Running head: EXECUTIVE SUMMARY
Statement number 117 and 116 contains requirements for not-for-profit organizations.
Statement number 116 focuses on accounting for contributions received and ma
Week 5 Team Assignment
1. Enterprise funds are similar to business activities. Under the statements, Enterprise funds are
for college and university, and unemployment compensation. On the Proprietary funds there
is a loan category. These are the maj
Running head: ACCOUNTABILITY IN REPORTING
Accountability in Reporting
Jessica Simpson, Accounting Student
SUBJECT: Accountability in Government Reporting
The publics desir
How has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-forprofit organizations?
Does the Public Company Accounting Oversight Board have authority to establish auditing
standards for not-for-profits?
What specific steps
How do audits of governmental agencies differ from those of not-for-profit entities? How are
these audits different from those of organizations that operate for profit? Who are the
stakeholders for the various audits?
I believe the difference of audit
What is the Single Audit Act? How has this act influenced auditing of governmental agencies?
What types of reports and opinions do the auditors provide?
The Single Audit Act is a combination of several audits into one audit. The government that
What is a performance audit? In what significant ways do performance audits differ from
A performance audit is reporting how an organization preforms its organizational goals. The
organizational accomplishments are usually the drivin
In what significant way do not-for-profits account for investments differently from
How are investments reflected in the statements of not-for-profits?
What are the disclosure requirements for not-for-profits as related to investm
What constitutes a pledge or contribution?
When does a not-for-profit organization recognize pledge revenue and contribution
How do contributions differ from exchanges?
A contribution or pledge is something of value in return for not
What are the three classifications of net assets established by FASB Statement 117?
How are these net assets affected by the existence or absence of donor-imposed
How are releases of these net assets accomplished?
What financial statements are required of not-for-profit organizations?
How are they different or comparable to those provided by organizations that operate for
How does the retained earnings section of for-profit organizations differ
Week 3 Team A Textbook Exercises
Chapter 4: Problem 4-16
The donation of land in exchange for zoning variances is an exchange transaction.
The land will be a capital asset in the schedule of capital assets and net assets in the
Week 3 Individual Exercises
8,000 Electricity fees collected
1000 + 1200 = 2200, Hotel and Police Grant
Bonds are restricted
4000, Parking garage paid by users
Depreciation not recognized
You are the sole contributor to a philanthropic foundation. You must specify whether investment
gains should be expendable or nonexpendable. Present key arguments in favor and against
permitting the gains to be expendable.
Non-expendable gains mean th
How can a government entity prepare government-wide statements using the fund statements?
What is a governmental reporting entity?
There are seven steps that must be taken to reconcile the fund statements to government-wide
statements. Converting star
What is an interfund transfer? Why would government entity transfer money from one fund to
another? How are interfund transfers reported on a financial report?
Interfund transfer is the transfer of money from one fund account to another fund account.
What is the revenue recognition criteria used in government entities? What are some examples
of government sources of revenue? How are these sources accounted for?
Government recognized revenue when it is earned and can be legally acknowledged. This m
Week 2 Individual Problems
Chapter 1, E1-1
The traditional business model of accounting is inadequate for
governments and not-for-profit organizations primarily because
businesses differ from government and not-for-profit o
What is the purpose of the capital projects fund?
What is the purpose of the debt service fund?
What is inter-period equity? How does inter-period equity affect capital project and debt
The reason for capital project funds is to make s
What are the basic principles of fund accounting?
When do governmental entities recognize revenue? Why is timing important in recognizing
The basic principles of fund accounting are determined from donations to government and notfor-profit an
Running head: CAFR BUDGET ANALYSIS
CAFR Budget Analysis
The state population, government structure, budget, industries, and demographic information are
in separate sections of the Idaho Comprehensive Annual Financi
What is an encumbrance? How does an encumbrance affect expenses and expenditures?
What is the impact of encumbrance accounting on a governmental budget? Explain.
An encumbrance is commitment made
by the government to purchase goods, such as supplies o
What is meant by an in-substance defeasance, and how can a government use it to lower its
How must it recognize a gain or loss on defeasance if it accounts for the debt in a proprietary
How do the GASB standards pertaining to in-
When a person reviews financial statements the format can be different for government
and nongovernment businesses. The reason for this i
What is the purpose of CAFR? What are the components of CAFR? Why is the Federal
Government not subject to GASB 34? How do government-wide financial statements add
information not available in fund financial statements?
The Comprehensive Annual Financ
What are some examples of government and not-for-profit organizations? How do
businesses measure success? How do government organizations measure success?
Government organization and not-for-profit organizations are actually similar but different.
What is fund accounting? How does it compare to proprietary accounting? Why is fund
accounting necessary? What are the major fund types?
Fund accounting is the type of accounting governments and not-for-profit organizations use to
control that revenue
Week 1 DQ
Log into http:/www.charitynavigator.org/. Choose a good charity and a bad charity and explain
why you feel they should labeled good or bad.
The good charity I picked was Doctors without Borders, USA. this charity has an overall score
of 60.12. T
(Basic Pension Worksheet)
The following defined pension data of Rydell Corp. apply to the year 2010.
Projected benefit obligation, 1/1/10 (before amendment)
Plan assets, 1/1/10
On January 1, 2010 Rydell Corp. through plan
(Identify Temporary or Permanent Differences)
Listed below are items that are commonly accounted for differently for financial reporting purposes than they
are for tax purposes.
For each item below, indicate whether it involves:
(1) A temporary