Acc460 Entire Class /Week 1 to 5 Essay

1532 Words Jan 1st, 2015 7 Pages
ACC460 Entire Class /Week 1 To 5
ACC460 Government and Non-Profit Accounting
Click Here To Get Entire Class Week 1
Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper
Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting.
Explain the objectives of the two standards boards and how they are similar and different.
Describe how the modified accrual basis of accounting differs from full accrual accounting.
Format your paper consistent with APA guidelines.
Discussion Questions DQ 1 Log into Choose a good
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Locate and review a copy of the budget accompanying your selected CAFR.

Prepare a 700- to 1,050-word overview of the government that filed your selected CAFR.

Include the following information in your overview:

• Population
• Governmental structure
• Size of budget and its interrelationship with the CAFR
• Major industries located in the entity
• Other pertinent demographic information

Format your paper consistent with APA guidelines.
Discussion Questions
DQ 1 What is meant by an in-substance defeasance, and how can a government use it to lower its interest costs? How must it recognize a gain or loss on defeasance if it accounts for the debt in a proprietary fund?How do the GASB standards pertaining to in-substance defeasances differ from those of the FASB?
DQ 2 What is an encumbrance? How does an encumbrance affect expenses and expenditures? What is the impact of encumbrance accounting on a governmental budget? Explain.
DQ3 What are the basic principles of fund accounting? When do governmental entities recognize revenue? Why is timing important in recognizing revenue?
DQ4 What is the purpose of the capital projects fund? What is the purpose of the debt service fund? What is inter-period equity? How does inter-period equity affect capital project and debt services funds?

Week 3

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