Accounting Seminar Questions

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Go to www.providenceri.com– search for the Finance Department – then search for June 30, 2015 Comprehensive Annual Financial Report (CAFR). (note – the cursor must be on the date for the report to open)

A. Review the Comprehensive Annual Financial Report (CAFR) for the City of Providence and answer the following questions and indicate where in the CAFR the information is found:

  • 1.How many pages is the CAFR?
  1. What types of items are included in the CAFR?
  2. What are the sources of revenues for the City of Providence? List in descending numerical order.
  3. How does the City of Providence spend most of its money? List in descending numerical order
  4. What are the significant accounting policies used by the City of Providence?

B. Go to the Annual Report, Consolidated Financial Statements and Federal Form 990 for a charitable organization of your choice and answer the following questions:

1. What are the sources of revenues for Habitat for Humanity? List in descending numerical order.

  1. How does Habitat for Humanity spend most of its money? List in descending numerical order.
  2. What are the significant accounting policies used by Habitat for Humanity?
  1. Briefly comment on the extent of information shown on Federal Form 990. Why

do you believe such information is required? In particular, what is listed in Part VII?

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Case 10 Part 1 Bill would like to make donations for area non profits but needs a little more background on them. Explain the differences to him between a government agencies, not-for-profit organizations, and a corporation: Federal, State or City Government Not-for-Profit Members, Donors Corporations Owner(s): Citizens Stockholders Primary Mission: Provide services to it’s citizens Provide services to members or the community at large Secondary Mission: To collect enough revenues to cover the cost necessary services To collect enough revenues to Generate a profit through the cover the cost necessary sale of goods and services services U.S. Tax Status: None Tax exempt with annual approval Taxed on income after allowed expenses Financial Statements required by U.S. GAAP: Comprehensive Annual Financial Report Statement of Financial Position and Statement of Activities with accompanying disclosures Comprehensive Annual Financial Report Statement of Financial Position and Statement of Activities Annual report including a balance sheet, income statement, statement of retained earnings, statement of cash flows with accompanying disclosures Total assets minus total liabilities is reported as: Subparts are recorded as: Net Assets Net Assets Stockholders’ Equity Restricted and Unrestricted Restricted and Unrestricted Capital accounts, treasury stock and retained earnings Examples of revenues: Taxes, Fees for services, Fines, Interest or Investment of Revenue, Sale of Assets Donations, Fees for Services, Interest or Investment of Revenue, Sale of Assets Sales or Services Income, Interest or Investment of Revenue, Sale of Assets Reported Expenses: Operating expenditures and other expenses Operating expenditures and other expenses Operating expenses, other expenses and taxes Sources of money other than revenues and sale of assets: Grants (State and Local), Debt issued Grants, Debt issued Debt issued and sale of stock Additional annual reporting for some larger agencies or companies: Operating budget voted on taxpayers Form 990 and 1024 Form 1120 and 10K or 10Q To maximize shareholder wealth Federal, State or City Government Audit Requirements: Yellow book audit/GASB Not-for-Profit FASB, Yellow book audit/GASB (if receiving federal funds) Corporations Publicly traded are audited annually and others as needed when borrowing Case 10 Part 2 Go to www.providenceri.com – search for the Finance Department – then search for June 30, 2015 Comprehensive Annual Financial Report (CAFR). (note – the cursor must be on the date for the report to open) A. Review the Comprehensive Annual Financial Report (CAFR) for the City of Providence and answer the following questions and indicate where in the CAFR the information is found: 1. How many pages is the CAFR? 2. What types of items are included in the CAFR? 3. What are the sources of revenues for the City of Providence? List in descending numerical order. 4. How does the City of Providence spend most of its money? List in descending numerical order 5. What are the significant accounting policies used by the City of Providence? B. Go to the Annual Report, Consolidated Financial Statements and Federal Form 990 for a charitable organization of your choice and answer the following questions: 1. What are the sources of revenues for Habitat for Humanity? List in descending numerical order. 2. How does Habitat for Humanity spend most of its money? List in descending numerical order. 3. What are the significant accounting policies used by Habitat for Humanity? 4. Briefly comment on the extent of information shown on Federal Form 990. Why do you believe such information is required? In particular, what is listed in Part VII?
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Running head: Accounting Seminar Questions

Accounting Seminar Questions
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Running head: Accounting Seminar Questions

Accounting Seminar Questions
Differences between government agencies, not-for-profit organizations, and corporations.
A government agency is formed with a mission of providing essential services to its citizens and
is owned by the citizens of the country. On the other hand, a not for profit organization is formed
and owned by members and donors with a mission to provide essential services to its members or
the community it is in, while a corporation is formed by stakeholders in order to increase their
wealth as shareholders.
While both not-for-profit organization and government agencies aim to collect revenues so as
use it to provide the necessary services, corporations aim is to maximize their profits after selling
goods and services. Government agencies are exempted from taxation, the not for profit
organizations can only be exempted after an annual approval, whereas corporations are taxed
based on incomes after the allowed expenses. Both government agencies and not-for-profit
organizations are required to give a comprehensive financial report and statement of their
financial positions and activities annually, but the government agency has to also accompany it
with disclosures. The financial reports required for a corporation annually include, income
statements, a balance sheet, a statement of retained earnings and cash flows together with their
accompanying disclosures.
For government agencies and not for profit organizations, their total assets minus total liabilities
is reported as net assets whilst being reported as stockholder’s equity in corporations. The
subparts which are recorded as treasury stock, retained earnings and capital accounts in
corporations, they are recorded as restricted or unrestricted in the other two. All the three types

Running head: Accounting Seminar Ques...


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