ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
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ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 Entire Course
ACC 460 Week 4 Chapter 14-1, 14-4
ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper
Description
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 Entire Course
ACC 460 Week 4 Chapter 14-1, 14-4
ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete Exercise 3-22, Recording General Fund Operating Budget and Operating Transactions (Requirements a and b).
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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:
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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.
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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 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
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.
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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? (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 “nonspendable” 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 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete the following multiple choice questions in Exercise 7-16, p. 294:
- 1-10
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| 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 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Utilize the CAFR obtained for 4-15 in Week 2.
Complete the following in Exercise 9-15:
- A
- B (1)
- C on p. 397
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| 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? 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 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
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.
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| 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. 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 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete the multiple choice questions in Exercise 12-15, p. 510:
- 1-10
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Multiple Choice. Choose the best answer.
- Budgets of government entities:
- Are integrated with the financial accounting system.
- Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
- Are adopted by governments after required public hearings.
- All of the above.
- Which of the following statements regarding budgets of not-for-profit organizations is true?
- Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
- A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
- The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
- All of the above statements are true.
- Heads of operating departments prepare budget requests.
- The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
- One or more public budget hearings are held.
- Budget officer and other central administrators review and make adjustments to departmental requests.
- The accounting system should provide the basis for appropriate budgetary control.
- Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
- Annual budgets should be adopted by each government.
- All of the above.
- Can be presented as a schedule within required supplementary information (RSI) or as a statement in the basic financial statements.
- Must be a schedule included as part of RSI.
- Continues to be a statement included in the basic financial statements.
- Is no longer required.
- Incremental budgeting.
- Zero-based budgeting.
- Performance budgeting.
- Planning-programming-budgeting.
- Customer.
- Internal business processes.
- Economy and efficiency.
- Learning and growth.
- Must adhere to GASB SEA guidance.
- Must adhere to GASB SEA guidance only if the SEA report is part of the CAFR.
- Must adhere to guidance provided by the Association of Government Accountants (AGA) because GASB has not issued standards addressing SEA.
- May refer to guidance provided by the GASB, the AGA, or other professional organizations.
- Measures that relate the quantity or cost of resources used to units of output.
- Measures that relate to the amount of financial and nonfinancial resources used in a program or process.
- Measures that relate costs to outcomes.
- Measures that reflect either the quantity or quality of a service provided.
- Financial Accounting Standards Board pronouncements.
- Government Finance Officers Association best practices documents.
- Principles published by the Association of Government Accountants.
- Guidelines issued by the Office of Management and Budget.
- Which of the following steps would not usually be part of the budgeting process?
- The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
- The budgetary comparisons required of state and local governments under GASB standards:
- An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
- Which of the following does not represent a performance measurement group under the balanced scorecard?
- Governments that choose to report service efforts and accomplishments (SEA):
- Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
- Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete the multiple choice questions in Exercise 13-14, p. 563:
- 1-10
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Multiple Choice. Choose the best answer.
- Which of the following organizations would be considered a nongovernmental not-for-profit organization?
- 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.
- 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. All profits are reinvested in the organization to provide further services. The organization has applied for not-for-profit status with the IRS.
- An organization classified by the IRS as a not-for-profit organization that employs individuals with disabilities in a workshop where the workers make custom stationery out of recycled goods. The organization receives cash and in-kind contributions as well as the proceeds from the sale of the stationery. The organization’s board is composed of local businessmen and women.
- An organization that provides fund-raising services for other not-for-profit organizations. The organization is funded by fees for its services and was incorporated by the former chairperson of the local United Way organization. The organization distributes 40 percent of its profits to local charities.
- According to GAAP, all not-for-profit organizations are required to prepare
- A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.
- A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.
- A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.
- A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.
- Jane’s Planes is an organization that provides air transportation for critically ill children. A friend of Jane’s Planes, Richard Bucks donated a plane to be used over its remaining life solely for transportation of critically ill children. In addition, he donated a substantial amount of investments that were to be used strictly to generate income to help fund the organization’s expenses. These donations would be included in the organization’s net assets as:
Plane | Investments |
| a. Permanently restricted b. Temporarily restricted c. Permanently restricted d. Temporarily restricted | o Permanently restricted o Permanently restricted o Temporarily restricted o Temporarily restricted |
- In a local NFP elementary school’s statement of cash flows, a contribution restricted for use on a new building project would be reported as:
- A financing activity.
- A capital and related financing activity.
- An investing activity.
- An operating activity.
- A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing a signed agreement with the donor, the museum should:
- Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $1,000,000.
- Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $500,000.
- Not make a journal entry until the conditions of the agreement have been met.
- Either a or c are permissible, depending on the museum’s established policy.
- Program revenue and supporting services expense.
- Contribution revenue and supporting services expense.
- Program revenue and program expense.
- Contribution revenue and a program expense.
- Special event revenue of $4,800 and special event expense of $1,500.
- Special event revenue of $4,800 and fund-raising expense of $1,300.
- Special event revenue of $2,300 and fund-raising expense of $1,300.
- Both a and b are correct.
- Purpose, mission-related, and benefit to the public.
- Purpose, audience, and content.
- Purpose, expand donor base, and content.
- Reasonable, improve financial condition, and benefit to the public.
- A fund-raising cost.
- A program cost.
- Both a fund-raising and program cost.
- A management and general expense.
- The organization has variance power.
- The organization elects to consistently report such donor gifts as contribution revenue.
- The beneficiary organization requests a delay in receiving the contribution from the intermediary organization.
- All of the above are correct.
- Orlando Perez, president of a local information systems company, volunteered his time to help develop software for Best Friends, a local no-kill pet shelter. The software will allow the organization to track intake, placement, and statistics of animals in its three locations. Without Mr. Perez’s assistance, Best Friends would have needed to hire someone to develop this software. Best Friends should record the value of Mr. Perez’s time as:
- The Maryville Cultural Center recently conducted a successful talent show in which local talent performed for a nominal prize. The talent show is an ongoing major event and is central to the center’s mission. The event raised $4,800 in gross revenue. Expenses related to the event included $1,000 to rent an auditorium, $1,200 to advertise the event, $500 for trophies and other awards for the winner and the runners up, and $100 for printing and mailing tickets. The center believes there was no monetary value received by donors (attendees). To report this event in its statement of activities, the center will report:
- Many not-for-profit organizations attempt to classify fund-raising expenses as program services expenses by making the activities look educational in nature or advocating for the mission of the organization. For such expenses to be reported as program services expenses, they must meet which of the following three criteria:
- Save Our Beaches, a NFP organization, prepared and distributed a tri-fold flyer to individuals and families at White Sands Beach, a popular beach for both residents and tourists. The flyer provided information about beach pollution and invited the public to participate in the organization’s semi-annual beach cleanup. In addition, one segment of the flyer solicited contributions to the organization to help fund its activities. The cost of the flyer and its distribution would be considered:
- A particular organization functions as an intermediary between donors and other beneficiary organizations. The intermediary organization must report contribution revenue from donors if:
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.
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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? |
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
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.
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ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
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.
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ACC 460 ACC460 ACC/460 ENTIRE COURSE HELP – ASHFORD UNIVERSITY
Complete Question 15-1, p. 632, in approximately 30 to 90 words.
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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.
