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ACC 460 Week 1 Case 1-14 Research Case- Comparing Financial
Reporting Objectives
ACC 460 Week 1 Ex 2-16 Matching Fund Types with Fund
Categories
ACC 460 Week 1 Ex 3-22 Recording General Fund Operating Budget
and Operating Transactions
ACC 460 Week 2 Team Simulation Assignment
ACC 460 Week 2 Exercise 4-15 Examine the CAFR
ACC 460 Week 2 Exercise 7-16 Multiple Choice Assignment
ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question Assignment
ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR
ACC 460 Week 3 Chapter 10 Exercise 10-20, Comparative Ratios
ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment

ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related
Expense Transactions
ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment
ACC 460 Week 4 Chapter 14-1, 14-4
ACC 460 Week 5 Team Problem 15-17 Private College Transactions
ACC 460 Week 5 Library Assignment
ACC 460 Week 5 Team Key Concept Presentation
ACC 460 Week 5 Question 15-1
ACC 460 Week 5 Ch. 16 Exercise 16-19 Revenue and Related
Transactions
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ACC 460 Week 1 Case 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 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.

Click the Assignment Files tab to submit your Microsoft® Word
document.
1-14 Research Case—Comparing Financial Reporting Objectives.
GASB Concepts Statement No. 1, “Objectives of Financial
Reporting,” states that “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 Nonbusiness 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.
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ACC 460 Week 1 Ex 2-16 Matching Fund Types
with Fund Categories
Complete Exercise 2-16, Matching Fund Types with Fund Categories.
Click the Assignment Files tab to submit your assignment.

2-16
Matching Fund 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
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ACC 460 Week 1 Ex 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).
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
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.
Prepare journal entries to record the following transactions that
occurred during the month of July 2016.
Revenues were collected in cash amounting to $31,000 for licenses
and permits and $12,000 for fines and forfeits.
Supplies were ordered by the following functions in early July 2016 at
the estimated costs shown:
image
During July 2016, supplies were received at the actual costs shown
below and were paid in cash. General Government, Culture and
Recreation, and Miscellaneous received all supplies ordered. Public
Safety and Public Works received part of the supplies ordered earlier
in the month at estimated costs of $10,700 and $5,900, respectively.
image
Page 108Calculate and show in good form the amount of budgeted
but unrealized revenues in total and from each source as of July 31,
2016.
Calculate and show in good form the amount of available
appropriation in total and for each function as of July 31, 2016.

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ACC 460 Week 2 Chapter 8-1, 8-2, 8-3 Question
Assignment
Complete the following questions in Ch. 8 in in 90 to 175 words each:
• 8-1
• 8-2
• 8-3 on p. 339
8-1. Explain the distinction(s) between agency funds and trust funds.
What financial statements are prepared for each?
8-2. Identify the different types of trust funds and explain the purpose
of each type.
8-3. Describe the basic activities conducted by a tax agency fund.
What are some of the issues that make tax agency fund accounting
complex?
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ACC 460 Week 2 Exercise 4-15 Examine the
CAFR

Complete the following in Exercise 4-15:
a. (1)
b. (1)
c. (1)
Download a copy of the most recent Comprehensive Annual Financial
Report (CAFR) for a city of your choice.
Note: many cities with 25,000 or more population provide Internet
access to their CAFRs to answer.
4-15 Examine the CAFR. Utilizing the comprehensive annual
financial report obtained for Exercise 1-16, follow these instructions.
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?
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 nonliquid assets included in the General Fund balance
sheet? If so, are they offset by equal amounts classified as
“nonspendable” 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?

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?
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ACC 460 Week 2 Exercise 7-16 Multiple Choice
Assignment
Complete the following multiple choice questions in Exercise 7-16, p.
294:
1-10
Multiple Choice. Choose the best answer.
1. Within the government-wide financial statements, the column for
Business-type Activities will generally include:
a. Internal service funds only.
b. Enterprise funds only.
c. All internal service fund and enterprise fund transactions added
together and accounted for on the accrual basis of accounting.
d. All enterprise fund transactions and only the internal service
fund transactions undertaken with governmental funds on the accrual
basis of accounting.

2. Which of the following would most likely be accounted for in an
internal service fund?
a. The city pool.
b. The city's investments, which are pooled with the county's and
the school district's investments.
c. An asphalt plant used to supply the asphalt needed to resurface
the city's streets.
d. Proceeds from an endowment that are used to maintain the city's
library.
3. Under GASB standards, the City of Parkview is required to use
an enterprise fund to account for its nature center if:
a. It charges fees to assist in paying for the maintenance of the
nature center.
b. The Nature Center was originally financed through the issuance
of general obligation bonds.
c. The ordinance that was passed to establish the nature center
requires that all costs of the Nature Center be paid for by user fees.
d. All of the above are true.
4. During 2017, the Gateway City government recorded a $15,000
transfer from the General Fund to an internal service fund; a $25,000
transfer from the General Fund to an enterprise fund; a $10,000
transfer from an enterprise fund to an internal service fund, and a
$5,000 transfer from an enterprise fund to the General Fund. In the
Business-type Activities column of the government-wide financial
statements, Gateway City should report:
a. Net transfers out of $5,000.
b. Net transfers in of $10,000.
c. Net Transfers in of $25,000.
d. Net Transfers in of $35,000.
5. Which of the following events would generally be classified as
nonoperating on an enterprise fund's statement of revenues, expenses,
and changes in net position?
a. Billing other funds of the same government for services.
b. Loss on the sale of a piece of equipment.
c. Depreciation expense.
d. Administrative expense.

6. In reviewing the accounting records of the Transportation
Services Fund, an internal service fund of Douglas City, you notice
that the fund uses budgetary accounts. This is most likely because
a. The administrators of the fund prefer to prepare a budget to use
in managing the fund.
b. GASB requires the use of budgetary accounts in internal service
funds.
c. The city council must legally approve the fund's budget.
d. The accountants for the fund are unfamiliar with proper
accounting procedures for a proprietary fund.
7. Under GASB standards, which of the following events would be
classified as an investing activity on a proprietary fund's statement of
cash flows?
a. Interest earned on certificates of deposit held by the proprietary
fund.
b. Purchase of equipment for use by the proprietary fund.
c. Grant received to construct a building that will be used by the
proprietary fund.
d. All of the above would be considered investing activities for
reporting purposes.
8. An internal service fund used for insurance activities should
recognize an expense and a liability when:
a. A claim has been made, it is reasonably possible that a liability
has been incurred, and the amount will be reasonably estimable at
some time in the near future.
b. A claim has not been made, but it is reasonably possible that a
liability has been incurred or an asset has been impaired, and an
amount can be reasonably estimated.
c. A claim has been made, it is probable that an asset has been
impaired, and the amount will be reasonably estimable at some time
in the near future.
d. A claim has been made, it is probable that a liability has been
incurred, and the amount can be reasonably estimated.
9. During the year an enterprise fund purchased $230,000 worth of
equipment. The equipment was acquired with a cash down payment
of $30,000 and a $200,000 loan. A partial year of depreciation on the

equipment was taken in the amount of $23,000. What is the net effect
of this transaction on the net position accounts of the enterprise fund?
a. Net investment in capital assets is increased by $7,000.
b. Net investment in capital assets is increased by $30,000.
c. Net investment in capital assets is increased by $207,000.
d. Net investment in capital assets is increased by $230,000.
10. Tinsel Town had the following long-term liabilities at year end:
What amount should be recorded as long-term liabilities in the
proprietary fund financial statements?
a. $0.
b. $200,000.
c. $250,000.
d. $450,000.
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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:

• Chapter 1: Introducing the (Short Version) of the City of Smithville
Cumulative Problem.
• Chapter 2: Opening the Books.
• Chapter 3: Recording the Annual Budget.
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 Chapter 9 Exercise 9-15
Examine the CAFR
Utilize the CAFR obtained for 4-15 in Week 2.
A
B (1)
C on p. 397
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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ACC 460 Week 3 Chapter 10 Exercise 10-20,
Comparative Ratios
a and b, p. 436
Limit the number of financial performance measures to three for the
City of Arborland.
Comparative Ratios. The government-wide financial statements for
the City of Arborland for a three-year period are presented on the
following pages.
· Additional information follows:
o Population: Year 2017: 30,420, Year 2016: 28,291, Year 2015:
26,374.
o Debt limit remained at $20,000,000 for each of the three years. Net
cash from operations is generally 80 percent of total revenues each
year.
Required
a. Which of the financial performance measures in Illustration 10-4
can be calculated for the City of Arborland based on the information
that is provided?
b. Calculate those ratios identified in part a for FY 2017. Show
your computations.
c. Provide an overall assessment of the City of Arborland's
financial condition using all the information provided, both financial

and nonfinancial. Use information from the prior years to form your
assessment.
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ACC 460 Week 3 Exercise 12-15, Multiple
Choice Assignment
Complete the multiple choice questions in Exercise 12-15, p. 510:
1-10
Budgets of government entities:
Are integrated with the financial accounting system.
Enable governments to demonstrate compliance with laws and to
communicate performance effectiveness.
Are adopted by governments after required public hearings.
All of the above.
Which of the following statements regarding budgets of not-for-profit
organizations is true?
Not-for-profit organization budgets are legal documents reflecting
plans for spending resources.
A not-for-profit entity may choose to prepare a budget to demonstrate
accountability to its resource providers, such as donors and grantors.
The budgeting approaches used for governments generally cannot be
used by not-for-profit entities.
All of the above statements are true.

Heads of operating departments prepare budget requests.
The chief executive (mayor or city manager, as appropriate) formally
adopts the budget, thus giving it the force of law.
One or more public budget hearings are held.
Budget officer and other central administrators review and make
adjustments to departmental requests.
The accounting system should provide the basis for appropriate
budgetary control.
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.
Annual budgets should be adopted by each government.
All of the above.
Can be presented as a schedule within required supplementary
information (RSI) or as a statement in the basic financial statements.
Must be a schedule included as part of RSI.
Continues to be a statement included in the basic financial statements.
Is no longer required.
Incremental budgeting.
Zero-based budgeting.
Performance budgeting.
Planning-programming-budgeting.
Customer.
Internal business processes.
Economy and efficiency.
Learning and growth.
Must adhere to GASB SEA guidance.
Must adhere to GASB SEA guidance only if the SEA report is part of
the CAFR.
Must adhere to guidance provided by the Association of Government
Accountants (AGA) because GASB has not issued standards
addressing SEA.
May refer to guidance provided by the GASB, the AGA, or other
professional organizations.
Measures that relate the quantity or cost of resources used to units of
output.

Measures that relate to the amount of financial and nonfinancial
resources used in a program or process.
Measures that relate costs to outcomes.
Measures that reflect either the quantity or quality of a service
provided.
Financial Accounting Standards Board pronouncements.
Government Finance Officers Association best practices documents.
Principles published by the Association of Government Accountants.
Guidelines issued by the Office of Management and Budget.
Which of the following steps would not usually be part of the
budgeting process?
The budgeting principle in generally accepted accounting principles
(GAAP) for state and local governments states that:
The budgetary comparisons required of state and local governments
under GASB standards:
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:
Which of the following does not represent a performance
measurement group under the balanced scorecard?
Governments that choose to report service efforts and
accomplishments (SEA):
Efficiency measures, as the term is used in the service efforts and
accomplishments (SEA) literature, can be described as:
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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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 4 Chapter 14-1, 14-4
Complete questions 14-1 and 14-4 in approximately 30 to 90 words
each.
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 4 Exercise 13-14, Multiple
Choice Assignment
Complete the multiple choice questions in Exercise 13-14, p. 563:
1-10
Which of the following organizations would be considered a
nongovernmental not-for-profit organization?
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.
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.

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.
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.
According to GAAP, all not-for-profit organizations are required to
prepare
A statement of activities, a statement of functional expense, and a
statement of cash flows using accrual accounting.
A statement of activities, a balance sheet, and a statement of cash
flows using accrual accounting.
A statement of financial position, a statement of activities, a statement
of cash flows and a statement of functional expenses using accrual
accounting.
A statement of cash flows, a statement of activities, and a statement of
financial position using either cash basis or accrual basis accounting.
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
In a local NFP elementary school's statement of cash flows, a
contribution restricted for use on a new building project would be
reported as:
A financing activity.
A capital and related financing activity.
An investing activity.
An operating activity.
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:
Record a debit to Contributions Receivable—Temporarily Restricted
in the amount of $1,000,000.
Record a debit to Contributions Receivable—Temporarily Restricted
in the amount of $500,000.
Not make a journal entry until the conditions of the agreement have
been met.
Either a or c are permissible, depending on the museum's established
policy.
Program revenue and supporting services expense.
Contribution revenue and supporting services expense.
Program revenue and program expense.
Contribution revenue and a program expense.
Special event revenue of $4,800 and special event expense of $1,500.
Special event revenue of $4,800 and fund-raising expense of $1,300.
Special event revenue of $2,300 and fund-raising expense of $1,300.
Both a and b are correct.
Purpose, mission-related, and benefit to the public.
Purpose, audience, and content.
Purpose, expand donor base, and content.
Reasonable, improve financial condition, and benefit to the public.
A fund-raising cost.
A program cost.
Both a fund-raising and program cost.

A management and general expense.
The organization has variance power.
The organization elects to consistently report such donor gifts as
contribution revenue.
The beneficiary organization requests a delay in receiving the
contribution from the intermediary organization.
All of the above are correct.
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:
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:
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:
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:

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 Exercise 13-20 Recording
Revenue and Related Expense Transactions
Complete the following questions in Exercise 13-20, p. 570:
• 1-5
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 Team Assignment Not-for-
Profit Financial Reporting Paper
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 5 Ch. 16 Exercise 16-19
Revenue and Related Transactions
Complete Exercise 16-19, a and b, p. 679.
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 support section
of Evanston General Hospital's statement of operations for the current
year, following the format in
******************************************************
ACC 460 Week 5 Question 15-1
Complete Question 15-1, p. 632, in approximately 30 to 90 words.
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.
********************************************************
ACC 460 Week 5 Team Key Concept
Presentation

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.
******************************************************
ACC 460 Week 5 Team Problem 15-17 Private
College Transactions
Complete questions 15-17, a and b.

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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