Government & Not for Profit Organizations – Accounting Question and Answers

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Assessment Details:-         

• Topic : Government
• Pages/Words : 6Pages/1500 Words

Question Task:-

Q1. Define the term Fund in arbitrary and in the fund accounting.

Q2. Discuss classification of Not for Profit Organizations (NFP) In terms of objectives and Ownership.

Q3. Distingush similarities and differences between Profit making & Not for Profit Organizations in terms of accounting perspectives.

Q4. Differentiate the responsibilities of Financial Accounting Standard Board & Governmental Accounting Standard Board (FASB vs GASB).

Q5. Identify the possible commonWrite the basic objectives of financial reporting for Government & Not for profit Making Organization. types of financial reports of governmental entities and describe the objectives of each report.

Q6. Write elements (sections) consists under Comprehensive Annual Financial Report (CAFR).

Q7. Writethe five combined statements that comprise the GPFS and that must be included in the financial section of a CAFR.

Q8. Differentiate Fund & Account Groups.

Q9. Write the major types of funds and their elements and discuss each.

Q10. Write types of Account groups.

Q11. Differentiate which funds use Modified Accrual basis of Accounting & which funds use Accrual basis of accounting.

Q12. List and discuss briefly inter-fund transfer and transactions.

Q13. How would be recorded when the governmental unit is acquired fixed assets and when fixed assets are received donated fixed assets?

Q14. Write the main types of revenue sources for General Fund.