Category Archives: ACC 460 (recent)

ACC 460 Week 5 Team Problem 15-17 Private College Transactions recent

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ACC 460 Week 5 Team Problem 15-17 Private College Transactions recent
Complete questions 15-17, a and b.
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Private College Transactions. Steiner College’s statement of financial position for the year ended June 30, 2016, is presented here. Steiner is a private college.
The following transaction information (amounts in thousands) pertains to the year ended June 30, 2017.
1. During the year charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.
2. The college received unrestricted cash contributions of $2,080, pledges to be collected in 2018 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.
3. Collections on Tuition and Fees Receivable totaled $222,600
4. Net deposits returned to students totaled $10.
5. Expenses were incurred for:
Instruction $86,100
Academic support 23,300
Student services 37,700
Institutional support 28,500
6. Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in temporarily restricted net assets.
7. The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
8. Investment earnings received for the period were $3,960, of which $2,070 was temporarily restricted.
9. Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to temporarily restricted net assets, $1,610 was related to permanently restricted net assets, the remainder was related to unrestricted net assets).
10. Nominal accounts were closed.
Required
a. Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017.
b. Prepare a statement of activities for the year ended June 30, 2017.
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ACC 460 Week 5 Team Key Concept Presentation recent

ACC 460 Week 5 Team Key Concept Presentation recent

 

Create a slide presentation of 10 to 12 slides.

Address the following:

  • Examine FASB financial reporting requirements for a private college.
  • Apply basics of GAAP pertaining to categorizing restrictions on net assets.
  • Evaluate whether the entity is subject to the requirements of the Single Audit Act and the provisions of Office of Management and Budget.

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ACC 460 Week 5 Question 15-1 recent

ACC 460 Week 5 Question 15-1 recent

Complete Question 15-1, p. 632, in approximately 30 to 90 words.

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Identify the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

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ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper recent

ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper recent

Analyze the financial statements and audit report of a not-for-profit organization readily and publically available on an active website.

Create a 700- to 1,050-word overview of one not-for-profit organization in an area of interest to your team and review the financial statements and audit report for the organization. 

Address the following: 

  • Evaluate how the selected not-for-profit’s financial statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations.
  • Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions. How should they be recorded and subsequently reported in the financial statements.
  • Explain the impact if your not-for-profit confers excess economic benefits on disqualified persons.

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ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense Transactions recent

ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense Transactions recent

Complete the following questions in Exercise 13-20, p. 570:
• 1-5
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Recording Revenue and Related Expense Transactions. The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organization’s only program. It is the policy of the community kitchen to use temporarily restricted resources for which the purpose has been met before unrestricted resources. The Kitchen had the following revenue and expense transactions during the 2017 fiscal year.
1. Unrestricted cash donations of $25,000 were received. A local philanthropist also contributed $3,000, which was to be used for the purchase of Thanksgiving dinner foodstuffs.
2. A local grocery store provided fresh produce with a fair value of $100. The produce was immediately used.
3. Volunteers from the local university contributed 100 hours to preparation and serving of meals. The estimated fair value of their labor was $750.
4. The Kitchen received a $5,000 federal grant for the purchase of institutional kitchen appliances.
5. At Thanksgiving time, the Kitchen spent $4,100 on foodstuffs for preparation of the Thanksgiving dinner.
Required
Make all necessary journal entries to record these transactions.
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ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment recent

ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment recent

 

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

  • 1-10

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Multiple Choice. Choose the best answer.

  1. Which of the following organizations would be considered a nongovernmental not-for-profit organization?
    1. 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.
    2. 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.
    3. 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.
    4. 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
  3. A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.
  4. A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.
  5. A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.
  6. A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.
  7. Jane’s Planes is an organization that provides air transportation for critically ill children. A friend of Jane’s Planes, Richard Bucks donated a plane to be used over its remaining life solely for transportation of critically ill children. In addition, he donated a substantial amount of investments that were to be used strictly to generate income to help fund the organization’s expenses. These donations would be included in the organization’s net assets as:

Plane

Investments

a.       Permanently restricted

b.      Temporarily restricted

c.       Permanently restricted

d.      Temporarily restricted

o    Permanently restricted

o    Permanently restricted

o    Temporarily restricted

o    Temporarily restricted

  1. In a local NFP elementary school’s statement of cash flows, a contribution restricted for use on a recent building project would be reported as:
    1. A financing activity.
    2. A capital and related financing activity.
    3. An investing activity.
    4. An operating activity.
  2. A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing a signed agreement with the donor, the museum should:
  3. Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $1,000,000.
  4. Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $500,000.
  5. Not make a journal entry until the conditions of the agreement have been met.
  6. Either a or c are permissible, depending on the museum’s established policy.
  7. Program revenue and supporting services expense.
  8. Contribution revenue and supporting services expense.
  9. Program revenue and program expense.
  10. Contribution revenue and a program expense.
  11. Special event revenue of $4,800 and special event expense of $1,500.
  12. Special event revenue of $4,800 and fund-raising expense of $1,300.
  13. Special event revenue of $2,300 and fund-raising expense of $1,300.
  14. Both a and b are correct.
  15. Purpose, mission-related, and benefit to the public.
  16. Purpose, audience, and content.
  17. Purpose, expand donor base, and content.
  18. Reasonable, improve financial condition, and benefit to the public.
  19. A fund-raising cost.
  20. A program cost.
  21. Both a fund-raising and program cost.
  22. A management and general expense.
  23. The organization has variance power.
  24. The organization elects to consistently report such donor gifts as contribution revenue.
  25. The beneficiary organization requests a delay in receiving the contribution from the intermediary organization.
  26. All of the above are correct.
  27. Orlando Perez, president of a local information systems company, volunteered his time to help develop software for Best Friends, a local no-kill pet shelter. The software will allow the organization to track intake, placement, and statistics of animals in its three locations. Without Mr. Perez’s assistance, Best Friends would have needed to hire someone to develop this software. Best Friends should record the value of Mr. Perez’s time as:
  28. The Maryville Cultural Center recently conducted a successful talent show in which local talent performed for a nominal prize. The talent show is an ongoing major event and is central to the center’s mission. The event raised $4,800 in gross revenue. Expenses related to the event included $1,000 to rent an auditorium, $1,200 to advertise the event, $500 for trophies and other awards for the winner and the runners up, and $100 for printing and mailing tickets. The center believes there was no monetary value received by donors (attendees). To report this event in its statement of activities, the center will report:
  29. Many not-for-profit organizations attempt to classify fund-raising expenses as program services expenses by making the activities look educational in nature or advocating for the mission of the organization. For such expenses to be reported as program services expenses, they must meet which of the following three criteria:
  30. Save Our Beaches, a NFP organization, prepared and distributed a tri-fold flyer to individuals and families at White Sands Beach, a popular beach for both residents and tourists. The flyer provided information about beach pollution and invited the public to participate in the organization’s semi-annual beach cleanup. In addition, one segment of the flyer solicited contributions to the organization to help fund its activities. The cost of the flyer and its distribution would be considered:
  31. A particular organization functions as an intermediary between donors and other beneficiary organizations. The intermediary organization must report contribution revenue from donors if:
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ACC 460 Week 4 Chapter 14-1, 14-4 recent

ACC 460 Week 4 Chapter 14-1, 14-4 recent 

 

Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.

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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?
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ACC 460 Week 3 Team Simulation Assignment recent

ACC 460 Week 3 Team Simulation Assignment recent

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.
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ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment recent

ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment recent

 

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

  • 1-10

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Multiple Choice. Choose the best answer.

  1. Budgets of government entities:
    1. Are integrated with the financial accounting system.
    2. Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
    3. Are adopted by governments after required public hearings.
    4. All of the above.
  2. Which of the following statements regarding budgets of not-for-profit organizations is true?
  3. Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
  4. A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
  5. The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
  6. All of the above statements are true.
  7. Heads of operating departments prepare budget requests.
  8. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
  9. One or more public budget hearings are held.
  10. Budget officer and other central administrators review and make adjustments to departmental requests.
  11. The accounting system should provide the basis for appropriate budgetary control.
  12. Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
  13. Annual budgets should be adopted by each government.
  14. All of the above.
  15. Can be presented as a schedule within required supplementary information (RSI) or as a statement in the basic financial statements.
  16. Must be a schedule included as part of RSI.
  17. Continues to be a statement included in the basic financial statements.
  18. Is no longer required.
  19. Incremental budgeting.
  20. Zero-based budgeting.
  21. Performance budgeting.
  22. Planning-programming-budgeting.
  23. Customer.
  24. Internal business processes.
  25. Economy and efficiency.
  26. Learning and growth.
  27. Must adhere to GASB SEA guidance.
  28. Must adhere to GASB SEA guidance only if the SEA report is part of the CAFR.
  29. Must adhere to guidance provided by the Association of Government Accountants (AGA) because GASB has not issued standards addressing SEA.
  30. May refer to guidance provided by the GASB, the AGA, or other professional organizations.
  31. Measures that relate the quantity or cost of resources used to units of output.
  32. Measures that relate to the amount of financial and nonfinancial resources used in a program or process.
  33. Measures that relate costs to outcomes.
  34. Measures that reflect either the quantity or quality of a service provided.
  35. Financial Accounting Standards Board pronouncements.
  36. Government Finance Officers Association best practices documents.
  37. Principles published by the Association of Government Accountants.
  38. Guidelines issued by the Office of Management and Budget.
  39.  Which of the following steps would not usually be part of the budgeting process?
  40. The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
  41. The budgetary comparisons required of state and local governments under GASB standards:
  42. An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
  43. Which of the following does not represent a performance measurement group under the balanced scorecard?
  44. Governments that choose to report service efforts and accomplishments (SEA):
  45.      Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
  46. Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?
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ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR recent

ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR recent

 

 

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

Complete the following in Exercise 9-15:

  • A
  • B (1)
  • C on p. 397

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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.

d.     Service Potential of the CAFR. In your opinion, what are the most important information needs that a governmental annual report should fulfill for each of the following:

1.     Administrators.

2.     Members of the legislative branch.

3.     Interested residents.

4.     Creditors or potential creditors.

In what ways does the CAFR you have analyzed meet the information needs you have specified for each of the four groups, assuming that members of each group make an effort to understand reports equivalent to the effort you have made? In what way does the report fail to meet the information needs of each of the four groups?

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