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ACC 410 Week 11 Final Exam Part 2

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ACC 410 Week 11 Final Exam Part 2 Of the following powers possessed by Government A, which is an indication that Government A can impose its will on Government B? Government A: Two cities entered into a contractual agreement to operate a landfill. The cities each contributed the necessary assets to operate the landfill in proportion to their populations. Each city has the ability to appoint two members of the governing body of the landfill, and each has an equity interest in the arrangement. The assets contributed by First City were primarily in the form of property and equipment that had been used in general government activities. In what manner would the landfill be included in First City’s government-wide financial statements? A government’s financial condition A city’s Revenue from own sources/Median family income ratio is a measure of its Which of the following is necessary for a government to be considered fiscally independent? Open Air Conservatory, a not-for-profit entity, held a fund-raising drive to raise money to buy land to provide a habitat for the endangered Sleepy Eagle. A donor pledged $1 million to the project provided that Open Air Conservatory was able to raise an additional $1.5 million from other sources. What entry should Open Air Conservatory make at the time of the $1 million pledge? Restricted gifts to not-for-profit organizations Music Lovers Foundation, a not-for-profit governed by an independent board, was founded to support the Northern State University Choir until such time as the state legislature adequately funds the choir. When the choir is adequately funded by appropriation, the Foundation may direct resources to other music projects that it deems acceptable. When Music Lovers accepts a contribution from a donor it should debit cash and/or other assets and credit The basis of accounting used by not-for-profit organizations in their external financial reports is Expenses incurred by not-for-profit organizations should be reported as During the year, Goodman College received the following: • An unrestricted $280,000 pledge to be paid the following year • A $140,000 cash gift restricted for study-abroad scholarships • A notice from a recent business school graduate that he has named the college as a beneficiary of $60,000 in his will What amount of contribution revenue should Goodman College report in its statement of activities? A public university had tuition and fees for the year ended June 30, 2012, in the amount of $27,000,000. Scholarships, for which no services were required, amounted to $2,100,000. Graduate assistantships, for which services were required, amounted to $1,950,000. The amount to be reported by the university as net tuition and fee revenue would be Landon College, a private college, received a $1 million donation. The donor specified that the principal of her gift could never be used for program activities, but the earnings on the principal must be used to provide scholarships to academically qualified students in the business school. The $1 million gift would increase which of the following categories of net assets? An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing financial statements. The issue is not specifically addressed by FASB Statements. To what standards would the accountant first look for guidance? Lane College Foundation is governed by a board, some members of which are appointed by the president of Lane College and some of which are elected by the alumni. The foundation was created to solicit and accept donations on behalf of Lane College, a private not-for-profit college. Lane College and its foundation are deemed to be financially interrelated. All funds collected by the foundation must be used to support activities of Lane College. The foundation board can select which

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