QuestionDevry ACCT 567 (Governmental and Non-Profit Accounting)

Devry ACCT 567 (Governmental and Non-Profit Accounting)

Week 1

Week 1 DQ 1 Standard-Setting Bodies (Graded)

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)

1. (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
2. (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?
3. (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:
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
5. (TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?
6. (TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.
7. (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.
8. (TCO D)The City of Minyard adopted the following budget for fiscal year 2012:
9. (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 “normal” 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

1. (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5)
2. (TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points : 5)
3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis? (Points : 5)
4. (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points : 5)
5. (TCOs B and C) The proper journal entry to record an encumbrance would include which of the following? (Points : 5)
6. (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund? (Points : 5)
7. (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)
8. (TCO E) Which of the following projects would usually be accounted for in a capital projects fund? (Points : 5)
9. (TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds? (Points : 5)
10. (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)
11. (TCO E)You are in a staff meeting with the city controller and one of your colleagues was quoted as follows: “Capital projects funds are established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not? (Points : 30)
12. (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)

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 – 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)

1. (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?
2. (TCO F)Government units use which fund type to account for services provided to the general public on a user-fee basis?
3. (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)
4. (TCO H) Which of the following would be considered a performance audit under the Governmental Auditing Standards?
5. (TCO J) Which of the following kinds of information would not be provided by management’s discussion and analysis (MD&A)?
6. (TCO H)Which of the following would be considered “contribution revenue or support” of a not-for-profit organization?
7. (TCO H) Describe the different types of governmental audits and attestation engagements.
8. (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

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