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Government and Nonprofit Accounting: Financial Reporting and Transactions Analysis

Study on financial reporting standards for government and nonprofit entities.

Lily Green
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Government and Nonprofit Accounting: Financial Reporting and Transactions Analysis1.(TCO A) On what should the government-wide financial statements report?(Points : 5)Net position and results of the financial operations of thegovernment as a whole.Budgetary ComplianceThe cost of government servicesFiscal accountability2.(TCO B) According to GASB standards, when should transfers be recognized?(Points : 5)When earned.Whencollected in cash.When authorized by the budget ordinance.In the period the interfund receivable and payable arise.3.(TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement ofwhich of the following situations?(Points : 5)Required by GAAP for the general fund and major special revenue funds for which an annualbudget has been legally adopted.Required by GAAP for all government fund types.Required by GAAP for internal management reports only, they are not permitted for externalfinancial reporting.It is optional under GASB standards for all funds.4.(TCO D) The revenues account of a government entity is debited when(Points : 5)the budget isrecorded at the beginning of the year.property taxes are recorded.the account is closed to fund balance-unassigned at the end of the year.property taxes are collected.5.(TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The originalcost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to$220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which$35,000 was the value of the land on which the building was situated. At what amount should the cityrecord this donated property in the governmental activities accounts at the government-widelevel?(Points: 5)$220,000.

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