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Tuesday, 10 January 2017

ACC 410 WEEK 11 FINAL EXAM

ACC 410 WEEK 11 FINAL EXAM

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ACC 410 WEEK 11 FINAL EXAM

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Friday, 6 January 2017

ACC 410 WEEK 9 QUIZ 7

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Chapter 12

Not-for-Profit Organizations

TRUE/FALSE (CHAPTER 12)

FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position.

In the statement of activities, FASB Statement No. 117 requires revenues to be reported as increases in one of the three categories of net assets, depending on donor-imposed restrictions; however, all expenses should be reported as decreases in unrestricted net assets.

Restricted contributions may be reported as unrestricted if the restriction has been met in the same period as the contribution is made.

FASB Statement No. 95 requires not-for-profits to use the direct method in their statements of cash flows.

In accounting for investments, not-for-profits, like businesses, must report their investments at fair value and classify the investments as either trading, available-for-sale, or held-to-maturity.

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ACC 410 WEEK 8 QUIZ 6

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Chapter 13

Colleges and Universities

TRUE/FALSE (CHAPTER 13)

Government (public) colleges and universities must adhere to the FASB pronouncements.

Private not-for-profit colleges and universities are subject to the same FASB standards as other not-for-profit entities.

Most colleges and universities classify revenues by source and expenses by function.

GASB requires that revenues be classified into three categories of restrictiveness based on donor specification.

In a public university setting, general administration and sponsored research are examples of revenues classified by source.

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ACC 410 WEEK 7 QUIZ 5

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Chapter 11

Issues of Reporting, Disclosure, and Financial Analysis

TRUE/FALSE (CHAPTER 11)

Governments must combine their blended component units into both the fund and government-wide statements.

Governments must combine their discretely presented component units into both the fund and the government-wide statements.

A related organization is a contractual arrangement whereby two or more participants agree to carry out a common activity and share its risks and rewards.

A primary government can impose its will on a potential component unit if it has the authority to modify or approve the unit’s budget.

The comprehensive annual financial report (CAFR) is divided into three main sections: the table of contents section, the auditors’ report section, and the financial section.

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Thursday, 5 January 2017

ACC 410 WEEK 6 QUIZ 4

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CHAPTER 9 BUSINESS-TYPE ACTIVITIES

TRUE/FALSE (CHAPTER 9)

In both the fund statements and the government-wide statements, business-type activities and internal service funds are on a full accrual basis, and their measurement focus is on all economic resources.
The operating statement required as one of the three basic financial statements for proprietary funds is called the statement of revenues, expenditures, and changes in net position.
The amounts reported in proprietary fund statements are generally the same as those reported in the government-wide statements because both sets of statements are on a full accrual basis of accounting.
Governments are required to prepare a statement of cash flows for proprietary funds, but not for governmental funds.
GASB Statement No. 34 mandates that governments report their cash flows from operations using the indirect method.
The FASB mandates that entities report their cash flows from operations using the direct method.
Governments generally do not have to get formal legislative approval for enterprise fund budgets or incorporate them into their accounting systems.
In accounting for closure and postclosure landfill costs in an enterprise fund, a government does not necessarily have to “fund” the costs during the landfill’s useful life; it merely has to report both an expense and a liability for them.
The revenues of an internal service fund are the expenditures and expenses of other funds of that government.
The proprietary fund operating statement includes ALL changes in net position including capital contributions.
Governments must account for an activity in an enterprise fund only if local laws specifically require use of an enterprise fund.
Governments are not required to incorporate proprietary fund budgets into the accounting system.
GASB standards require that governments advance fund landfill closure and postclosure costs on an actuarial basis similar to the advance funding of pension plans.
The costs of cleaning up toxic substances seeping out from an abandoned county dump into the town water supply may be accounted for in either a governmental fund or an enterprise fund.
Internal service funds should be consolidated with other governmental funds in the government-wide statements.

Governments may choose whether to account for internal service fund activities on an accrual basis or a modified accrual basis.

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ACC 410 WEEK 5 MIDTERM

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Chapter 1

The Government and Not-For-Profit Environment

MULTIPLE CHOICE (CHAPTER 1)

PROBLEMS (CHAPTER 1)

ESSAY (CHAPTER 1)

Chapter 2

Fund Accounting

TRUE/FALSE (CHAPTER 2)

MULTIPLE CHOICE (CHAPTER 2)

PROBLEMS (CHAPTER 2)

ESSAYS (CHAPTER 2)

Chapter 3

Issues of Budgeting and Control

TRUE/FALSE (CHAPTER 3)

MULTIPLE CHOICE (CHAPTER 3)

PROBLEMS (CHAPTER 3)

ESSAYS (CHAPTER 3)

Chapter 4

Recognizing Revenue in Governmental Funds

TRUE/FALSE (CHAPTER 4)

MULTIPLE CHOICE (CHAPTER 4)

PROBLEMS (CHAPTER 4)

ESSAYS (CHAPTER 4)

Chapter 5

Recognizing Expenditures in Governmental Funds

TRUE/FALSE (CHAPTER 5)

MULTIPLE CHOICE (CHAPTER 5)

PROBLEMS (CHAPTER 5)

ESSAYS (CHAPTER 5)

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Wednesday, 4 January 2017

ACC 410 WEEK 4 QUIZ 3

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CHAPTER 6

Accounting for Capital Projects and Debt Service

TRUE/FALSE (CHAPTER 6)

The resources to service all general long-term debt of governments are typically accounted for in debt service funds.

When governments establish capital projects funds, they may choose to maintain a separate fund for each major project, or they may choose to combine two or more projects in a single fund.

Governments are required to integrate budgetary account information in their debt service and capital projects funds only when control cannot readily be established by means other than a budget.

Capital projects funds do not report long-term obligations in the fund.

When bonds are issued at a premium, the capital projects fund can transfer those excess resources to the debt service fund.

When bonds are issued at a discount, the debt service fund usually transfers an amount to the capital projects fund to make up for the deficiency.

In accounting for costs incurred on a major construction project in a capital projects fund, the construction outlays would be reported in the fund as general capital assets.

Debt service funds are maintained to account for resources accumulated to pay interest and principal on general long-term debt—that is, long-term debt associated primarily with governmental activities.

In contrast to the accounting for debt service fund expenditures, the interest revenue on bonds held as investments should be accrued in the period the revenue is earned.

Special assessments are imposed nonexchange transactions, similar to property tax levies.

The interest paid on debt issued for public purposes by state and local governments is generally subject to federal taxation.

Nongovernmental not-for-profits must account for defeasances differently than governments do.

In the statement of revenues, expenditures, and changes in fund balance of a debt service fund, the fund balance amount should be reported as restricted for debt service.

Governments should account for special assessment debt service transactions in a debt service fund, even if they are not obligated to pay the debt.

Arbitrage is the process of negotiating resolution of conflicts between the federal government and municipalities over the applicability of federal regulations.

Sound fiscal policy dictates that the maturity of debt should be no longer than the life of the assets it is used to finance.

Proceeds of debt issued to finance a capital project should be reported in a capital projects fund as a liability until the project is completed.

Special assessment debt to be paid from a water utility fund should be accounted for in that fund along with the related capital improvements.

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ACC 410 WEEK 3 QUIZ 2

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Chapter 3

Issues of Budgeting and Control

TRUE/FALSE (CHAPTER 3)

Capital budgets focus on plans for the acquisition and construction of fixed assets.
The accounting cycle for most governments is two to three years, consistent with the terms of elected officials.
Most budgets are prepared on a cash or modified cash basis.
Neither the GASB nor the FASB sets standards for budgetary accounting.
State and local governments must prepare their GAAP budgetary comparisons on the modified accrual basis of accounting.
When budgets are integrated into a government’s accounting system, estimated revenues are debited.
Encumbrances and expenditures both reduce total fund balances of state and local governments.
Not-for-profit budgets focus first on revenues and secondarily on expenditures.
State and local governments’ budget-to-actual comparisons present both original and final budget amounts.
Cash-basis budgets help governments focus on interperiod equity.
Reserve for encumbrances accounts should be closed at year-end.
Capital budgets concentrate on long-lived assets.

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ACC 410 WEEK 2 QUIZ 1

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CHAPTER 1

The Government and Not-For-Profit Environment

TRUE/FALSE (CHAPTER 1)

The main objective of a typical governmental entity is to earn a profit.

A government’s budget may be backed by the force of law.

Governmental entities have no need for an accounting system.

Governments and not-for-profits employ a system of accounting known as fund accounting.

Governments and not-for-profits may never engage in business-type activities.

Lenders use the financial statements of governments and not-for profits just as they would those of businesses, that is, to help assess the borrower’s credit-worthiness.

Financial statements, no matter how prepared, do not directly impact the economic worth of an entity.

Cash flow statements are governments’ paramount financial documents.

Most governments budget on an accrual basis.

The Governmental Accounting Standards Board established generally accepted accounting principles for all state and local government entities, as well as all nongovernment entities.

MULTIPLE CHOICE (CHAPTER 1)

1. A primary characteristic that distinguishes governmental entities from business entities is

a) the need to generate revenues equal to or in excess of expenditures/expenses.

b) the importance of the budget in the governing process.

c) the need to provide goods or services.

d) the correlation between revenues generated and demand for goods or services.

2. Which of the following characteristics is NOT a characteristic that may distinguish a governmental or not-for-profit entity from a business entity?

a) There is often no direct link between revenues generated and expenditures/expenses incurred.

b) Capital assets may neither produce revenues nor save costs.

c) Revenues may not be indicative of demand for goods and services.

d) The mission of the entity will determine the goods or services provided.

3. The most significant financial document provided by a governmental entity may be

a) the balance sheet.

b) the operating statement.

c) the operating budget.

d) the cash flow statement.

4. Which of the following statements is NOT true?

a) All governmental entities engage in similar activities.

b) There are many different types of governments.