Accounting Seminar Questions

Go to www.providenceri.comâ?? search for the Finance Department â?? then search for June 30, 2015 Comprehensive Annual Financial Report (CAFR). (note â?? 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?What types of items are included in the CAFR?What are the sources of revenues for the City of Providence? List in descending numerical order.How does the City of Providence spend most of its money? List in descending numerical orderWhat 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. How does Habitat for Humanity spend most of its money? List in descending numerical order.What are the significant accounting policies used by Habitat for Humanity?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 itâ??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
Stockholdersâ?? 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 â?? search for the Finance Department â?? then search for June 30, 2015
Comprehensive Annual Financial Report (CAFR). (note â?? 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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