460 version 5

1. ACC 460 version 5 UOP
Tutorials /Week 1 To 5
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ACC460 Entire Class /Week 1 To 5
ACC460 Government and Non-Profit Accounting
Week 1
Individual Governmental Accounting Standards Board (GASB) and Financial
Accounting Standards Board (FASB) Analysis Paper
Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB
accounting.
Explain the objectives of the two standards boards and how they are similar and
different.
Describe how the modified accrual basis of accounting differs from full accrual
accounting.
Format your paper consistent with APA guidelines.

2. Discussion Questions
DQ 1 Log into http://www.charitynavigator.org/. Choose a good charity and a bad
charity and explain why you feel they should labeled good or bad.
DQ 2 What is fund accounting? How does it compare to proprietary accounting? Why is
fund accounting necessary? What are the major fund types?
DQ 3 What are some examples of government and not-for-profit organizations? How do
businesses measure success? How do government organizations measure success?
DQ 4 What is the purpose of CAFR? What are the components of CAFR? Why is the
Federal Government not subject to GASB 34? How do government-wide financial
statements add information not available in fund financial statements?
Week 2
Individual Ch. 1, 2, & 3 Textbook Exercises
Resources: Ch. 1, 2, & 3 of Government and Not-for-Profit Accounting
Prepare written answers to the following assignments from Government and Not-for-
Profit Accounting:
 1: Exercise 1-1, Questions 1, 3, 4, 5, 7, & 8
 2: Question for Review and Discussion 12. In addition to answering question 12,
provide a response in 150-350 words differentiating between a budget and a
Comprehensive Annual Financial Report (CAFR).
Ch. 3: Exercise 3-2, Questions 1, 2, 3, 6, 8, & 9
Learning Team CAFR Budget Analysis
Resources: Each team member’s CAFR list from Week One
Select one team member’s CAFR to be the basis for this and subsequent Learning Team
assignments, using the CAFRs chosen for the CAFR list activity in Week One.

3. Locate and review a copy of the budget accompanying your selected CAFR.
Prepare a 700- to 1,050-word overview of the government that filed your selected
CAFR.
Include the following information in your overview:
 Population
 Governmental structure
 Size of budget and its interrelationship with the CAFR
 Major industries located in the entity
 Other pertinent demographic information
Format your paper consistent with APA guidelines.
Discussion Questions
DQ 1 What is meant by an in-substance defeasance, and how can a government use it
to lower its interest costs? How must it recognize a gain or loss on defeasance if it
accounts for the debt in a proprietary fund?How do the GASB standards pertaining to
in-substance defeasances differ from those of the FASB?
DQ 2 What is an encumbrance? How does an encumbrance affect expenses and
expenditures? What is the impact of encumbrance accounting on a governmental
budget? Explain.
DQ3 What are the basic principles of fund accounting? When do governmental entities
recognize revenue? Why is timing important in recognizing revenue?
DQ4 What is the purpose of the capital projects fund? What is the purpose of the debt
service fund? What is inter-period equity? How does inter-period equity affect capital
project and debt services funds?

4. Week 3
Individual Ch. 2, 4, 5, & 6 Textbook Exercises
Resources: Ch. 2, 4, 5, & 6 of Government and Not-for-Profit Accounting
Prepare written answers to the following assignments from Government and Not-for-
Profit Accounting:
 2: Exercise 2-1, Questions 1 through 10
 4: Exercise 4-1, Questions 1 through 10, and Exercise 4-7, Question 1 & 2
 5: Questions for Review and Discussion 1 & 2
o In your answers to the Ch. 5 questions, address how encumbrances affect the
expenses and expenditures.
Ch. 6: Questions for Review and Discussion 1 & 6
Learning Team Ch. 4 & 6 Textbook Problems
Resources: Ch. 4 & 6 of Government and Not-for-Profit Accounting
Prepare written answers to the following problems from Government and Not-for-Profit
Accounting:
 4: Problem 4-16 – The distinction between exchange and nonexchange revenues
is not always obvious.
Ch. 6: Continuing Problems 1–4, found at the beginning of the Problems section at the
end of the chapter. For this assignment, use the CAFR your team selected in Week Two.
Discussion Questions
DQ1 What is the revenue recognition criteria used in government entities? What are
some examples of government sources of revenue? How are these sources accounted
for?
DQ2 What is an interfund transfer? Why would government entity transfer money from
one fund to another? How are interfund transfers reported on a financial report?
DQ 3 How can a government entity prepare government-wide statements using the
fund statements? What is a governmental reporting entity?

5. DQ 4 You are the sole contributor to a philanthropic foundation. You must specify
whether investment gains should be expendable or nonexpendable. Present key
arguments in favor and against permitting the gains to be expendable.
Week 4
Individual Ch. 9 & 10 Textbook Exercises
Resources: Ch. 9 & 10 of Government and Not-for-Profit Accounting
Prepare written answers to the following assignments from Government and Not-for-
Profit Accounting:
 9: Exercise 9-3, Part a
Ch. 10: Questions for Review and Discussion 1, 5, & 15
Learning Team Ch. 5 & 10 Textbook Problems
Resources: Ch. 5 & 10 of Government and Not-for-Profit Accounting
Prepare written answers to the following problems from Government and Not-for-Profit
Accounting:
 5: Problem 5-11 – Nonexchange expenditures are the mirror image of
nonexchange revenues.
Ch. 10: Problem 10-7, Parts 1, 2, & 3 – The basic financial statements of a pension plan
provide only limited amounts of information as to its economic condition.
Discussion Questions
DQ 1
1. What financial statements are required of not-for-profit organizations?
2. How are they different or comparable to those provided by organizations that
operate for profit?
3. How does the retained earnings section of for-profit organizations differ from
that of the net assets section of not-for-profits?

6. DQ 2
1. What are the three classifications of net assets established by FASB Statement
117?
2. How are these net assets affected by the existence or absence of donor-imposed
restrictions?
3. How are releases of these net assets accomplished?
DQ 3
1. What constitutes a pledge or contribution?
2. When does a not-for-profit organization recognize pledge revenue and
contribution revenue?
3. How do contributions differ from exchanges?
DQ 4
1. In what significant way do not-for-profits account for investments differently
from businesses?
2. How are investments reflected in the statements of not-for-profits?
3. What are the disclosure requirements for not-for-profits as related to
investments?
Week 5
Individual Ch. 12 Textbook Exercises
Resources: Ch. 12 of Government and Not-for-Profit Accounting
Prepare written answers to the following assignment from Government and Not-for-
Profit Accounting:
Ch. 12: Questions for Review and Discussion 1 & 2
Individual SFAS 116 and 117 Executive Summary
Resources: Statements of Financial Accounting Standards (SFAS) 116 and 117; sample
Executive Summary
Write a one-page Executive Summary assessing the requirements of SFAS 116 and 117
and its effect on the financial statements.

7.
Refer to the sample Executive Summary located on the student website under the
Assessment section of Week Five for instructions on how to format your assignment.
Format your paper consistent with APA guidelines.
Individual Accountability in Reporting Memo
Write a one-page, double-spaced memo to a nonfinancial audience explaining how
increasing scrutiny and demand for accountability by the public has influenced reporting
for not-for-profit and governmental entities.
Cite all of your sources
Learning Team Ch. 9 & 11 Textbook Problems
Resources: Ch. 9 & 11 of Government and Not-for-Profit Accounting
Prepare written answers to the following problems from Government and Not-for-Profit
Accounting:
 9: Continuing Problems 1–6, found at the beginning of the Problems section at
the end of the chapter. For this assignment, use the CAFR your team selected in
Week Two.
Ch. 11: Continuing Problems 1–6, found at the beginning of the Problems section at the
end of the chapter. For this assignment, use the CAFR your team selected in Week Two.
Discussion Questions
DQ 1 What is a performance audit? In what significant ways do performance audits
differ from financial audits?
DQ 2 How do audits of governmental agencies differ from those of not-for-profit
entities? How are these audits different from those of organizations that operate for
profit? Who are the stakeholders for the various audits?

8. DQ 3 What is the Single Audit Act? How has this act influenced auditing of
governmental agencies? What types of reports and opinions do the auditors provide?
DQ 4 How has the Sarbanes-Oxley Bill influenced reporting by governmental agencies
and not-for-profit organizations?Does the Public Company Accounting Oversight Board
have authority to establish auditing standards for not-for-profits?What specific steps
might governmental agencies or not-for-profits take to comply with the requirements of
the Sarbanes-Oxley Bill?