Devry ACCT 567 (Governmental and Non-Profit Accounting)
Week 1
Week 1 DQ 1 Standard-Setting Bodies (Graded)
Assignment help – Discuss some of the major differences between GASB and FASB when it comes to setting accounting standards.
Week 1 DQ 2 Accounting vs. Governmental Systems
Why are there major differences between governmental accounting systems vs. business accounting systems?
Week 1 Homework Exercises
ACCT 567 Week 1 Homework Chapter 1 (Exercise 1-3)
ACCT 567 Week 1 Homework Exercises (2-3) and Exercise (2-5)
Week 2
Week 2 DQ 1 Adoption of a Budget (Graded)
How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise?
Week 2 DQ 2 Governmental Accounting
Transactions (Graded)
Please provide an explanation as to
why accounting transactions for governmental activities as the
governmental-wide level tend to be reported differently than
transactions for the General Fund? Could you cite some examples?
Week 2 Case Study and Homework Exercise
ACCT 567 Week 2 Case Study I (City of Middleville)
ACCT 567 Week 2 Homework Problems 3-9 and 4-4, 4-6, 4-10
Week 3
Week 3 DQ 1 Capital Funds Purposes (Graded)
When should a capital projects fund
be used by a governmental entity? Is it mandatory that a governmental
entity use a capital project fund for GAAP purposes?
Week 3 DQ 2 Purpose of a Debt
Service Fund (Graded)
When does GAAP require the use of a
debt service fund? Are there instances when a governmental entity is not
required to use a debt service fund?
Week 3 Homework Problem,Excercises and Quiz
ACCT 567 Week 3 Homework Problems 5-3 and 6-5
ACCT 567 Week 3 Problem 5-7 and Problem 6-8
ACCT 567 Week 3 Quiz (Multiple Choice & Explanatory)
(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?(TCO B)In addition
to the government-wide statements, governmental entities are required
to prepare fund financial statements for which of the following category
of funds?(TCO C) The County
Commission of Hunter County adopted its General Fund budget for the year
ending June 30, comprising of estimated revenues of $3,750,000 and
appropriations of $3,150,000. Hunter County utilizes the budgetary
accounts required by GASB standards. The budgeted excess of estimated
revenues over appropriations will be recorded as:(TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?(TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?(TCO D) GASB
standards _____ that each governmental reporting entity display _____
General Fund in its general-purpose financial statements.(TCOs A and B) Please
list and describe the three major sections of the Comprehensive Annual
Financial Report and provide a brief description of what is included in
each of the section.(TCO D)The City of Minyard adopted the following budget for fiscal year 2012:(TCO D)The City of
Martinville had the following pre-closing account balances in its
General Fund as of June 30, 2012. Debits and credits are not separated;
each account had its ânormalâ balance. Among the expenditures that are
recorded this year is an amount that has been expended on supplies
ordered at the end of the previous year. Assume that the encumbrances do
not lapse and that the city failed to make the proper journal entry or
entries necessary to re-establish the encumbrance in the current year.
Week 4
Week 4 DQ 1 Accounting Similarities (Graded)
How would you compare the accounting for enterprise funds with that of (a) businesses and (b) governmental funds?
Week 4 DQ 2 Internal Service Funds (Graded)
What types of activities are recorded
under the internal services account? Please provide examples. Is the
government required to account for activities in the internal service
fund or in another fund?
Week 4 Homework Problem & Midterm Exam
ACCT 567 Week 4 Homework Problems 7-3 and 7-8
ACCT 567 Week 4 Midterm Exam
(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5)(TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points : 5)(TCOs A and B) Which of the following is most correct with regard to Managementâs Assignment help – Discussion and Analysis? (Points : 5)(TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points : 5)(TCOs B and C) The proper journal entry to record an encumbrance would include which of the following? (Points : 5)(TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund? (Points : 5)(TCO E) When a
government acquires general fixed assets under a capital lease
agreement, how should the asset be recorded in the government-wide
financial statements? (Points : 5)(TCO E) Which of the following projects would usually be accounted for in a capital projects fund? (Points : 5)(TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds? (Points : 5)(TCO D) Under GASB
Statement No. 33, when would a special revenue fund be considered to
have satisfied the eligibility requirement of a reimbursement type
federal grant? (Points : 5)(TCO E)You are in a
staff meeting with the city controller and one of your colleagues was
quoted as follows: âCapital projects funds are established by a
government to account for all plant or equipment acquired by
construction.â Do you agree with this statement? Why or why not? (Points
: 30)(TCOs A and B)How are the major funds of a state or local government determined by a governmental entity? (Points : 30)
Week 5
Week 5 DQ 1 Fiduciary Funds (Graded)
Assignment help – Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds.
Week 5 DQ 2 Financial Reporting: Basic
Financial Statements (Graded)
What basis of accounting is used to
report governmental activities in government-wide financial statements?
Can another basis be used? Please explain.
Week 5 Case Study and Homework Problems
ACCT 567 Week 5 Case Study II (City of Shipley Part A, B, C and D)
ACCT 567 Week 5 Homework Case 8 â 1
ACCT 567 Week 5 Homework Problems (8-4) Problem (9-4)
ACCT 567 Week 5 Homework Problems (9-9 and 9-10)
ACCT 567 Week 5 Homework The Village of Dover (8 – 8)
Week 6
Week 6 DQ 1 Auditing Differences (Graded)
In what significant way do financial
audits in government and not-for-profit organizations differ from those
carried on in businesses? Please explain.
Week 6 DQ 2 Not-for-Profit Organizations (Graded)
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)
(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?(TCO F)Government units use which fund type to account for services provided to the general public on a user-fee basis?(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)(TCO H) Which of the following would be considered a performance audit under the Governmental Auditing Standards?(TCO J) Which of the following kinds of information would not be provided by managementâs discussion and analysis (MD&A)?(TCO H)Which of the following would be considered âcontribution revenue or supportâ of a not-for-profit organization?(TCO H) Describe the different types of governmental audits and attestation engagements.(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:
Week 7
Week 7 DQ 1 Colleges and Universities (Graded)
What financial statements must be
presented by a government university that engages in only business-type
activities? Is there a GASB or FASB requirement that mandates this type
of implementation?
Week 7 DQ 2 Differences in Government and
Commercial Accounting (Graded)
What are some of the key differences
between government healthcare accounting and commercial accounting?
Please cite some examples.
Week 7 Homework Problems
ACCT 567 Week 7 Homework Problem 16-4 a, b
ACCT 567 Week 7 Homework Problems (16-3) Problem (17-6)
ACCT 567 Week 7 Homework Problems (16-4 and 17-7)
ACCT 567 Week 8 Final Exam (Multiple Choice & Explanatory)
Page 1
(TCO A) On what should the government-wide financial statements report? (Points : 5)(TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)(TCO C) Comparisons
of budgeted versus actual revenues and expenditures are a requirement
of which of the following situations? (Points : 5)(TCO D) The revenues account of a government entity is debited when (Points : 5)(TCO E) During the
year, a wealthy local businessman donated a building to city of Perris.
The original cost of the building was $340,000. Accumulated depreciation
at the date of the gift amounted to $220,000. The appraised fair market
value of the donation at the date of the gift was $525,000 of which
$35,000 was the value of the land on which the building was situated. At
what amount should the city record this donated property in the
governmental activities accounts at the government-wide level? (Points :
5)(TCO E) Which of the following resource inflows would be recorded as a revenue of a debt service fund? (Points : 5)(TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5)(TCO J) Which of
the following items are typically reported differently between the
governmental fund statements and the governmental activities column of
the government-wide statements? (Points : 5)(TCO H) A condition
whereby the design or operation of a control does not allow management
or employees in the normal course of performing their assigned
functions, to prevent or detect and correct misstatements on a timely
basis is called a(an) (Points : 5)(TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5)(TCO I) Which of
the following items would not affect the amounts reported in the
Revenues and Gains section of the statement of activities for a private
college or university? (Points : 5)(TCO I) The primary source of revenues for most hospitals are (Points : 5)
Page 2
(TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded. (TCO F) The
garbage collection of the city of Rockwell could be accounted for
through the General Fund, a Special Revenue Fund, or an Enterprise Fund.
Please identify the circumstances in which each of these fund types
might be appropriate. (Points : 40)(TCO I) During the
fiscal year of June 2012, Jefferson General Hospital, a not-for-profit
healthcare organization, had the following revenue-related transactions.
(The amounts are summarized for the entire year.)(TCO E) Enter the
template provided in the answer space and record the following
transactions in the Capital Projects Fund in the general journal for the
following transactions.(TCO F) The
following Statement of Cash Receipts and Disbursements was prepared by
the bookkeeper of the City of Glass City Museum of Science. The museum
is a component unit of the City of Glass City and must be included in
the cityâs financial statements. It began operations on January 1, 2012
with no liabilities or commitments and only two assets.
