By emphasizing concepts, rather than rules and procedures, Granof’s Government and Not-for-Profit Accounting, 6th Edition ensures that students will gain insight into how and why the issues may have been resolved either similarly or differently in the business sector. Unlike other government and NFP accounting texts, this book is directed for both potential users and preparers of financial reports. Government and Non-Profit Accounting helps make students aware of the dynamism of government and not-for-profit accounting and of the intellectual challenges that it presents. Emphasizing real world applications and an “issue-oriented” approach, the text explains concepts concisely and connects them with real world examples and is conceptual, yet provides complete coverage of all topics likely to appear on the CPA exam.
Chapter 1The Government and Not-for-Profit Environment 1
Chapter 2 Fund Accounting 36
Chapter 3 Issues of Budgeting and Control 89
Chapter 4 Recognizing Revenues in Governmental Funds 133
Chapter 5 Recognizing Expenditures in Governmental Funds 180
Chapter 6 Accounting for Capital Projects and Debt Service 228
Chapter 7 Capital Assets and Investments in Marketable Securities 272
Chapter 8 Long-Term Obligations 309
Chapter 9 Business-Type Activities 348
Chapter 10 Fiduciary Funds and Permanent Funds 402
Chapter 11 Issues of Reporting, Disclosure, and Financial Analysis 464
Chapter 12 Not-for-Profit Organizations 515
Chapter 13 Colleges and Universities 576
Chapter 14 Health Care Providers 611
Chapter 15 Managing for Results 641
Chapter 16 Auditing Governments and Not-for-Profit Organizations 682
Chapter 17 Federal Government Accounting 722
Glossary 775
Value Tables 793
Index 801
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Test bank
the download link of the sample of Government and Not For Profit Accounting: Concepts and Practices, 6th Editio Michael H. Granof, Saleha B. Khumawala solutions manual and test bank Solutions Manual
http://www.mediafire.com/download/sk4xulb39y7pk1z/Government_and_Not_For_Profit_Accounting_Concepts_and_Practices%2C_6th_Edition_Michael_H._Granof%2C_Saleha_B._Khumawala_solutions_manual.zip
the download link of the sample of Government and Not For Profit Accounting: Concepts and Practices, 6th Editio Michael H. Granof, Saleha B. Khumawala solutions manual and test bank test bank
http://www.mediafire.com/download/7wh1ms92rr5b741/Government_and_Not_For_Profit_Accounting_Concepts_and_Practices%2C_6th_Edition_Michael_H._Granof%2C_Saleha_B._Khumawala_test_bank.zip
Chapter 2
Fund
Accounting
TRUE/FALSE
(CHAPTER 2)
1.
Fund accounting promotes
control and accountability over restricted resources.
2.
The basis of accounting
determines when transactions and events are recognized.
3.
If an entity adopts a full
accrual basis of accounting, its measurement focus will automatically be on all
economic resources.
4.
A government may report some of
its funds on a full accrual basis.
5.
Funds divide a government into
functional departments.
6.
General funds are established
to account for resources legally restricted for specified purposes.
7.
Fiduciary activities only
benefit parties other than the government itself.
8.
The Financial Accounting
Standards Board requires all nongovernmental not-for-profit entities to use
fund accounting.
9.
In addition to preparing fund
financial statements, governments should also prepare consolidated financial
statements to provide information on the financial position and operating
results of the government as a single economic entity.
10.
Fiduciary activities should be
reported in fund statements, but should be excluded from the government-wide
statements.
11.
At first glance, the
government-wide statement of activities bears little resemblance to the income
statement of a business.
12.
In accounting for costs
incurred on a major construction project in a capital projects fund, the
construction outlays are reported as expenditures, not capital assets.
MULTIPLE
CHOICE (CHAPTER 2)
1.
What is the primary reason that governmental entities use fund
accounting?
a)
Fund accounting is required by
law.
b)
Fund accounting is required by
GAAP.
c)
Fund accounting promotes
control and accountability over restricted resources.
d)
Fund accounting promotes better
control over operating activities.
2. Basis of accounting
determines which of the following?
a)
When transactions and events
are recognized.
b)
What transactions and events
will be reported.
c)
Where transactions and events
will be reported.
d)
Why transactions and events
will be reported.
3.
A fund is
a)
A separate legal entity.
b)
A separate fiscal and
accounting entity.
c)
A separate self-balancing set
of accounts for inventory purposes.
d)
None of the above.
4.
Which of the following funds is
a fiduciary fund?
a)
Permanent fund.
b)
Agency fund.
c)
Capital projects fund.
d)
Debt service fund.
5. When a governmental entity
adopts a basis of accounting other than full accrual and a measurement focus
that excludes long-lived assets and liabilities in its governmental fund types:
a)
It is in violation of the law.
b)
It is in violation of GAAP.
c)
It has reported in accordance
with GAAP for governmental fund financial statements.
d)
It has the ability to better
measure the results of operations.
6.
A city receives a donation from a citizen who specifies that the
principal must be invested and the earnings must be used to support operations
of a city-owned recreational facility.
The principal of this gift should be accounted for in which of the
following funds?
a)
Trust fund.
b)
Special revenue fund.
c)
Permanent fund.
d)
Internal service fund.
ANSWERS
TO TRUE/FALSE (CHAPTER 2)
1. True
2.
True
3.
True
4.
True
5.
False
6.
False
7.
True
8.
False
9.
True
10.
True
11.
True
12.
True
ANSWERS
TO MULTIPLE CHOICE (CHAPTER 2)
1.
c
2.
a
3.
b
4.
b
5.
c
6.
c
7.
b
8.
d
9.
a
10.
b
11.
b
12.
a
13.
b
14.
d
15.
b
16.
a
17.
d
18.
c
19.
a
20.
b
21.
d
22.
b
23.
d
24.
b
25.
d
26.
c
27.
a
28.
d
29.
a
30.
b
31.
c
32.
b
33.
c
34.
b
35.
d
36.
b
37.
d
38.
b
solutions manual
Chapter 2
Fund Accounting
Questions for
Review and Discussion
14.
Temporarily restricted
resources are those that must be used for a specific purpose (e.g., to support
donor-designated programs or activities) or cannot be spent until some time in
the future (e.g., when a donor makes good on a pledge). Permanently restricted resources are typically endowments,
only the income from which can be spent. Unrestricted
funds, of course, are not subject to restrictions. The restrictions are based
on donor mandates. Hence, restrictions imposed by other parties (e.g.,
creditors) are not taken into account for purposes of resource classification. These guidelines apply to not-for-profits, not
governments and are based on FASB rather than GASB pronouncements.
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