1) There are eleven categories of government fund entities that fall under three
subheadings. Describe the subheadings of government fund entities.
2) In which fund of a hospital are medical equipment and related longterm obligations
recorded? Would your answer be the same for a voluntary health and welfare
organization? Explain.
3) Discuss the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Do
you believe the changes wrought by this act will serve to protect creditors?
4) Five priority categories of unsecured claims must be paid before general unsecured
creditors are paid. Briefly describe what makes up each category.
5) What is the essential procedural differencebetween workpaper eliminating entries for
un-realized intercompany profit when the sellingaffiliate is a less than wholly owned
subsidiaryand such entries when the selling affiliate is theparent company or a wholly
owned subsidiary?
6) Give the primary argument(s) in favor of assigning the totalgain or loss on
constructive bond retirement to the company that issued the bonds.
7) Why are governments required to prepare financial statements on a government-wide
basis using full accrual accounting?
8) GASB Statement No. 34 specifies how governments report capital assets and
long-term obligations. Describe where capital assets and long-term obligations are
reported in government financial statements.
9) Define consolidated retained earnings using theanalytical approach.
10) How would a company determine whether goodwill has been impaired?