Acct 567 Governmental And Non Profit Accounting Complete Course Week 1 To 8 Devry

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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)

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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

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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; e

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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 fol

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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)

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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)

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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)

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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)

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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)

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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)