ACCT 567 Flashcards
ACCT 567 Entire Course With Final Exam
ACCT 567 Week 1 Exercises
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 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
ACCT 567 Week 6 Problem 12-4
ACCT 567 Week 7 Problems 16-3 and 17-6
ACCT 567 Week 8 Final Exam
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ACCT 567 Week 1 Exercises
From the textbook, complete the following problems.
Chapter 1: Exercise 1–3 Chapter 2: Exercises 2–3 and 2–5
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ACCT 567 Week 2 Case Study I
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.
The following budget was adopted by the city council:
Estimated Revenues:
Property Taxes $ 650,000
Fines and Penalties 44,000
Licenses and Permits 150,000
Federal Grant 85,000
929,000
Appropriations and Other Financing Uses
Public Safety 402,000
General Government 263,000
Public Works 102,000
Parks and Recreation 92,000
Transfers Out 34,000
893,000
Encumbrances outstanding at the end of the year were re-opened. Property taxes of $ 660,000 were levied. It is estimated that 2.5% of the property taxes levied are expected to be uncollectible/ Purchase orders issued for the 2012 fiscal year were as follows:
Public Safety, $ 395,000; General Government, $ 259,000; Public Works, $ 100,000; Parks and Recreation, $ 98,000.
Cash collected for the Federal Grant from the Federal Government, $ 94,000. Cash collected and transferred in as follows:
Fines and Penalties 43,000
Licenses and Permits 164,000
Cash collected on property taxes were as follows: Current taxes, $559,000, Delinquent Taxes, $ 41,000 and $ 22,000 of interest and penalties were collected. Purchase orders issued in 2012 in the following amounts were filled in at the following amounts:
Estimated Actual
Public Safety $ 395,000 $ 393,600
General Government $ 259,000 $ 258,200
Public Works $ 100,000 $ 99,400
Parks and Recreation $ 98,000 $ 97,500
————— —————
$ 852,000 $ 848,700
Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000. Please reclassify the Taxes Receivable –Current and Estimated Uncollectible Taxes- Change from Current to Delinquent.
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ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10
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
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.
- 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 donor’s books at a historical cost of $4,500,000.
- 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.
- A car was leased for the mayor’s 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.
- 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.
- 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
ACCT 567 Week 3 Test All Questions and Answers
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ACCT 567 Week 4 Midterm Exam
- (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. - (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. - (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis? (Points : 5)
Both state and local governments and federal agencies are required to provide a MD&A.
Federal agency financial reports are required to provide a MD&A.
State and local government agencies are required to provide a MD&A.
Both state and local government and federal agencies are encouraged, but not required to provide a MD&A. - (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points : 5)
While GASB standards guide the format of the comparison, it does not require governments to maintain budgetary accounts.
GASB standards require governmental entities to present a comparison of budgeted and actual results for the General Fund and special revenue funds with legally adopted budgets.
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ACCT 567 Week 4 Problems 7-3 and 7-8
During the fiscal year ended September 30, 2011, the following transactions (summarized) occurred:
- Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.
- Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.
- Utility bills received from the Town of Fredericksburg’s Utility Fund during the year amounted to $23,500.
- Office expenses paid in cash during the year amounted to $10,500.
- Service supplies purchased on account during the year totaled $157,500.
- Parts and supplies used during the year totaled $152,300 (at cost).
- Charges to departments during the fiscal year were as follows:
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ACCT 567 Week 5 Case Study City of Shipley
ACCT 567 Week 5 Case Study City of Shipley
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ACCT 567 Week 5 Homework Case study
ACCT 567 Week 5 Homework Case study
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ACCT 567 Week 5 Problems 8-4 and 9-4
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
1. 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 Permanent Fund
- Question : (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)
Private-Purpose Trust Fund.
Investment Trust Fund.
Pension Trust Fund.
Agency Fund.
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ACCT 567 Week 6 Problem 12-4
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
Elizabeth College, a small private college, had the following transactions in fiscal year 2011.
- 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.
- 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.
- A pledge campaign generated $626,000 in unrestricted pledges, payable in fiscal year 2012.
- Auxiliary enterprises provided goods and services that generated $94,370 in cash.
- Collections of tuition receivable totaled $5,380,000.
- Unrestricted cash of $1,000,000 was invested.
- The college purchased computer equipment at a cost of $10,580.
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ACCT 567 Week 8 Final Exam
- (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 Compliance
The cost of government services
Fiscal accountability
- (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. - (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.
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