Accounting for Governmental and Nonprofit Organizations notes

1. A city-owned electric utility sent bills to the city for electricity provided for the city’s administrative offices. Answer: Enterprise Fund, General Fund Practice Exercise © Cambridge Business Publishers 60 2. The city’s mass transit bus system received an operating transfer from the city’s main operating fund. Answer: Enterprise Fund, General Fund Practice Exercise © Cambridge Business Publishers 61 3. The city collected sales taxes from the state to finance its general...

1. What is the purpose of an IT audit? Response: The purpose of an IT audit is to provide an independent assessment of some technology- or systems-related object, such as proper IT implementation, or controls over computer resources. Because most modern accounting information systems use IT, IT plays a significant role in a financial (external audit), where the purpose is to determine the fairness and accuracy of the financial statements. 2. Discuss the concept of independence within the c...

1. Accountants now face a challenge of helping businesses optimize processes. Answer: True AICPA: Analytic AICPA BB: Leveraging Technology AICPA FN: Leveraging Technology Blooms: Remember Difficulty: 1 Easy Learning Objective: 02-01 Describe the roles of the accounting/finance function in business and why those roles require knowledge of technology and business processes Source: Original Topic: Changing Roles of Accountants in Business 2. To be valuable business partners, accountants...

Test Bank for Accounting for Governmental & Nonprofit Organizations 2e 2nd Edition by Patton, Patton, Waymire. ISBN-13: 4217 Brief Contents (pg. xiii) Contents (pg. xiv) Chapter 1 Governmental and Nonprofit Accounting Environment and Characteristics (pg. 1-1) Chapter 2 The Use of Funds in Governmental Accounting (pg. 2-1) Chapter 3 Budgetary Considerations in Governmental Accounting (pg. 3-1) Chapter 4 An Introduction to General and Special Revenue Funds (pg. 4-1) Chapt...