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ACC 460 Entire CourseFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com https://youtu.be/OGEtbJCP41kACC 460 Week 1 Case 1-14 Research Case- Comparing Financial Reporting Objectives ACC 460 Week 1 Ex 2-16 Matching Fund Types with Fund Categories ACC 460 Week 1 Ex 3-22 Recording General Fund Operating Budget and Operating Transactions ACC 460 Week 2 Team Simulation Assignment ACC 460 Week 2 Exercise 4-15 Examine the CAFR ACC 460 Week 2 Exercise 7-16 Multiple Choice Assignment ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question Assignment ACC 460 Week 3 Team Simulation Assignment ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR ACC 460 Week 3 Chapter 10 Exercise 10-20, Comparative Ratios ACC 460 Week 3 Exercise 12-15, Multiple Choice AssignmentACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense Transactions ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment ACC 460 Week 4 Chapter 14-1, 14-4 ACC 460 Week 5 Team Problem 15-17 Private College Transactions ACC 560 Week 5 Library Assignment ACC 460 Week 5 Team Key Concept Presentation ACC 460 Week 5 Question 15-1 ACC 460 Week 5 Ch. 16 Exercise 16-19 Revenue and Related TransactionsACC 460 Week 1 Case 1-14 Research Case- Comparing Financial Reporting ObjectivesFor more course tutorials visit Uophelp is now newtonhelp.comwww.newtonhelp.com Review Ch. 1. Case 1-14, Research Case-GASB. Write a 175- to 350-word response. Compare the financial reporting needs of the resource providers of government/not-for-profit organizations to the financial reporting needs of the resource providers of for-profit organizations. Click the Assignment Files tab to submit your Microsoft® Word document.Research Case—Comparing Financial Reporting Objectives. GASB Concepts Statement No. 1, “Objectives of Financial Reporting,” states that “Accountability is the cornerstone of all financial reporting in government.” FASB Statements of Financial Accounting Concepts Statement No. 8, “Conceptual Framework for Financial Reporting,” states that “The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and 1- potential investors, lenders, and other creditors in making decisions 14 about providing resources to the entity.” However, the FASB has acknowledged through Statement of Financial Accounting Concepts No. 4, “Objectives of Financial Reporting by Nonbusiness Organizations,” that users of business and not-forprofit entities differ. Required Compare the financial reporting needs of the resource providers of government/not-for-profit organizations to the financial reportingneeds of the resource providers of for-profit organizations.ACC 460 Week 1 Ex 2-16 Matching Fund Types with Fund CategoriesFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.comComplete Exercise 2-16, Matching Fund Types with Fund Categories. Click the Assignment Files tab to submit your assignment.2-16Matching Fund Types with Fund Categories. For each of the following fund types, indicate its fund category by placing either “GF” for governmental funds, “PF” for proprietary funds, or “FF” for fiduciary funds in the space provided before each item. Fund Type Agency fund Permanent fund Debt service fund Internal service fund Pension (and other employee benefit) trust fund Special revenue fund Enterprise fund General Fund Investment trust fund Capital projects fund Private-purpose trust fund**********************************************ACC 460 Week 1 Ex 3-22 Recording General Fund Operating Budget and Operating TransactionsFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.comComplete Exercise 3-22, Recording General Fund Operating Budget and Operating Transactions (Requirements a and b). Click the Assignment Files tab to submit your assignment.3-22 Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000. Required Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year.Prepare journal entries to record the following transactions that occurred during the month of July 2016. Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits. Supplies were ordered by the following functions in early July 2016 at the estimated costs shown: image During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively. image Page 108Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2016.ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question AssignmentFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.comComplete the following questions in Ch. 8 in in 90 to 175 words each: 8-18-28-3 on p. 339Click the Assignment Files tab to submit your assignment. 8-1.Explain the distinction(s) between agency funds and trust funds. What financial statements are prepared for each?8-2.Identify the different types of trust funds and explain the purpose of each type. Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?8-3.ACC 460 Week 2 Exercise 4-15 Examine the CAFRFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.comComplete the following in Exercise 4-15: a. (1)b. (1)c. (1)Download a copy of the most recent Comprehensive Annual Financial Report (CAFR) for a city of your choice. Note: many cities with 25,000 or more population provide Internet access to their CAFRs to answer. Click the Assignment Files tab to submit your assignment.4-15 Examine the CAFR. Utilizing the comprehensive annual financial report obtained for Exercise 1-16, follow these instructions. Governmental Activities, Government-wide Level. Answer the following questions. (1) Are governmental activities reported in a separate column from business-type activities in the two governmentwide financial statements? (2) Are assets and liabilities reported either in the relative order of their liquidity or on a classified basis on the statement of net position? (3) Is information on expenses for governmental activities presented at least at the functional level of detail? (4) Are program revenues segregated into (a) charges for services, (b) operating grants and contributions, and (c) capital grants and contributions on the statement of activities? General Fund. Answer the following questions. (1) What statements and schedules pertaining to the General Fund are presented? (2) What purpose is each statement and schedule intended to serve? (3) Are any noncurrent or nonliquid assets included in the General Fund balance sheet? If so, are they offset by equal amounts classified as “nonspendableâ€? fund balances? (4) Are any noncurrent liabilities included in the General Fund balance sheet? If so, describe them. (5) Are revenue classifications sufficiently detailed to be meaningful? (6) Has the government refrained from reporting expenses rather than expenditures? Special Revenue Funds. Answer the following questions. (1) What statements and schedules pertaining to the special revenue funds are presented? (2) Are these only combining statements, or are there also statements for individual special revenue funds? (3) Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)? (4) Are current expenditures further categorized at least by function?ACC 460 Week 2 Exercise 7-16 Multiple Choice AssignmentFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com Complete the following multiple choice questions in Exercise 7-16, p. 294: • 1-10 Click the Assignment Files tab to submit your assignment. Multiple Choice. Choose the best answer. 1. Within the government-wide financial statements, the column for Business-type Activities will generally include: a. Internal service funds only. b. Enterprise funds only.c. All internal service fund and enterprise fund transactions added together and accounted for on the accrual basis of accounting. d. All enterprise fund transactions and only the internal service fund transactions undertaken with governmental funds on the accrual basis of accounting. 2. Which of the following would most likely be accounted for in an internal service fund? a. The city pool. b. The city's investments, which are pooled with the county's and the school district's investments. c. An asphalt plant used to supply the asphalt needed to resurface the city's streets. d. Proceeds from an endowment that are used to maintain the city's library. 3. Under GASB standards, the City of Parkview is required to use an enterprise fund to account for its nature center if: a. It charges fees to assist in paying for the maintenance of the nature center. b. The Nature Center was originally financed through the issuance of general obligation bonds. c. The ordinance that was passed to establish the nature center requires that all costs of the Nature Center be paid for by user fees. d. All of the above are true. 4. During 2017, the Gateway City government recorded a $15,000 transfer from the General Fund to an internal service fund; a $25,000 transfer from the General Fund to an enterprise fund; a $10,000 transfer from an enterprise fund to an internal service fund, and a$5,000 transfer from an enterprise fund to the General Fund. In the Business-type Activities column of the government-wide financial statements, Gateway City should report: a. Net transfers out of $5,000. b. Net transfers in of $10,000. c. Net Transfers in of $25,000. d. Net Transfers in of $35,000. 5. Which of the following events would generally be classified as nonoperating on an enterprise fund's statement of revenues, expenses, and changes in net position? a. Billing other funds of the same government for services. b. Loss on the sale of a piece of equipment. c. Depreciation expense. d. Administrative expense. 6. In reviewing the accounting records of the Transportation Services Fund, an internal service fund of Douglas City, you notice that the fund uses budgetary accounts. This is most likely because a. The administrators of the fund prefer to prepare a budget to use in managing the fund. b. GASB requires the use of budgetary accounts in internal service funds. c. The city council must legally approve the fund's budget. d. The accountants for the fund are unfamiliar with proper accounting procedures for a proprietary fund.7. Under GASB standards, which of the following events would be classified as an investing activity on a proprietary fund's statement of cash flows? a. Interest earned on certificates of deposit held by the proprietary fund. b. Purchase of equipment for use by the proprietary fund. c. Grant received to construct a building that will be used by the proprietary fund. d. All of the above would be considered investing activities for reporting purposes. 8. An internal service fund used for insurance activities should recognize an expense and a liability when: a. A claim has been made, it is reasonably possible that a liability has been incurred, and the amount will be reasonably estimable at some time in the near future. b. A claim has not been made, but it is reasonably possible that a liability has been incurred or an asset has been impaired, and an amount can be reasonably estimated. c. A claim has been made, it is probable that an asset has been impaired, and the amount will be reasonably estimable at some time in the near future. d. A claim has been made, it is probable that a liability has been incurred, and the amount can be reasonably estimated. 9. During the year an enterprise fund purchased $230,000 worth of equipment. The equipment was acquired with a cash down payment of $30,000 and a $200,000 loan. A partial year of depreciation on the equipment was taken in the amount of $23,000. What is the net effect of this transaction on the net position accounts of the enterprise fund?a. Net investment in capital assets is increased by $7,000. b. Net investment in capital assets is increased by $30,000. c. Net investment in capital assets is increased by $207,000. d. Net investment in capital assets is increased by $230,000. 10. Tinsel Town had the following long-term liabilities at year end:What amount should be recorded as long-term liabilities in the proprietary fund financial statements? a. $0. b. $200,000. c. $250,000. d. $450,000.ACC 460 Week 2 Team Simulation AssignmentFor more course tutorials visit Uophelp is now newtonhelp.comwww.newtonhelp.com Access the McGraw-Hill Connect simulation. Each team member must complete the simulation activity. This week you will complete Ch. 1, 2, and 3, which can be found in the Connect Guide. Discuss, as a team, your experiences and key concepts learned. Each team member will receive points, at the instructor's discretion, for completing the simulation and contributing to the discussionComplete the City of Smithville problems using the Connect Guide: Chapter 1: Introducing the (Short Version) of the City of Smithville Cumulative Problem.Chapter 2: Opening the Books.Chapter 3: Recording the Annual Budget.Submit a PDF version of the post-closing trial balance for 2016, the pre-closing subsidiary ledgers, and pre-closing General Fund trial balance for 2017. Click the Assignment Files tab to submit your assignment.ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFRFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com Utilize the CAFR obtained for 4-15 in Week 2. Complete the following in Exercise 9-15: •A • B (1) • C on p. 397 Click the Assignment Files tab to submit your assignment.Examine the CAFR. Utilizing the CAFR obtained for Exercise 1-16 and your answers to the questions asked in Exercise 1-16 and the corresponding exercises in Chapters 2 through 8, comment on the following: a. Analysis of Introductory Section. Does the report contain all of the introductory material recommended by the GASB? Is the introductory material presented in such a manner that it communicates significant information effectively—do you understand what the government is telling you? On the basis of your study of the entire report, do youthink the introductory material presents the information fairly? Comment on any information in the introductory section you feel is unnecessary, and explain why. b. Analysis of Financial Statements. 1. Do the statements, notes, and schedules in the financial section present the information required by the GASB? Are Total columns provided in the basic financial statements and schedules for the primary government and the reporting entity? If so, are the Total columns for the current year compared with Total columns for the prior year? 2. Review your answers to the questions asked in Exercises 3-15 and 4-15 in light of your study of subsequent chapters of the text and your analysis of all portions of the annual report. Based on your current knowledge and understanding of government accounting, would you change or modify any of your earlier answers? If so, explain how you would change them and why you would change them. c. Analysis of Statistical Section. Does the statistical section present information in the five categories defined by the GASB? What tables and schedules are presented for each category? Does the information provided in each category appear to meet the purpose of the category? Explain your response. d. Service Potential of the CAFR. In your opinion, what are the most important information needs that a governmental annual report should fulfill for each of the following: 1. Administrators. 2. Members of the legislative branch. 3. Interested residents. 4. Creditors or potential creditors.In what ways does the CAFR you have analyzed meet the information needs you have specified for each of the four groups, assuming that members of each group make an effort to understand reports equivalent to the effort you have made? In what way does the report fail to meet the information needs of each of the four groups?ACC 460 Week 3 Chapter 10 Exercise 10-20, Comparative RatiosFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com Complete the following in Exercise 10-20: a and b, p. 436Limit the number of financial performance measures to three for the City of Arborland. Click the Assignment Files tab to submit your assignment.Comparative Ratios. The government-wide financial statements for the City of Arborland for a three-year period are presented on the following pages. ¡Additional information follows:o Population: Year 2017: 30,420, Year 2016: 28,291, Year 2015: 26,374. o Debt limit remained at $20,000,000 for each of the three years. Net cash from operations is generally 80 percent of total revenues each year. Required a. Which of the financial performance measures in Illustration 104 can be calculated for the City of Arborland based on the information that is provided? b. Calculate those ratios identified in part a for FY 2017. Show your computations. c. Provide an overall assessment of the City of Arborland's financial condition using all the information provided, both financial and nonfinancial. Use information from the prior years to form your assessment.ACC 460 Week 3 Exercise 12-15, Multiple Choice AssignmentFor more course tutorials visit Uophelp is now newtonhelp.com www.newtonhelp.com Complete the multiple choice questions in Exercise 12-15, p. 510: 1-10Click the Assignment Files tab to submit your assignment.Multiple Choice. Choose the best answer. a. Budgets of government entities: a. Are integrated with the financial accounting system. b. Enable governments to demonstrate compliance with laws and to communicate performance effectiveness. c. Are adopted by governments after required public hearings. d. All of the above. b. Which of the following statements regarding budgets of not-forprofit organizations is true? a. Not-for-profit organization budgets are legal documents reflecting plans for spending resources.b. A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors. c. The budgeting approaches used for governments generally cannot be used by not-for-profit entities. d. All of the above statements are true. a. Heads of operating departments prepare budget requests. b. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law. c. One or more public budget hearings are held. d. Budget officer and other central administrators review and make adjustments to departmental requests. a. The accounting system should provide the basis for appropriate budgetary control. b. Budgetary comparison schedules
