Higher Education Funding

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Conceptual Question Ito Ltd. receives a local government grant to help defray the cost of its plant facilities. The grant is provided to encourage Ito to move its operations to a certain area. Explain how the grant might be reported. Your answer must be supported by referring to relevant accounting standards. Edit View Insert Format Tools Table 12pt v Paragraph v BIUA

Give Answer in bellow formate with explanation  Option a: This option is correct or incorrect because Option b: This option is correct or incorrect because Option c: This option is correct or incorrect because Option d: This option is correct or incorrect because

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Vouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts   Question 2   Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state government

18 Government expenditure includes all public consumption, investment, and transfer payment. Which of the following is categorized under current expenditure? i.     Purchases of hospital equipment. ii.    Salary payment for teachers of private schools. iii.   Grant for research and development (R&D) activities. iv.   Social security payments for the unemployed.   i only i and ii i, ii and iii i, ii, iii and iv

1. An account for expenditures does not appear in which fund? (a) Capital Projects. (b) Enterprise. (c) General. (d) Special Revenue.  2. Which of the following receipts is properly recorded as unrestricted current funds on the books of a university? (a) Tuition. (b) Student laboratory fees. (c) Housing fees. (d) Research grants.  3. The current funds group of a NFP private university includes which of the following? Annuity Funds Loan Funds (a) Yes Yes (b) Yes No (c) No No (d) No Yes

Ch4 9   Which of the following accounts would not be closed at the end of each fiscal year?   Multiple Choice   Fund balance.   Estimated revenues.   Interfund transfers out.   Expenditures.   10   An interfund transfer in should be reported in a governmental fund operating statement as a(an):   Multiple Choice   Revenue.   Due from other funds.   Other financing source.   Other financing use.

Question 02 What is equity? How would you determine it? Give proper examples to apply this theory in designing remuneration package for “Admission Officer-Southeast University.”

E 19-3 Multiple choice Which of the following is considered an exchange transaction under GASB 33? A city receives a federal grant A bus driver collects bus fare from a rider Property taxes are collected from a homeowner An employer withholds state income tax from employee paychecks One would not expect to find fixed asset accounts in the Governmental fund financial statements Proprietary fund financial statements Government-wide financial statements Financial statements of a governmental entity The cash received from the sale of vehicles used by the sheriff’s office should be recorded in The general fund The general fixed assets account group A capital projects fund A debt service fund Which fund follows the modified accrual basis of accounting? General fund Special revenue fund Debt service fund All of the above The simplified governmental fund accounting model is as follows: Assets = Liabilities + Fund BalanceAssets =…

Which of the following is most likely to be true about the financial reporting of a public college or university? Choose the correct.a. It resembles the financial reporting of private colleges and universities.b. It will continue to use its own unique style of financial reporting.c. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government.d. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.

Identify the following funding sources as primarily public or private.a. Municipal bondsb. Retained earningsc. Sales taxesd. Automobile license feese. Bank loansf. Savings accountsg. Engineer’s retirement planh. State fishing license revenuesi. Entrance fees to Disneylandj. State park entrance fees

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Subject: acounting

According to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is a government grant? a. Tax benefits Free technical or marketing advice Public improvements that benefit the entire community Provision of guarantees Noninterest-bearing loan from the government   According to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is not a government grant? Aid from the government to compensate for casualty losses already incurred. Cash received from the government to be used to acquire land. Government procurement policy that is responsible for a portion of the entity’s sales. Aid from the government to defray expenses which are yet to be incurred.

Ch2 9   In accounting for state and local governments the modified accrual basis is required for   Multiple Choice   Proprietary and fiduciary funds.   Governmental funds.   Governmental and fiduciary funds.   Governmental and internal service funds.   10   Under the modified accrual basis of accounting, revenues should be recognized when   Multiple Choice   Earned.   Collected in cash.   Authorized by the budget ordinance.   Measurable and available.

Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…

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Components of a Complete Grant Proposal What are the components of a complete grant proposal? How can you convince the funder of your need for funding? What are some tips in developing a well-written needs statement? Explain what organizational needs and strengths assessments are and why you think they are important to the funder

Liestion 19 A local government's basic financial statements would include a statement of cash flows for all proprietary fund types. governmental fund types. fund types. fiduciary fund types. A statement of cash flows is not required for any fund types. MacBook Air

Which of the following is most likely to be true about the financial reporting of a public college or university? It resembles the financial reporting of private colleges and universities. It will continue to use its own unique style of financial reporting. It resembles the financial reporting made by a proprietary fund within the fund financial statements for a state or local government. It will soon be reported using a financial statement format unique to the needs of public colleges and universities that GASB is scheduled to create.

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7 The City of Kastle purchased a vehicle for the parks department. If the operations of the parks department are financed by general revenues, an asset would be recorded in which journal(s)? A) B) C) D) General Fund Yes No No Yes Multiple Choice O O O Governmental Activities No Choice A. Choice B. Choice C. Choice D. No Yes Yes