Describe one of the five basic financial statements of a federal agency.
Sunday, April 21, 2013
Chapter 14 - federal agency reporting
Chapter 14 - U.S. Government reporting
Describe one of the six basic financial statements of the U.S. Government.
Tuesday, April 16, 2013
Chapter 12 - statement of cash flows
When preparing a Statement of Cash flows, when is the direct method required?
Chapter 12 - health care expenses
What are the two classifications for expenses and what are some examples? When is it appropriate for private-sector not-for-profit health care entities to disclose functional expenses in the notes?
Chapter 12 - charity care
Describe the accounting treatment by hospitals and health care organizations for charity care?
Chapter 12 - contractual adjustments
Describe the accounting treatment by hospitals and health care organizations for contractual adjustments?
Chapter 12 - non-for-profit hospital reporting
What are the statements required, the key components of those statements and the accounting method used in accounting for non-for-profit hospitals?
Chapter 12 - non-for-profit hospital restricted funds
How are Restricted Funds accounted for with not-for-profit hospitals? How is this different from governmental funds?
Chapter 12 - non-for-profit hospital net assets
Explain the differences in how net assets are reported when the hospital is private not-for profit versus government owned health care entities?
Thursday, April 11, 2013
Chapter 11 - alternative statements
What are the two acceptable alternative statements in place of the Statement of Activities for private colleges and universities? Explain.
Chapter 11 - endowments
What is the difference between a permanent endowment, a term endowment, and a quasi-endowment?
Monday, April 1, 2013
Chapter 10 - NPO characteristics
What three characteristics distinguish not-for-profit organizations?
Chapter 10 - NPO contributed services
Under what circumstances are contributed services accounted for as revenue in a not-for-profit organization?
Chapter 9 - tuition and fee revenue
Describe how public institutions are to report all tuition and fee revenue?
Chapter 9 - accounting for debt
What does GASB require for business-type activities when accounting for debt?
Chapter 9 - GASB 39 foundations reporting criteria
What are the three criterion that require foundations to be reported according to GASB Statement 39?
Friday, March 8, 2013
Chapter 8 - timing recognition of non-exchange revenues
Identify one of the types of non-exchange revenues that are most likely to result in differences in the timing of recognition between the accrual and modified accrual bases of accounting.
Chapter 8 - internal service funds
Why are internal service funds most commonly displayed as governmental activities?
Chapter 8 - infrastructure methods
How is the accounting different under the two methods used to record infrastructure expense?
Chapter 8 - modified approach infrastructure conditions
What conditions must exist in order to use the modified approach to record and report infrastructure?
Chapter 8 - disclosures infrastructure
What are the disclosure requirements if the modified approach is used?
Sunday, March 3, 2013
Chapter 7 – interfund transaction
What is meant by the term interfund transaction and what are the four types of such transactions?
Chapter 7 - special assessment
When is it appropriate to account for special assessment activities in an agency fund?
Chapter 7 - special assessment tax
In which fund should the special assessment tax receipts be reported if they do not meet the criteria for an agency fund?
Chapter 7 – a pension trust fund required financial statements
What are the required financial statements for a pension trust fund?
Chapter 7 –required supplementary schedules
What are the required supplementary information schedules?
Thursday, February 21, 2013
Chapter 6 - internal service fund profit
What accounting problems arise if an internal service fund is operated at a significant profit?
Chapter 6 - internal service fund loss
What accounting problems arise if an internal service fund is operated at a significant loss?
Chapter 6 - enterprise funds profit
Why may it be desirable to operate enterprise funds at a profit?
Chapter 5 - fund type for trust activities
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities.
Monday, February 4, 2013
Chapter 4 - exchange and non-exchange eligibility
Identify and describe one of the four eligibility requirements for exchange and non-exchange transactions per GASB Statement 33.
Chapter 4 - categories of non-exchange
Identify one of the four categories of non-exchange transactions (GASB Statement 33), give an example, and identify the asset and revenue recognition criteria.
Chapter 4 - property tax revenue
Describe the specific requirements for property tax revenue under modified accrual accounting.
Chapter 4 - debt service expenditures
Describe the expenditure recognition criteria for debt service expenditures under modified accrual accounting.
Chapter 4 - compensated absences
Describe the expenditure recognition criteria for compensated absences expenditures under modified accrual accounting.
Sunday, January 27, 2013
Monday, January 21, 2013
Chapter 2 - reporting entity
Based on GASB rules for financial reporting define the financial reporting entity.
Chapter 2 - primary government
Based on GASB rules for financial reporting define and give an example of a primary government.
Chapter 2 – component unit
Based on GASB rules for financial reporting define and give an example of a component unit.
Chapter 2 - component units reporting
Based on GASB rules for financial reporting define and describe the two methods of reporting the primary government and component units in the financial reporting entity.
Chapter 2 - major funds
Describe the test for determining whether an enterprise fund is a major fund.
Chapter 2 - asset classifications
Describe the net asset classification appearing on the government-wide statement of net assets.
Wednesday, January 16, 2013
Chapter 1 - governmental accounting differences
Identify and describe one of the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is-and Should Be-Different.
Chapter 1 - budgetary accounting
GASB considers budgetary accounting and reporting to be important. Explain one of the principles outlined by GASB related to budgetary accounting and reporting.
Tuesday, January 15, 2013
Week 1 - Welcome!
Welcome to your group discussion blog. Using your general accounting knowledge define the term “fund”.
Note: Individual email invitations will be sent Tuesday to each group member this will enable you to make a comment to this and all future postings.
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