ACCT 567 Complete class

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ACCT 567

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ACCT 567 Complete class

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•  
• ACCT 567 Week 8 Final Exam
• ACCT 567 Week 1 Exercise 1-3. 2-3 and 2-5
• ACCT 567 Week 2 Case Study I
• ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10
• ACCT 567 Week 3 Problems 5-3 and 6-5
• ACCT 567 Week 3 Test All Questions and Answers
• ACCT 567 Week 4 Midterm Exam
• ACCT 567 Week 4 Problems 7-3 and 7-8
• ACCT 567 Week 5 Case Study City of Shipley
• ACCT 567 Week 5 Homework Case study
• ACCT 567 Week 5 Problems 8-4 and 9-4
• ACCT 567 Week 5 Test All Questions and Answers

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ACCT 567 Week 1 Exercise

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• From the textbook, complete the following
  problems.
• Chapter 1 Exercise 13 Chapter 2 Exercises 23
  and 25 

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ACCT 567 Week 2 Case Study I

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• The General Fund of Middleville has presented you
  with the following trial balance as of June 30,
  2011.
• Debits Credits
• Cash 40,000
• Taxes Receivable- Delinquent 142,000
• Estimated Uncollectible Taxes- Delinquent 9,100
• Interest and Penalties Receivable 32,000
• Vouchers Payable 24,000
• Budgetary Fund Balance-Reserve for Encumbrances
  10,200
• Fund Balance _________ 170,700
• 214,000 214,000
• The information that is being presented to you
  pertains to the transactions for the city of
  Middleville for the fiscal year ended June 30,
  2012.

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ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10

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• From the textbook, complete the following
  problems.
• Problems 3-9 and 4-4, 4-6, 4-10 

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ACCT 567 Week 3 Problems 5-3 and 6-5

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• Make all necessary entries in the appropriate
  governmental fund general journal and the
  government-wide governmental activities general
  journal for each of the following transactions
  entered into by the City of Fordache.
• 1. The city received a donation of land that is
  to be used by Parks and Recreation for a park. At
  the time of the donation, the land had a fair
  value of 5,200,000 and was recorded on the
  donors books at a historical cost of 4,500,000.
• 2. The Public Works Department sold machinery
  with a historical cost of 35,100 and accumulated
  depreciation of 28,700 for 6,400. The machinery
  had originally been purchased with special
  revenue funds.
• 3. A car was leased for the mayors use. Since
  the term of the lease exceeded 75 percent of the
  useful life of the car, the lease was
  capitalized. The first payment was 550 and the
  present value of the remaining lease payments was
  30,000.
• 4. During the current year, a capital projects
  fund completed a new public safety building that
  was started in the prior year. The total cost of
  the project was 9,720,000. Financing for the
  project came from a 9,000,000 bond issue that
  was sold in the prior year, and from a 720,000
  federal capital grant received in the current
  year. Current year expenditures for the project
  totaled 1,176,000. The full cost is attributed
  to the building since it was constructed on
  city-owned property.
• 5. Due to technological developments, the city
  determined that the service capacity of some of
  the technology equipment used by general
  government had been impaired. The calculated
  impairment loss due to technology obsolescence
  was 1,156,000 

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ACCT 567 Week 3 Test All Questions and Answers

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• ACCT 567 Week 3 Test All Questions and Answers   
•  

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ACCT 567 Week 4 Midterm Exam

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• 1. (TCOs A and B) Fiduciary funds are to use
  which of the following measurement and basis of
  accounting? (Points 5)
• Economic resource measurement focus and accrual
  basis of accounting.Current financial resources
  measurement focus and accrual basis of
  accounting.Economic resources measurement focus
  and modified accrual basis of accounting.None of
  the above, the fiduciary funds have no revenues.
• 2. (TCOs A and B) Funds other than the General
  Fund are required to be considered to be a major
  fund when (Points 5)
• (A) total assets, liabilities, revenues, or
  expenditures/expenses of that fund constitute 10
  percent of either the governmental or enterprise
  category.(B) total assets, liabilities,
  revenues, or expenditures/expenses of that fund
  are at least 5 percent of the total of the
  governmental and enterprise category.The
  conditions of either A or B exist.The conditions
  of both A and B exist.
• 3. (TCOs A and B) Which of the following is most
  correct with regard to Managements Discussion
  and Analysis? (Points 5)
• Both state and local governments and federal
  agencies are required to provide a MDA.Federal
  agency financial reports are required to provide
  a MDA.State and local government agencies are
  required to provide a MDA.Both state and local
  government and federal agencies are encouraged,
  but not required to provide a MDA.

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ACCT 567 Week 4 Problems 7-3 and 7-8

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• During the fiscal year ended September 30, 2011,
  the following transactions (summarized) occurred
• 1. Employees were paid 290,000 wages in cash
  additional wages of 43,500 were withheld for
  federal income and social security taxes. The
  employers share of social security taxes
  amounted to 23,375.
• 2. Cash remitted to the federal government during
  the year for withholding taxes and social
  security taxes amounted to 65,500.
• 3. Utility bills received from the Town of
  Fredericksburgs Utility Fund during the year
  amounted to 23,500.
• 4. Office expenses paid in cash during the year
  amounted to 10,500.
• 5. Service supplies purchased on account during
  the year totaled 157,500.
• 6. Parts and supplies used during the year
  totaled 152,300 (at cost).
• 7. Charges to departments during the fiscal year
  were as follows 

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ACCT 567 Week 5 Case Study City of Shipley

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• The City of Shipley maintains an Employee
  Retirement Fund a single-employer, defined
  benefit plan that provides annuity and disability
  benefits. The fund is financed by a process that
  makes actuarially determined contributions from
  the citys General Fund and by contributions that
  are made by the employees. The General Fund is
  handling the administration of the retirement
  fund and it does not have any administrative
  expenses. The Statement of Net Assets for the
  Employees Retirement Fund as of July 1, 2011 is
  shown below
• City of Shipley
• Employees Retirement Fund
• Statement of Net Assets
• As of July 1, 2011
• Assets
• Cash 60,000
• Accrued Interest Receivable 160,000
• Investments, at fair value
• Bonds 5,500,000
• Common Stock 1,600,000
• Total Assets 7,320,000

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ACCT 567 Week 5 Homework Case study

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• a. When was CalPERS established?
• b. What types of employers contribute to
  CalPERS?\
• c. How many individuals are served by CalPERS?
• d. How many and what types of funds are
  administered by CalPERS?
• e. For the most recent reporting period, what is
  the value of total fiduciary assets?
• f. For the most recent reporting period, what was
  the change in pension fund net assets?
• g. What are the funded ratios from the schedule
  of funding progress and what do the funded ratios
  tell you?
• h. What is the reporting relationship between
  CalPERS and the State of California? 

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ACCT 567 Week 5 Problems 8-4 and 9-4 (KELLER)

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• The county collector of Lincoln County is
  responsible for collecting all property taxes
  levied by funds and governments within the
  boundaries of the county. To reimburse the county
  for estimated administrative expenses of
  operating the tax agency fund, the agency fund
  deducts 1 percent from the collections for the
  town, the school district, and the townships. The
  total amount deducted is added to the collections
  for the county and remitted to the Lincoln County
  General Fund.
• The Village of Dover administers a defined
  benefit pension plan for its police and fire
  personnel. Employees are not required to
  contribute to the plan. The village received from
  the actuary and other sources the following
  information about the Public Safety Employees
  Pension Fund as of December 31, 2011. 

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ACCT 567 Week 5 Test All Questions and
Answers(KELLER)

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• Question
• (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?
• Enterprise Fund
• Internal Service Fund
• Advance Fund
• Agency Fund
• 2.
• Question
• (TCO F) Government units use which fund type to
  account for services provided to the general
  public on a user-fee basis?
• General Fund
• Enterprise Fund
• Internal Service Fund

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ACCT 567 Week 6 Problem 12-4 (KELLER)

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• Quad-States Community Service Agency expended
  federal awards during the most recent fiscal year
  in the following amounts for the programs shown
• Additional information indicates that Programs 4
  and 10 were audited as major programs in each of
  the two preceding fiscal years, with no audit
  findings reported.
• Required
• a. Which programs would be considered Type A
  programs and why? Type B programs?
• b. Based on the information provided, which
  programs would you select for audit and why?
• c. If you found out that a new manager with no
  previous experience was now in charge of Program
  4, would your answer to part b change? If so
  how? 

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ACCT 567 Week 7 Problems 16-3 and 17-6 (KELLER)

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• Elizabeth College, a small private college, had
  the following transactions in fiscal year 2011.
• 1. Billings for tuition and fees totaled
  5,600,000. Tuition waivers and scholarships of
  61,500 were granted. Students received tuition
  refunds of 101,670.
• 2. During the year the college received
  1,891,000 cash in unrestricted private gifts,
  575,200 cash in temporarily restricted grants,
  and 1,000,000 in securities for an endowment.
• 3. A pledge campaign generated 626,000 in
  unrestricted pledges, payable in fiscal year
  2012.
• 4. Auxiliary enterprises provided goods and
  services that generated 94,370 in cash.
• 5. Collections of tuition receivable totaled
  5,380,000.
• 6. Unrestricted cash of 1,000,000 was invested.
• 7. The college purchased computer equipment at a
  cost of 10,580.
• 8. During the year the following expenses were
  paid 

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ACCT 567 Week 8 Final Exam (KELLER)

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• 1. (TCO A) On what should the government-wide
  financial statements report? (Points 5)
• Net position and results of the financial
  operations of the government as a
  whole.Budgetary ComplianceThe cost of
  government servicesFiscal accountability
• 2. (TCO B) According to GASB standards, when
  should transfers be recognized? (Points 5)
• When earned.When collected in cash.When
  authorized by the budget ordinance.In the period
  the interfund receivable and payable arise.
• 3. (TCO C) Comparisons of budgeted versus actual
  revenues and expenditures are a requirement of
  which of the following situations? (Points 5)
• Required by GAAP for the general fund and major
  special revenue funds for which an annual budget
  has been legally adopted.Required by GAAP for
  all government fund types.Required by GAAP for
  internal management reports only, they are not
  permitted for external financial reporting.It is
  optional under GASB standards for all funds.