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Government and Not For Profit Accounting: Concepts and Practices, 6th Edition Michael H. Granof, Saleha B. Khumawala solutions manual and test bank

Government and Not For Profit Accounting: Concepts and Practices, 6th Editio Michael H. Granof, Saleha B. Khumawala solutions manual and test bank
Government and Not For Profit Accounting: Concepts and Practices, 6th Edition (EHEP002554) cover image
By emphasizing concepts, rather than rules and procedures, Granof’s Government and Not-for-Profit Accounting, 6th Edition ensures that students will gain insight into how and why the issues may have been resolved either similarly or differently in the business sector. Unlike other government and NFP accounting texts, this book is directed for both potential users and preparers of financial reports. Government and Non-Profit Accounting helps make students aware of the dynamism of government and not-for-profit accounting and of the intellectual challenges that it presents. Emphasizing real world applications and an “issue-oriented” approach, the text explains concepts concisely and connects them with real world examples and is conceptual, yet provides complete coverage of all topics likely to appear on the CPA exam.
Chapter 1The Government and Not-for-Profit Environment 1
Chapter 2 Fund Accounting 36
Chapter 3 Issues of Budgeting and Control 89
Chapter 4 Recognizing Revenues in Governmental Funds 133
Chapter 5 Recognizing Expenditures in Governmental Funds 180
Chapter 6 Accounting for Capital Projects and Debt Service 228
Chapter 7 Capital Assets and Investments in Marketable Securities 272
Chapter 8 Long-Term Obligations 309
Chapter 9 Business-Type Activities 348
Chapter 10 Fiduciary Funds and Permanent Funds 402
Chapter 11 Issues of Reporting, Disclosure, and Financial Analysis 464
Chapter 12 Not-for-Profit Organizations 515
Chapter 13 Colleges and Universities 576
Chapter 14 Health Care Providers 611
Chapter 15 Managing for Results 641
Chapter 16 Auditing Governments and Not-for-Profit Organizations 682
Chapter 17 Federal Government Accounting 722
Glossary 775
Value Tables 793
Index 801
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Test bank
the download link of the sample of Government and Not For Profit Accounting: Concepts and Practices, 6th Editio Michael H. GranofSaleha B. Khumawala solutions manual and test bank  Solutions Manual  
the download link of the sample of  Government and Not For Profit Accounting: Concepts and Practices, 6th Editio Michael H. GranofSaleha B. Khumawala solutions manual and test bank  test bank   

Chapter 2
Fund Accounting


1.        Fund accounting promotes control and accountability over restricted resources.

2.        The basis of accounting determines when transactions and events are recognized.

3.        If an entity adopts a full accrual basis of accounting, its measurement focus will automatically be on all economic resources.

4.        A government may report some of its funds on a full accrual basis.

5.        Funds divide a government into functional departments.

6.        General funds are established to account for resources legally restricted for specified purposes.

7.        Fiduciary activities only benefit parties other than the government itself.

8.        The Financial Accounting Standards Board requires all nongovernmental not-for-profit entities to use fund accounting.

9.        In addition to preparing fund financial statements, governments should also prepare consolidated financial statements to provide information on the financial position and operating results of the government as a single economic entity.

10.     Fiduciary activities should be reported in fund statements, but should be excluded from the government-wide statements.

11.     At first glance, the government-wide statement of activities bears little resemblance to the income statement of a business.

12.     In accounting for costs incurred on a major construction project in a capital projects fund, the construction outlays are reported as expenditures, not capital assets.


1.   What is the primary reason that governmental entities use fund accounting?
a)      Fund accounting is required by law.
b)     Fund accounting is required by GAAP.
c)      Fund accounting promotes control and accountability over restricted resources.
d)     Fund accounting promotes better control over operating activities.

2.   Basis of accounting determines which of the following?
a)      When transactions and events are recognized.
b)     What transactions and events will be reported.
c)      Where transactions and events will be reported.
d)     Why transactions and events will be reported.

3.      A fund is
a)      A separate legal entity.
b)     A separate fiscal and accounting entity.
c)      A separate self-balancing set of accounts for inventory purposes.
d)     None of the above.

4.      Which of the following funds is a fiduciary fund?
a)      Permanent fund.
b)     Agency fund.
c)      Capital projects fund.
d)     Debt service fund.

5.   When a governmental entity adopts a basis of accounting other than full accrual and a measurement focus that excludes long-lived assets and liabilities in its governmental fund types:
a)      It is in violation of the law.
b)     It is in violation of GAAP.
c)      It has reported in accordance with GAAP for governmental fund financial statements.
d)     It has the ability to better measure the results of operations.

6.   A city receives a donation from a citizen who specifies that the principal must be invested and the earnings must be used to support operations of a city-owned recreational facility.  The principal of this gift should be accounted for in which of the following funds?
a)      Trust fund.
b)     Special revenue fund.
c)      Permanent fund.
d)     Internal service fund.

1.   True
2.      True
3.      True
4.      True
5.      False
6.      False
7.      True
8.      False
9.      True
10.   True
11.   True
12.   True


1.      c
2.      a
3.      b
4.      b
5.      c
6.      c
7.      b
8.      d
9.      a
10.   b
11.   b
12.   a
13.   b
14.   d
15.   b
16.   a
17.   d
18.   c
19.   a
20.   b
21.   d
22.   b
23.   d
24.   b
25.   d
26.   c
27.   a
28.   d
29.   a
30.   b
31.   c
32.   b
33.   c
34.   b
35.   d
36.   b
37.   d
38.   b

solutions manual

Chapter 2
Fund Accounting
Questions for Review and Discussion

14.      Temporarily restricted resources are those that must be used for a specific purpose (e.g., to support donor-designated programs or activities) or cannot be spent until some time in the future (e.g., when a donor makes good on a pledge). Permanently restricted resources are typically endowments, only the income from which can be spent. Unrestricted funds, of course, are not subject to restrictions. The restrictions are based on donor mandates. Hence, restrictions imposed by other parties (e.g., creditors) are not taken into account for purposes of resource classification.  These guidelines apply to not-for-profits, not governments and are based on FASB rather than GASB pronouncements.

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