Monday, 23 September 2019

ACC 460 – Accounting Assignment Help – University of Phoenix


ACC 460 – Accounting Assignment Help


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Week 1 Discussion - Government vs. Not-for-profit Accounting

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Respond to the following in a minimum of 175 words:

What are the major differences between government accounting and for-profit business accounting? Be sure to consider accounting standards, statements, and reporting. What are the reasons behind these differences?

Reply to at least two of your classmates. Be constructive and professional in your responses.




Week 1: 1-14: Research Case- Comparing Financial Reporting Objectives  

Click the Access Point to Wk 1: 1-14 Research Case- Comparing Financial Reporting Objectives

Review Ch 1 Case 1-14, Research Case-GASB

Write a 175- to 350-word response.

Compare financial reporting needs of resource providers of not-for-profit organizations to financial reporting needs of resource providers of for-profit organizations


Week 1: 1-14: Research Case- Comparing Financial Reporting Objectives        

Research Case— Comparing Financial Reporting Objectives. GASB Concepts Statement No. 1, “Objectives of Financial Reporting,” states, “Accountability is the cornerstone of all financial reporting in government.” FASB Statements of Financial Accounting Concepts Statement No. 8, “Conceptual Framework for Financial Reporting” states that “The objective of general purpose financial reporting is to provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity.” However, the FASB has acknowledged through Statement of Financial Accounting Concepts No. 4, “Objectives of Financial Reporting by Non-business Organizations,” that users of business and not-for-profit entities differ.

Required

Compare the financial reporting needs of the resource providers of government/not-for-profit organizations to the financial reporting needs of the resource providers of for-profit organizations.




Week 1: 2-16: Matching Fund Types with Fund Categories

Click the Access Point to Week 1: 2-16: Matching Fund Types with Fund Categories

Complete Exercise 2-16, Matching Fund Types with Fund Categories. Submit your assignment.

Matching Fun Types with Fund Categories.

For each of the following fund types, indicate its fund category by placing either “GF” for governmental funds, “PF” for proprietary funds, or “FF” for fiduciary funds in the space provided before each item.

Fund Type

__ Agency fund

______ Permanent fund

______ Debt service fund

______ Internal service fund

______ Pension (and other employee benefit) trust fund

______ Special revenue fund

______ Enterprise fund

______ General Fund

______ Investment trust fund

______ Capital projects fund

______ Private-purpose trust fund




Week 1: 3-22: Recording General Fund Operating Budget and Operating Transactions

1.      Click the Access Point to Week 1: 3-22: Recording General Fund Operating Budget and Operating Transactions

Complete Exercise 3-22, Recording General Fund Operating Budget and Operating Transactions (Requirements a and b).

Submit your assignment.

Week 1: 3-22: Recording General Fund Operating Budget and Operating Transactions

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $1,900,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,600,000; Public Works, $350,000; Culture and Recreation, $150,000; and Miscellaneous, $50,000.

Required

a.      Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls's General Fund operating budget on July 1, 2016, the beginning of the Town's 2017 fiscal year.

b.     Prepare journal entries to record the following transactions that occurred during the month of July 2016.

1.     Revenues were collected in cash amounting to $31,000 for licenses and permits and $12,000 for fines and forfeits.

2.     Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:




Week 2 Discussion - Funds Accounting

Discussion Topic

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

 Respond to the following in a minimum of 175 words:

Discuss the differences between proprietary funds, internal service funds, and enterprise funds. How do the differences affect accounting for each type of fund?

Reply to at least two of your classmates. Be constructive and professional in your responses.





Week 2: Exercise 4-15: Examine the CAFR

Click the Access Point to Wk 2: Exercise 4-15: Examine the CAFR

Complete Exercise 4-15: a. (1) b. (1) c. (1)

Download the most recent Comprehensive Annual Financial Report (CAFR) for a city of your choice.

Note: many cities with 25,000 or more population provides Internet access to their CAFRs to answer.

Week 2: Exercise 4-15: Examine the CAFR
         
Examine the CAFR. Utilizing the comprehensive annual financial report obtained for Exercise 1-16, follow these instructions.

a.      Governmental Activities, Government-wide Level. Answer the following questions. (1) Are governmental activities reported in a separate column from business-type activities in the two government-wide financial statements? (2) Are assets and liabilities reported either in the relative order of their liquidity or on a classified basis on the statement of net position? (3)  Is information on expenses for governmental activities presented at least at the functional level of detail? (4) Are program revenues segregated into (a) charges for services, (b) operating grants and contributions, and (c) capital grants and contributions on the statement of activities?

b.     General Fund. Answer the following questions. (1) What statements and schedules pertaining to the General Fund are presented? (2) What purpose is each statement and schedule intended to serve? (3) Are any noncurrent or non liquid assets included in the General Fund balance sheet? If so, are they offset by equal amounts classified as “non spendable” fund balances? (4) Are any noncurrent liabilities included in the General Fund balance sheet? If so, describe them. (5) Are revenue classifications sufficiently detailed to be meaningful? (6) Has the government refrained from reporting expenses rather than expenditures?

c.      Special Revenue Funds. Answer the following questions. (1) What statements and schedules pertaining to the special revenue funds are presented? (2) Are these only combining statements, or are there also statements for individual special revenue funds? (3) Are expenditures classified by character (i.e., current, intergovernmental, capital outlay, and debt service)? (4) Are current expenditures further categorized at least by function?




Access the McGraw-Hill Connect simulation.

Each team member must complete the simulation activity. This week you will complete Ch. 1, 2, and 3, which can be found in the Connect Guide.

Discuss, as a team, your experiences, and key concepts learned.

Each team member will receive points, at the instructor's discretion, for completing the simulation and contributing to the discussion

Complete the City of Smithville problems using the Connect Guide:

o    Chapter 1: Introducing the (Short Version) of the City of Smithville Cumulative Problem.

o    Chapter 2: Opening Books.

o    Chapter 3: Recording the Annual Budget.

Submit a PDF version of the post-closing the trial balance for 2016, the pre-closing subsidiary ledgers, and pre-closing General Fund trial balance for 2017.




1. Click the Access Point to Wk 3: Ch. 10 Exercise: Comparative Ratios

Complete the following in Exercise 10-20: a and b, p. 436

Limit the number of financial performance measures to three for the City of Arbor land.

Submit your assignment.




Week 3 Discussions - The CAFR

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Respond to the following in a minimum of 175 words:

What is the purpose of a Comprehensive Annual Financial Report, or CAFR? What standards must a CAFR comply with? What statements comprise a CAFR?

Reply to at least two of your classmates. Be constructive and professional in your responses.





Week 3 Team Assignment: Week 3 Simulation Assignment

Access the McGraw-Hill Connect simulation.
Each team member must complete the simulation activity. This week you will complete Ch. 4, which can be found in the Connect Guide

Discuss, as a team, your experiences and key concepts learned.

Each team member will receive points, at the instructor's discretion, for completing the simulation and contributing to the discussion

Complete the City of Smithville problems using the Connect Guide:

     Chapter 4: Recording Operating Transactions Affecting the General Fund and Governmental Activities at the Government-wide Level. 
Submit a PDF version of the post-closing trial balance for 2016, the pre-closing subsidiary ledgers, and pre-closing General Fund trial balance for 2017.




Week 3: Ch. 9 Exercise: Examine the CAFR

Utilize the CAFR obtained for 4-15 in Week 2.

Complete the following in Exercise 9-15: A B (1) C on p. 397

Submit your assignment.

Week 3: Ch. 9 Exercise: Examine the CAFR

Examine the CAFR. Utilizing the CAFR obtained for Exercise 1-16 and your answers to the questions asked in Exercise 1-16 and the corresponding exercises in Chapters 2 through 8 , comment on the following:

a.      Analysis of Introductory Section. Does the report contain all of the introductory material recommended by the GASB? Is the introductory material presented in such a manner that it communicates significant information effectively—do you understand what the government is telling you? On the basis of your study of the entire report, do you think the introductory material presents the information fairly? Comment on any information in the introductory section you feel is unnecessary and explain why.

b.      Analysis of Financial Statements.

1.      Do the statements, notes, and schedules in the financial section present the information required by the GASB? Are Total columns provided in the basic financial statements and schedules for the primary government and the reporting entity? If so, are the Total columns for the current year compared with Total columns for the prior year?

2.      Review your answers to the questions asked in Exercises 3-15 and 4-15 in light of your study of subsequent chapters of the text and your analysis of all portions of the annual report. Based on your current knowledge and understanding of government accounting, would you change or modify any of your earlier answers? If so, explain how you would change them and why you would change them.

c.      Analysis of Statistical Section. Does the statistical section present information in the five categories defined by the GASB? What tables and schedules are presented for each category? Does the information provided in each category appear to meet the purpose of the category? Explain your response.





Week 3: Ch. 12 Multiple Choice Assignment

1.      Click the Access Point to Wk 3: Ch. 12 Multiple Choice Assignment

Complete the multiple-choice questions in Exercise 12-15, p. 510: 1-10

Submit your assignment.

Exercise 12-15, p. 510: 1-1

Multiple Choice. Choose the best answer.

1.       Budgets of government entities:

a.       Are integrated with the financial accounting system.
b.       Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
c.       Are adopted by governments after required public hearings.
d.       All of the above.

2.       Which of the following statements regarding the budgets of not-for-profit organizations is true?

a.       Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
b.       A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
c.       The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
d.       All of the above statements are true.

3.       Page 511Which of the following steps would not usually be part of the budgeting process?
a.       Heads of operating departments prepare budget requests.
b.       The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
c.       One or more public budget hearings are held.
d.       Budget officer and other central administrators review and make adjustments to departmental requests.





Week 4 Discussion - Tax-Exempt Status

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

 Respond to the following in a minimum of 175 words:

Discuss how tax-exempt status is granted to public charities, private foundations, and commercial organizations. What differences are there in terms of the criteria an organization must meet to be designated tax-exempt? What governing body decides on these criteria?

Reply to at least two of your classmates. Be constructive and professional in your responses.





Week 4: Ch. 13 Exercise: Recording Revenue and Related Expense Transactions

1. Week 4: Ch. 13 Exercise: Recording Revenue and Related Expense Transactions

Complete the following questions in Exercise 13-20, p. 570: 1-5

Exercises and Problems

13-14
         
Multiple Choice. Choose the best answer.

1.      Which of the following organizations would be considered a nongovernmental not-for-profit organization?

a.      An organization that provides shelter for men who have been victims of domestic violence and has been designated as a not-for-profit organization by the IRS. The board of trustees is composed of county commissioners, but in the case of the dissolution of the organization, any remaining funds would be donated to the United Way. Funding for the organization comes entirely from contributions.

b.      An organization that provides services to persons who wish to learn English as their second language. The organization is incorporated and is funded by fees charged to the learners. All profits are reinvested in the organization to provide further services. The organization has applied for not-for-profit status with the IRS.

c.      An organization classified by the IRS as a not-for-profit organization that employs individuals with disabilities in a workshop where the workers make custom stationery out of recycled goods. The organization receives cash and in-kind contributions as well as the proceeds from the sale of the stationery. The organization's board is composed of local businessmen and women.

d.      An organization that provides fund-raising services for another not-for-profit organizations. The organization is funded by fees for its services and was incorporated by the former chairperson of the local United Way organization. The organization distributes 40 percent of its profits to local charities.

2.      According to GAAP, all not-for-profit organizations are required to prepare

a.      A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.

b.      A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.

c.      Page 564A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.

d.      A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.




Week 4: Ch. 13 Multiple Choice Assignment

Complete the multiple-choice questions in Exercise 13-14, p. 563: 1-10

Exercises and Problems

Multiple Choice. Choose the best answer.

1.      Which of the following organizations would be considered a nongovernmental not-for-profit organization?

a.     An organization that provides shelter for men who have been victims of domestic violence and has been designated as a not-for-profit organization by the IRS. The board of trustees is composed of county commissioners, but in the case of the dissolution of the organization, any remaining funds would be donated to the United Way. Funding for the organization comes entirely from contributions.

b.      An organization that provides services to persons who wish to learn English as their second language. The organization is incorporated and is funded by fees charged to the learners. All profits are reinvested in the organization to provide further services. The organization has applied for not-for-profit status with the IRS.

c.      An organization classified by the IRS as a not-for-profit organization that employs individuals with disabilities in a workshop where the workers make custom stationery out of recycled goods. The organization receives cash and in-kind contributions as well as the proceeds from the sale of the stationery. The organization's board is composed of local businessmen and women.

d.      An organization that provides fund-raising services for other not-for-profit organizations. The organization is funded by fees for its services and was incorporated by the former chairperson of the local United Way organization. The organization distributes 40 percent of its profits to local charities.

2.      According to GAAP, all not-for-profit organizations are required to prepare

a.      A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.

b.      A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.

c.      Page 564A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.

d.      A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.



 
Week 4: Ch. 14 Questions Assignments
Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.
Submit your assignment.


14-1
Identify which level(s) of government regulate(s) NFP organizations and identify the source of authority

14-4
What are the distinguishing characteristics between a public charity and a private foundation? What is a public support test and how does it relate to public charities and private foundations?





Week 5 Discussion - Financial Reporting

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Respond to the following in a minimum of 175 words:

Discuss the differences in financial reporting for public and private colleges and universities. (Refer to Ch. 15 of your textbook if necessary.)  Which of the two—public or private—follow the same reporting guidelines as a nongovernmental not-for-profit organization? Which may have taxing authority?

Reply to at least two of your classmates. Be constructive and professional in your responses.




Week 5: Ch. 16 Exercise: Revenue and Related Transactions

Click the Access Point to Wk 5: Ch. 16 Exercise: Revenue and Related Transactions

Complete Exercise 16-19, a and b, p. 679.

Submit your assignment.

16-19
         
Revenue and Related Transactions. During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year).

1.     Services provided to inpatients and outpatients amounted to $9,600,000, of which $450,000 was for charity care, $928,000 was paid by uninsured patients, and $8,222,000 was billed to Medicare, Medicaid, and insurance companies.

2.     Donated pharmaceuticals and medical supplies valued at $265,000 were received and utilized as general expenses.

3.     Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,365,000 of the $8,222,000 billed by the hospital during the year (see transaction 1).

4.     An unconditional contribution of $5,000,000 was received in cash from a donor to construct a new facility for care of Alzheimers patients. The full amount is expendable for that purpose. No activity occurred on this project during the current year.

5.     A total of $965,000 was received from the following activities/sources: cafeteria and gift shop sales, $710,000; medical seminars, 125,000; unrestricted transfers from the Evanston General Hospital Foundation, $75,000; and fees for medical transcripts, $55,000.

6.     Uncollectible accounts totaling $3,250 were written off. The allowance for uncollectible receivables was increased by $1,170.

Required

a.     Record the preceding transactions in general journal form.

b.     Prepare the unrestricted revenues, gains, and other the support section of Evanston General Hospital's statement of operations for the current year, following the format in Illustration 16-4.



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