ACCT 567Course Real Knowledge / acct567.com

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ACCT 567Course Real Knowledge / acct567.com
The Best way to predict the Future is to create
it.....To Best way....
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Entire Course (Keller) For more course
tutorials visit www.acct567.com ACCT 567 Week 1
Exercises ACCT 567 Week 2 Case Study I ACCT 567
Week 2 Problems 3-9 and 4-4, 4-6, 4-10 ACCT 567
Week 3 Problems 5-3 and 6-5 ACCT 567 Week 4
Midterm Exam ACCT 567 Week 4 Problems 7-3 and
7-8 ACCT 567 Week 5 Case Study City of
Shipley ACCT 567 Week 5 Homework Case study ACCT
567 Week 5 Problems 8-4 and 9-4 ACCT 567 Week 5
Test All Questions and Answers ACCT 567 Week 6
Problem 12-4 ACCT 567 Week 7 Problems 16-3 and
17-6
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 1 Exercises (Keller) For more
course tutorials visit www.acct567.com From the
textbook, complete the following problems.
Chapter 1 Exercise 13 Chapter 2 Exercises 23
and 25
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 2 Case Study I (Keller) For more
course tutorials visit www.acct567.com ACCT567
Case Study I (Week 2) The General Fund of
Middleville has presented you with the following
trial balance as of June 30, 2011. Debits
Credits Cash 40,000 Taxes Receivable-
Delinquent 142,000 Estimated Uncollectible Taxes-
Delinquent 9,100 Interest and Penalties
Receivable 32,000 Vouchers Payable
24,000 Budgetary Fund Balance-Reserve for
Encumbrances 10,200 Fund Balance _________
170,700 214,000 214,000
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10
(Keller) For more course tutorials
visit www.acct567.com From the textbook, complete
the following problems. Problems 3-9 and 4-4,
4-6, 4-10
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ACCT 567Course Real Knowledge / acct567.com
For more course tutorials visit www.acct567.com Ma
ke all necessary entries in the appropriate
governmental fund general journal and the
government-wide governmental activities general
journal for each of the following transactions
entered into by the City of Fordache. 1. The city
received a donation of land that is to be used by
Parks and Recreation for a park. At the time of
the donation, the land had a fair value of
5,200,000 and was recorded on the donors books
at a historical cost of 4,500,000. 2. The Public
Works Department sold machinery with a historical
cost of 35,100 and accumulated depreciation of
28,700 for 6,400. The machinery had originally
been purchased with special revenue funds. 3. A
car was leased for the mayors use. Since the
term of the lease exceeded 75 percent of the
useful life of the car, the lease was
capitalized. The first payment was 550 and the
present valu
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 4 Midterm Exam (Keller) For more
course tutorials visit www.acct567.com 1. (TCOs A
and B) Fiduciary funds are to use which of the
following measurement and basis of accounting?
(Points 5) Economic resource measurement focus
and accrual basis of accounting.Current
financial resources measurement focus and accrual
basis of accounting.Economic resources
measurement focus and modified accrual basis of
accounting.None of the above, the fiduciary
funds have no revenues. 2. (TCOs A and B) Funds
other than the General Fund are required to be
considered to be a major fund when (Points
5) (A) total assets, liabilities, revenues, or
expenditures/expenses of that fund constitute 10
percent of either the governmental or
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 4 Problems 7-3 and 7-8 (Keller) For
more course tutorials visit www.acct567.com During
the fiscal year ended September 30, 2011, the
following transactions (summarized) occurred 1.
Employees were paid 290,000 wages in cash
additional wages of 43,500 were withheld for
federal income and social security taxes. The
employers share of social security taxes
amounted to 23,375. 2. Cash remitted to the
federal government during the year for
withholding taxes and social security taxes
amounted to 65,500. 3. Utility bills received
from the Town of Fredericksburgs Utility Fund
during the year amounted to 23,500. 4. Office
expenses paid in cash during the year amounted to
10,500.
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 5 Case Study City of Shipley
(Keller) For more course tutorials
visit www.acct567.com The City of Shipley
maintains an Employee Retirement Fund a
single-employer, defined benefit plan that
provides annuity and disability benefits. The
fund is financed by a process that makes
actuarially determined contributions from the
citys General Fund and by contributions that are
made by the employees. The General Fund is
handling the administration of the retirement
fund and it does not have any administrative
expenses. The Statement of Net Assets for the
Employees Retirement Fund as of July 1, 2011 is
shown below City of Shipley Employees Retirement
Fund Statement of Net Assets As of July 1, 2011
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 5 Homework Case study (Keller) For
more course tutorials visit www.acct567.com Case
8 - 1 a. When was CalPERS established? b. What
types of employers contribute to CalPERS?\ c. How
many individuals are served by CalPERS? d. How
many and what types of funds are administered by
CalPERS? e. For the most recent reporting period,
what is the value of total fiduciary assets? f.
For the most recent reporting period, what was
the change in pension fund net assets? g. What
are the funded ratios from the schedule of
funding progress and what do the funded ratios
tell you? h. What is the reporting relationship
between CalPERS and the State of California?
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 5 Problems 8-4 and 9-4 (Keller) For
more course tutorials visit www.acct567.com The
county collector of Lincoln County is responsible
for collecting all property taxes levied by funds
and governments within the boundaries of the
county. To reimburse the county for estimated
administrative expenses of operating the tax
agency fund, the agency fund deducts 1 percent
from the collections for the town, the school
district, and the townships. The total amount
deducted is added to the collections for the
county and remitted to the Lincoln County General
Fund. The Village of Dover administers a defined
benefit pension plan for its police and fire
personnel. Employees are not required to
contribute to the plan. The village received from
the actuary and other sources the following
information about the Public Safety Employees
Pension Fund as of December 31, 2011.
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 5 Test All Questions and Answers
(Keller) For more course tutorials
visit www.acct567.com 1. Question (TCO F) Any
activities that produce goods or services to be
provided to other departments or other
governmental units would be reported in which
fund? Enterprise Fund Internal Service
Fund Advance Fund Agency Fund 2. Question (TCO
F) Government units use which fund type to
account for
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 6 Problem 12-4 (Keller) For more
course tutorials visit www.acct567.com Quad-States
Community Service Agency expended federal awards
during the most recent fiscal year in the
following amounts for the programs
shown Additional information indicates that
Programs 4 and 10 were audited as major programs
in each of the two preceding fiscal years, with
no audit findings reported. Required a. Which
programs would be considered Type A programs and
why? Type B programs? b. Based on the information
provided, which programs would you select for
audit and why? c. If you found out that a new
manager with no previous experience was now in
charge of Program 4, would your answer to part b
change? If so how? ------------------------------
----------------------
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 7 Problems 16-3 and 17-6 (Keller)
For more course tutorials visit www.acct567.com E
lizabeth College, a small private college, had
the following transactions in fiscal year
2011. 1. Billings for tuition and fees totaled
5,600,000. Tuition waivers and scholarships of
61,500 were granted. Students received tuition
refunds of 101,670. 2. During the year the
college received 1,891,000 cash in unrestricted
private gifts, 575,200 cash in temporarily
restricted grants, and 1,000,000 in securities
for an endowment. 3. A pledge campaign generated
626,000 in unrestricted pledges, payable in
fiscal year 2012. 4. Auxiliary enterprises
provided goods and services that generated
94,370 in cash. 5. Collections of tuition
receivable totaled 5,380,000. 6. Unrestricted
cash of 1,000,000 was invested.
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ACCT 567Course Real Knowledge / acct567.com
ACCT 567 Week 8 Final Exam (Keller) For more
course tutorials visit www.acct567.com 1. (TCO A)
On what should the government-wide financial
statements report? (Points 5) Net position and
results of the financial operations of the
government as a whole.Budgetary ComplianceThe
cost of government servicesFiscal
accountability 2. (TCO B) According to GASB
standards, when should transfers be recognized?
(Points 5) When earned.When collected in
cash.When authorized by the budget ordinance.In
the period the interfund receivable and payable
arise. 3. (TCO C) Comparisons of budgeted versus
actual re
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ACCT 567Course Real Knowledge / acct567.com
The Best way to predict the Future is to create
it.....To Best way....
www.acct567.com