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ACCT 567 Flashcards

1
Q

ACCT 567 Entire Course With Final Exam

A

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
http://www.homeworkrank.com/acct-567-keller/acct-567-entire-course-with-final-exam

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2
Q

ACCT 567 Week 1 Exercises

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From the textbook, complete the following problems.

Chapter 1: Exercise 1–3 Chapter 2: Exercises 2–3 and 2–5
http://www.homeworkrank.com/acct-567-keller/acct-567-week-1-exercises

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3
Q

ACCT 567 Week 2 Case Study I

A 
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
http://www.homeworkrank.com/acct-567-keller/acct-567-week-2-case-study-i
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4
Q

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

A

From the textbook, complete the following problems.

Problems 3-9 and 4-4, 4-6, 4-10
http://www.homeworkrank.com/acct-567-keller/acct-567-week-2-problems-3-9-and-4-4,4-6,4-10

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5
Q

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

A

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 donor’s 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 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.
    http: //www.homeworkrank.com/acct-567-keller/acct-567-week-3-problems-5-3-and-6-5
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6
Q

ACCT 567 Week 3 Test All Questions and Answers

A

ACCT 567 Week 3 Test All Questions and Answers
http://www.homeworkrank.com/acct-567-keller/acct-567-week-3-test-all-questions-and-answers

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7
Q

ACCT 567 Week 4 Midterm Exam

A
  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 Management’s Discussion and Analysis? (Points : 5)
    http://www.homeworkrank.com/acct-567-keller/acct-567-week-4-midterm-exam
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8
Q

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

A

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 employer’s 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 Fredericksburg’s 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:
    http: //www.homeworkrank.com/acct-567-keller/acct-567-week-4-problems-7-3-and-7-8
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9
Q

ACCT 567 Week 5 Case Study City of Shipley

A

ACCT 567 Week 5 Case Study City of Shipley

http://www.homeworkrank.com/acct-567-keller/acct-567-week-5-case-study-city-of-shipley

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10
Q

ACCT 567 Week 5 Homework Case study

A

ACCT 567 Week 5 Homework Case study

http://www.homeworkrank.com/acct-567-keller/acct-567-week-5-homework-case-study

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11
Q

ACCT 567 Week 5 Problems 8-4 and 9-4

A

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.

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.

http://www.homeworkrank.com/acct-567-keller/acct-567-week-5-problems-8-4-and-9-4

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12
Q

ACCT 567 Week 5 Test All Questions and Answers

A 
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
  1. 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
    http://www.homeworkrank.com/acct-567-keller/acct-567-week-5-test-all-questions-and-answers
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13
Q

ACCT 567 Week 6 Problem 12-4

A

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?
http: //www.homeworkrank.com/acct-567-keller/acct-567-week-6-problem-12-4

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14
Q

ACCT 567 Week 7 Problems 16-3 and 17-6

A

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:
    http: //www.homeworkrank.com/acct-567-keller/acct-567-week-7-problems-16-3-and-17-6
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15
Q

ACCT 567 Week 8 Final Exam

A
  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 Compliance
The cost of government services
Fiscal accountability

  1. (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.
  2. (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.
    http://www.homeworkrank.com/acct-567-keller/acct-567-week-8-final-exam
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