ACCT 567 Slingshot Academy / acct567.com

1
ACCT 567 Slingshot Academy / acct567.com
For More Courses
Visit Now
www.acct567.com
The progress of the world depends almost entirely
upon education
2
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Entire Course (Keller)
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
3
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 1 Exercises (Keller)
From the textbook, complete the following
problems.         Chapter 1 Exercise 13 Chapter
2 Exercises 23 and 25 
4
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 2 Case Study I (Keller)
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
5
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10
(Keller)
From the textbook, complete the following
problems. Problems 3-9 and 4-4, 4-6, 4-10 
6
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 3 Problems 5-3 and 6-5 (Keller)
Make 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 value of the remaining lease payments was
30,000.
7
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 3 Test All Questions and Answers
(Keller)
ACCT 567 Week 3 Test All Questions and Answers
8
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 4 Midterm Exam (Keller)
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 enterprise category.(B) total
assets, liabilities, revenues, or
expenditures/expenses of that fund are at least 5
percent of the total of the governmental and
enterprise category.
9
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 4 Problems 7-3 and 7-8 (Keller)
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. 5. Service supplies purchased on account
during the year totaled 157,500.
10
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 5 Case Study City of Shipley
(Keller)
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
11
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 5 Homework Case study (Keller)
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?   
12
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 5 Problems 8-4 and 9-4 (Keller)
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.
13
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 5 Test All Questions and Answers
(Keller)
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 services provided to the general
public on a user-fee basis? General Fund
14
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 6 Problem 12-4 (Keller)
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? 
15
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 7 Problems 16-3 and 17-6 (Keller)
Elizabeth 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.
16
ACCT 567 Slingshot Academy / acct567.com
ACCT 567 Week 8 Final Exam (Keller)
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.
17
ACCT 567 Slingshot Academy / acct567.com
For More Courses
Visit Now
www.acct567.com
The progress of the world depends almost entirely
upon education