ACCT 567 Education Organization- tutorialrank.com

1. ACCT 567 Entire Course (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 5 Times, Rating: A+ ACCT 567 Week 1 Exercises KELLER ACCT 567 Week 2 Case Study I KELLER ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10 KELLER ACCT 567 Week 3 Problems 5-3 and 6-5 KELLER ACCT 567 Week 4 Midterm Exam KELLER ACCT 567 Week 4 Problems 7-3 and 7-8 KELLER ACCT 567 Week 5 Case Study City of Shipley KELLER ACCT 567 Week 5 Homework Case study KELLER ACCT 567 Week 5 Problems 8-4 and 9-4 KELLER ACCT 567 Week 5 Test All Questions and Answers KELLER ACCT 567 Week 6 Problem 12-4 KELLER ACCT 567 Week 7 Problems 16-3 and 17-6 KELLER

2. ACCT 567 Week 8 Final Exam KELLER =========================================== === ACCT 567 Week 1 Exercises (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: A+ From the textbook, complete the following problems. Chapter 1: Exercise 1–3 Chapter 2: Exercises 2–3 and 2–5 =========================================== === ACCT 567 Week 2 Case Study I (KELLER) For more course tutorials visit

3. www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: A+ 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 The information that is being presented to you pertains to the transactions for the city of Middleville for the fiscal year ended June 30, 2012. The following budget was adopted by the city council: Estimated Revenues:

4. --------------- --------------- $ 852,000 $ 848,700 Vouchers paid amounted to $ 840,000 and the transfer out to the Debt Service Fund, $34,000. Please reclassify the Taxes Receivable –Current and Estimated Uncollectible Taxes- Change from Current to Delinquent. =========================================== === ACCT 567 Week 2 Problems 3-9 and 4-4, 4-6, 4-10 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 1 Times, Rating: No rating From the textbook, complete the following problems. Problems 3-9 and 4-4, 4-6, 4-10 =========================================== ===

5. ACCT 567 Week 3 Problems 5-3 and 6-5 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: B+ 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 donor’s 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 mayor’s 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. 4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of

6. the project was $9,720,000. Financing for the project came from a $9,000,000 bond issue that was sold in the prior year, and from a $720,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,176,000. The full cost is attributed to the building since it was constructed on city-owned property. 5. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,156,000 =========================================== === ACCT 567 Week 3 Test All Questions and Answers (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: B+ ACCT 567 Week 3 Test All Questions and Answers =========================================== ===

7. ACCT 567 Week 4 Midterm Exam (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: A+ 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

8. established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not? (Points : 30) 2. (TCOs A and B)How are the major funds of a state or local government determined by a governmental entity? (Points : 30) =========================================== === ACCT 567 Week 4 Problems 7-3 and 7-8 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 1 Times, Rating: No rating 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 employer’s 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.

9. 3. Utility bills received from the Town of Fredericksburg’s 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. 6. Parts and supplies used during the year totaled $152,300 (at cost). 7. Charges to departments during the fiscal year were as follows: =========================================== === ACCT 567 Week 5 Case Study City of Shipley (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: B 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 city’s General Fund and by

10. 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 Accounts Payable and Accrued Expenses 40,000 Net Assets Held in Trust for Pension Benefits $ 6,890,000 The following transactions took place during the fiscal year 2012: The interest receivable on investments was collected in cash. Member contributions in the amount of $ 460,000 were received in cash, the city’s General Fund also contributed $ 700,000 in cash. Annuity benefits of $ 780,000 and disability benefits of $ 200,000 were recorded as liabilities. Accounts payable and accrued expenses in the amount of $ 820,000 were paid in cash. Interest income of $ 320,000 and dividends in the amount of $60,000 were received in cash. Bond Interest Income of $ 160,000 was accrued at the end of year. Refunds of $ 150,000 were made in cash to terminated, non-vested participating employees. Common stocks, which are carried at a fair value of $ 500,000, were sold for $472,000. The amount of the sales price of the stock plus an additional $ 360,000 was invested in stocks. As of the end of the fiscal year, June 30, 2012, a determination has been made that the fair value of the stocks held by the pension plan had decreased by $ 60,000; the fair value of bonds had increased by $35,000. Temporary accounts for the year were closed.

11. =========================================== === ACCT 567 Week 5 Homework Case study (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 0 Times, Rating: No rating 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 Week 5 Problems 8-4 and 9-4 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 1 Times, Rating: B+ 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.

13. =========================================== === ACCT 567 Week 5 Test All Questions and Answers (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 2 Times, Rating: A 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 :

14. (TCO F) Government units use which fund type to account for services provided to the general public on a user-fee basis? General Fund =========================================== === ACCT 567 Week 6 Problem 12-4 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 0 Times, Rating: No rating 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?

15. 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? =========================================== === ACCT 567 Week 7 Problems 16-3 and 17-6 (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 1Times, Rating: B+ 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.

16. 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. 7. The college purchased computer equipment at a cost of $10,580. 8. During the year the following expenses were paid: ============================================== ACCT 567 Week 8 Final Exam (KELLER) For more course tutorials visit www.tutorialrank.com Tutorial Purchased: 4 Times, Rating: A+

17. 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 Compliance The cost of government services Fiscal 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 revenues and expenditures are a requirement of which of the following situations? (Points : 5) Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted. city’s financial statements. It began operations on January 1, 2012 with no liabilities or commitments and only two assets. (1) $6,000 in cash and (2) Land that was acquired for $11,000. =========================================== ===