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ACC 460 MASTER Empowering and Inspiring/acc460master.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

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ACC 460 MASTER Empowering and Inspiring/acc460master.com

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  1. ACC 460 MASTER Empowering and Inspiring/acc460master.com

  2. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 1 Case 1-14 Research Case- Comparing Financial Reporting Objectives FOR MORE CLASSES VISIT www.acc460master.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. 1-14 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 potential investors, lenders, and other creditors in making decisions

  3. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 1 Ex 2-16 Matching Fund Types with Fund Categories FOR MORE CLASSES VISIT www.acc460master.com Complete Exercise 2-16, Matching Fund Types with Fund Categories. Click the Assignment Files tab to submit your assignment. 2-16 Matching 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

  4. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 1 Ex 3-22 Recording General Fund Operating Budget and Operating Transactions FOR MORE CLASSES VISIT www.acc460master.com Complete 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.

  5. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question Assignment FOR MORE CLASSES VISIT www.acc460master.com Complete the following questions in Ch. 8 in in 90 to 175 words each: • 8-1 • 8-2 • 8-3 on p. 339 Click 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. 8-3. Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?

  6. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 2 Exercise 4-15 Examine the CAFR FOR MORE CLASSES VISIT www.acc460master.com Complete 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 government-wide 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? (

  7. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 2 Exercise 7-16 Multiple Choice Assignment FOR MORE CLASSES VISIT www.acc460master.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.

  8. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 2 Team Simulation Assignment FOR MORE CLASSES VISIT www.acc460master.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 discussion Complete 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.

  9. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR FOR MORE CLASSES VISIT www.acc460master.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 you think 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?

  10. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 3 Chapter 10 Exercise 10-20, Comparative Ratios FOR MORE CLASSES VISIT www.acc460master.com Complete the following in Exercise 10-20: • a and b, p. 436 Limit 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 10-4 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.

  11. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment FOR MORE CLASSES VISIT www.acc460master.com Complete the multiple choice questions in Exercise 12-15, p. 510: • 1-10 Click the Assignment Files tab to submit your assignment. Multiple Choice. Choose the best answer. 1. 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. 2. Which of the following statements regarding budgets of not-for-profit 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. 3. Which of the following steps would not usually be part of the budgeting process?

  12. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 3 Team Simulation Assignment FOR MORE CLASSES VISIT www.acc460master.com Access the McGraw-Hill Connect simulation. Each team member must complete the simulation activity. This week you will complete Ch. 4, 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 discussion Complete the City of Smithville problems using the Connect Guide: • Chapter 4: Recording Operating Transactions Affecting the General Fund and Governmental Activities at the Government-wide Level. 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.

  13. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 4 Chapter 14-1, 14-4 FOR MORE CLASSES VISIT www.acc460master.com Complete questions 14-1 and 14-4 in approximately 30 to 90 words each. Click the Assignment Files tab to submit your assignment. 14-1 Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority. 14-4 What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?

  14. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment FOR MORE CLASSES VISIT www.acc460master.com Complete the multiple choice questions in Exercise 13-14, p. 563: • 1-10 Click the Assignment Files tab to submit your assignment. Multiple Choice. Choose the best answer. 1. Which of the following organizations would be considered a nongovernmental not-for-profit organization? a. An organization that provides shelter for men who have been victims of domestic violence and has been designated as a not-for-profit organization by the IRS. The board of trustees is composed of county commissioners, but in the case of the dissolution of the organization, any remaining funds would be donated to the United Way. Funding for the organization comes entirely from contributions. b. An organization that provides services to persons who wish to learn English as their second language. The organization is incorporated and is funded by fees charged to the learners.

  15. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense Transactions FOR MORE CLASSES VISIT www.acc460master.com Complete the following questions in Exercise 13-20, p. 570: • 1-5 Click the Assignment Files tab to submit your assignment. Recording Revenue and Related Expense Transactions. The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization's only program. It is the policy of the community kitchen to use temporarily restricted resources for which the purpose has been met before unrestricted resources. The Kitchen had the following revenue and expense transactions during the 2017 fiscal year. 1. Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs. 2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.

  16. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper FOR MORE CLASSES VISIT www.acc460master.com Analyze the financial statements and audit report of a not-for-profit organization readily and publically available on an active website. Create a 700- to 1,050-word overview of one not-for-profit organization in an area of interest to your team and review the financial statements and audit report for the organization. Address the following: Evaluate how the selected not-for-profit's financial statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations. Compare the organization's reporting of pledges and contributions to its reporting of exchange transactions. How should they be recorded and subsequently reported in the financial statements. Explain the impact if your not-for-profit confers excess economic benefits on disqualified persons. Click the Assignment Files tab to submit your assignment.

  17. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 5 Ch. 16 Exercise 16-19 Revenue and Related Transactions FOR MORE CLASSES VISIT www.acc460master.com Complete Exercise 16-19, a and b, p. 679. Click the Assignment Files tab to submit your assignment. Revenue and Related Transactions. During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). 1. Services provided to inpatients and outpatients amounted to $9,600,000, of which $450,000 was for charity care, $928,000 was paid by uninsured patients, and $8,222,000 was billed to Medicare, Medicaid, and insurance companies. 2. Donated pharmaceuticals and medical supplies valued at $265,000 were received and utilized as general expenses. 3. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,365,000 of the $8,222,000 billed by the hospital during the year (see transaction 1

  18. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 5 Question 15-1 FOR MORE CLASSES VISIT www.acc460master.com Complete Question 15-1, p. 632, in approximately 30 to 90 words. Click the Assignment Files tab to submit your assignment. Identify the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

  19. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 5 Team Key Concept Presentation FOR MORE CLASSES VISIT www.acc460master.com Create a slide presentation of 10 to 12 slides. Address the following: • Examine FASB financial reporting requirements for a private college. • Apply basics of GAAP pertaining to categorizing restrictions on net assets. • Evaluate whether the entity is subject to the requirements of the Single Audit Act and the provisions of Office of Management and Budget. Click the Assignment Files tab to submit your assignment.

  20. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 460 Week 5 Team Problem 15-17 Private College Transactions FOR MORE CLASSES VISIT www.acc460master.com Complete questions 15-17, a and b. Click the Assignment Files tab to submit your assignment. Private College Transactions. Steiner College's statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college. The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017. 1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued. 2. The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335.

  21. ACC 460 MASTER Empowering and Inspiring/acc460master.com ACC 560 Week 5 Library Assignment (2 Papers) FOR MORE CLASSES VISIT www.acc460master.com This Tutorial contains 2 Papers Access the University Library. Research a current article regarding accounting in government. Write a summary of the article in 350 to 700 words. Apply concepts you've learned in this course to assessing the content of the article and any outcomes the article describes. Click the Assignment Files tab to submit your Microsoft Word® document.

  22. ACC 460 MASTER Empowering and Inspiring/acc460master.com

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