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Acct 567 Funds, Statements, Taxes, Accounting for Government and Nfp Keller

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ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller



ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller 1. Explain the primary differences between ad valorem taxes, such as property taxes, and other taxes that generate derived tax revenues, such as sales and income taxes. How does accounting differ between these classes of taxes? 2. Can you name the statements which should be prepared by all not-for-profit organizations? 3. Name a budgetary account of a governmental fund 4. How are the major funds of a state or local government determined by a governmental entity? 5. Agency funds pay interest and principal on long term debt? 6. A refuse collection service can be accounted for by using one of several different funds. The service could be a part of the general fund, it could be a special revenue fund or an enterprise fund. What circumstances would determine which fund would be the most appropriate to use? 7. A public college had tuition and fees for the year ended June 30, 2007 in the amount of $45,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $2,300,000. First, compute the amount to be reported by the college for net tuition…...

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