Question Devry ACCT 567 Governmental and Non Profit Accounting

Devry ACCT 567 Governmental and Non Profit Accounting

Week 6 and Quiz

In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses? Please explain.

How do not-for-profit organizations differ from government activities in the way the account for business-type activities, such as dining halls, gift shops, and admission fees?

Week 6 Homework Problems and Quiz

ACCT 567 Week 6 Homework 14-8 a,b,c,d

ACCT 567 Week 6 Homework Problem (12-4)

ACCT 567 Week 6 Quiz (Multiple Choice & Explanatory)

1. (TCO F) Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?
2. (TCO F)Government units use which fund type to account for services provided to the general public on a user-fee basis?
3. (TCO G) A fund that is the result of an agreement between a contributor and a government that the principal and/or income of trust assets that is for the benefit of individuals, organizations, or other governments is a(n)
4. (TCO H) Which of the following would be considered a performance audit under the Governmental Auditing Standards?
5. (TCO J) Which of the following kinds of information would not be provided by management’s discussion and analysis (MD&A)?
6. (TCO H)Which of the following would be considered “contribution revenue or support” of a not-for-profit organization?
7. (TCO H) Describe the different types of governmental audits and attestation engagements.
8. (TCO F) Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information: