Non-profit and Governmental Accounting - 21219

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1. What kinds of expenditures are accounted for in Debt Service Funds? (One sentence answer)  

 2. What is the major purpose of the statement of net assets from a financial analysis perspective?(One sentence answer)

  3. When a not-for-profit entity’s funds are classified as restricted, who has imposed the restrictions?(One sentence answer)

  4. A hospital had gross patient billings of $43 million, contractual adjustments of $8 million, and charity care of $1,500,000. The hospital also made a provision for bad debts in the amount of $1,000,000. How much should the hospital report as net patient service revenue?(One sentence answer)  

 5. When should property tax revenues be recognized in the accounting records? (One sentence answer)

  6. Which fund categories should be included in the fund-level financial statements?(One sentence answer)  

 7. The January 1 inventory of supplies in an Internal Service Fund is $9,000. The fund purchases $23,000 of supplies during the year. The December 31 inventory of supplies is $6,000. If the pricing objective of the fund is to be achieved, what dollar amount of supplies will be included in the Fund’s cost of goods sold for the year?(One sentence answer)

8. In what part of a county’s General Fund balance sheet would you expect to find the account Fund balance reserved for encumbrances?(One sentence answer)  

 9. When the chief executive of a governmental unit submits a “balanced budget” to the legislative body, what does it usually mean?(One sentence answer)  

 

 10. How should bonds payable be reported on government-wide financial statements?(One sentence answer)  

 11. At the beginning of the year 2009, a town recorded General Fund property tax receivables of $600,000. By year-end (December 31), taxpayers had paid a total $575,000. Based on previous experience, the town expected to collect the $25,000 of delinquent taxes as follows: $10,000 in January and February of 2010 and $15,000 between March and August of 2010. How much should the town report as property tax revenue in its General Fund statements for the year 2009?(One sentence answer)

  12. Why do financial analysts prepare common size financial statements?(One sentence answer)

  13. Describe the characteristics that distinguish not-for-profit organizations from business enterprises.(One paragraph answer)   HTML Editor

 14. When a donor makes a gift that is accounted for in a Private Purpose Trust Fund, which account should be credited(One sentence answer)  

 15. What is the purpose of a debt service fund?(One sentence answer)  

 16. Identify and briefly explain three major environmental characteristics of governmental and not-for-profit organizations.(One paragraph answer)   HTML Editor

17. The accounting and financial reporting procedures for which fund category apply to governmental hospitals(One sentence answer)

Solution Description

1.  Interest expenditures and principal payments on general obligation long term debt are accounted.

 

2. The major purpose is to take information that formerly had been spread among different funds and also reported on various accounting bases.

 

3. Those restrictions are usually imposed by the donors such as, how the organization can use funds.

 

4. The hospital should repo