following information available
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11.The following balance sheet information is for the partnership of Abel, Ball, and Catt: Cash$  210,000Liabilities$   510,000 Other assets1,500,000 Abel, Capital (40%)300,000 Ball, Capital (40%)480,000        Catt, Capital (20%)     420,000 $1,710,000$1,710,000 Figures shown parenthetically reflect agreed profit and loss sharing percentages. If assets on the initial balance sheet are fairly valued, Abel and Ball consent and Dent.

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  • 11.The following balance sheet information for the partnership of Abel,
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Identify and describe four types of interfund activities. 12.The following funds and account groups are recommended for use in accounting for state and municipal governmental financial operations: A. General Fund. B.Special Revenue Fund. C.Debt Service Fund. D.Capital Projects Fund. E.Agency Fund. F.Enterprise Fund. G.Internal Service Fund. H.Trust Fund. I.Government-wide Statement of Activities. J.Government-wide Statement of Net Assets. Identify, by.

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  • Identify and describe four types of interfund activities. 12.The following
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Problems 17-1During 2011, the City of Paola was involved in the following transactions: 1.A budget consisting of estimated revenues of $1,500,000 and appropriations for expenditures of $1,550,000 was approved by the city council. 2.Statements of property tax assessments totaling $1,100,000 were mailed to property owners. Experience indicates that 2% of assessed taxes will.

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  • Problems 17-1During 2011, the City of Paola was involved in the
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11.According to the Sarbanes-Oxley Act of 2002, management must audit and report on auditors’ assertions about the organizations’ systems of internal controls. 12.According to the Sarbanes-Oxley Act’s Section 409, material changes in the organization’s financial condition must be disclosed to the public on a rapid and current basis. 13.The Sarbanes-Oxley Act’s Section.

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  • 11.According to the Sarbanes-Oxley Act of 2002, management must audit
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11.In a partnership liquidation, the final cash distribution to the partners should be made in accordance with the: a.partners' profit and loss sharing ratio. b.balances of the partners' capital accounts. c.ratio of the capital contributions by the partners. d.ratio of capital contributions less withdrawals by the partners. 12.In an advance plan for installment distributions of.

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  • 11.In a partnership liquidation, the final cash distribution to the
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Short Answer Questions from the Textbook What authoritative body(s) is (are) responsible for establishing financial accounting standards for NNOs? Why do most NNOs use fund accounting? NNOs distinguish between restricted and un restricted funds. Why is this distinction important? What is the major difference in accounting for the general fund of.

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  • Short Answer Questions from the Textbook What authoritative body(s) (are) responsible
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