Financial Statement Analysis 693
Summary of Ratios
Ratio Formula Significance
Working capital Current assets Current liabilities Measures the companys ability to repay
current liabilities usi
ACTG 401 Principles of Federal Taxation Individuals
Fall 2016 Professor Debra Johnson
Research Problem Handout: Mr. Ron Wessley
In January, Ron, a firefighter, was injured in the line of duty as a result
of interference by a homeowner. He incurred medical
NFP Journal Entry Project
A: Prepare journal entries to record each of the following transactions occurring during the fiscal year ending June 30
SFAS #116 and #117 and (B) GASB Statements #34 or #35. For those organizations following FASB gu
1) Please do journal entries for affected funds.
2) Indicate how the transaction impact Fund Balance or Net Position. Please be specific. When indicate the impact, please point out
exactly which category it impacted. Such as FB-SPENDABLE-unassigned, or as
Accounting for Health Care Organizations
Health Care Organizations (HCOs) Comparison.
HCOs include Hospitals, Clinics, Surgery Centers, Nursing Homes, Rehab Centers, etc. We will focus
primarily on Hospitals but
Accounting for Colleges and Universities
Public versus Private College/University (C&U) Comparison.
Note A: Public C&Us are governmental in nature. Public C&Us may be engaged in governmental-type
activities or bu
Basic Auditing Concepts.
Audits of governmental/NFP organizations are performed in accordance with GAGAS whenever required by law or
contract(Generally Accepted Government Auditing Standards). GAGAS en
FASB- Nongovernmental not for profit entity.
GASB-Governmental not for profit entity.
Chapter 14 is about nongovernmental not-for-profit entity, thus it is FASB Statement No. 117.
1. Financial reporting requirement:
(1) Statement of financial p
The private college (Catherine College) has prepared it statements under the
FASB standards, while the public college (Midland State College) has prepared its
statements under the GASB standards. Catherine College reports its expenses
1. GASB standards exclude the reporting of fiduciary activities in the government-wide financial statements.
However, fiduciary activities are reported in the fiduciary fund financial statements.
2. Fiduciary funds are used to account for those
Chapter 11 Auditing of Governmental and Not-for-Profit Organizations
11-23. The audit report seems to be a blend of an older version of a standard audit
report and the current unmodified audit report shown in Illustration 11-1.
Some of the changes that wo
1. Proprietary funds includes two major types:
(1) Internal service fund: to account for the production and distribution of centralized goods and
services that are provided to departments or agencies of the government. It in general is a
Statement of net position
Governmental wide statement
Internal service fund
Statement of revenues, expenses, and
changes in fund net position
Statement of cash flows
Capital Projects Funds and Debt Service Funds
On January 1, 2010, approval was obtained to begin construction of a new city hall. As a result
of this approval, $2,800,000 in 5-year serial bonds,which a face interest rate o
1) Asset-Liability in governmental fund is called Fund Balance. In proprietary fund, fiduciary fund,
and governmental wide level is call Net Position.
2) Fund Balance: Governmental Fund
Fund Balance-Nonspendable: such as inventory, endowment fund.
1. Long lived assets used by activities accounted for in governmental fund is called general capital assets. It can be
funded by general fund, special revenue fund, etc. But very often, the government will create a separate fund ,
1. General long term debt are those that arise from activities of a governmental fund. It is reported as lilabilities in
the governmental activities column of the governmental wide statement but not reported in governmental
2. Debt servic
We are going to start adopt dual track accounting in this chapter, every transaction will be recorded at both fund level
(modified accrual basis) and governmental wide level (accrual basis).
1. Interfund transfer from general fund to special rev
1. Classification in governmental wide statement of activities.
(1) Program revenue: reported according to each function/program,
charges for services,
operating grants and contributions,
capital grants and contributions.
(2) General revenue: no
Activities type of the government
Goveremental activities-core governmental services, together with general administrative support
Business-type activities-intended to be self-supportive.
ACTG 415 Governmental and Not-for-Profit Accounting
Spring 2016: MW 2:30-4:00
MW 11:00-12:00, 1:00-2:20
And by appointment.
ACTG HW 2
January 23, 14
Q11: The three major components reported on the balance sheet are assets, liabilities, and stockholders
equity. The basic accounting equation is: assets equal liabilities plus stockholders equity.
Q12: The equation that provides t
January 27, 2014
Q1: Assets: Resource presently owned by a business that generate future economic benefits
Current Assets: Assets that will be used up or turned into cash within 12 months or the next operating
cycle, whichever is longer.
ACTG HW 1
January 20, 14
Q1: Accounting is the action or process of keeping financial records.
Q2: The advantage of being a Sole Proprietor is that it is owned by one person. It also doesnt require
any legal matters. All Valeri would have to do is get a b
Southwest Airlines, Inc
At December 31, 2010
Property and Equipment
Tax Research Project #1
1. Key word and citation search keyword will look up many articles. Citation will look up a
certain phrase that would match with a tax resource
2. Go to the search bar and find Internal. Click under p
(1)General fund is giving cash to ISF (SUPPLIES FUND). So the 150000 is transfers in/out.
The 100000 is a loan between GF and ISF (DUE TO/DUE FROM). There should not be any
governmental wide entries since it happened within governmental activity.
FINANCIAL MANAGEMENT FOR
GEORGIA LOCAL UNITS
July 1, 1994
July 1, 1994
GAAP Accounting and Financial
1. Let A, B, and C be the amounts invested in companies A, B, and C. If no more than 50% of the total
investment can be in company B, then
a. B 5
b. A .5B + C 0
c. .5A B .5C 0
d. .5A + .5B .5C 0
2. The problem which