The document contains the solutions to an accounting exam with multiple choice questions covering topics such as government-wide financial reporting, transfers between funds, budgetary reporting requirements, revenue and expense recognition, and accounting for donations. It also provides journal entries and financial statements for various governmental and not-for-profit organizations.
Презентация Вводного вебинара по iRidium, на котором Екатерина Корежаткова, ведущий специалист и руководитель технической поддержки iRidium mobile, рассказывает, как пользоваться программным комплексом iRidium; как использовать готовые интерфейсы iRidium и создавать собственные.
Dal webinar "Fiscal Focus Startup Innovative" organizzato da Yucan.it in collaborazione con lo Studio Sabrina Fattori, le slideshow aggiornate con le ultime news normative su S tartup & PMI innovative introdotte dall'Investment Compact.
1. (TCO A) Which of the following distinguishes governmental.docxdorishigh
1. (TCO A) Which of the following distinguishes governmental entities from nongovernmental not-for-profit organizations?
The power to enact and enforce a tax levy.
Absence of profit motive.
Resource providers do not expect benefits proportional to the resources provided.
Absence of a defined ownership interest that can be sold, transferred, or redeemed.
2. (TCO B)Expenditures are generally recorded and fund liabilities are recognized under which of the following?
When goods and services are received, but only if resources are available in the fund.
When purchases orders are issued, regardless of whether or not resources are available in the fund.
When goods and services are received, regardless of whether or not resources are available in the fund.
When the invoices are paid.
3. (TCO C) The general ledger journal entry in the General Fund to record actual expenditures and record the reversal of the associated encumbrance would include which of the following journal entry?
A debit to the Encumbrance Account.
A credit to the Encumbrance Account.
A credit to Budgetary Fund Balance—Reserve for Encumbrance Account.
A debit to the Accounts Payable account.
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? (Points : 5)
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
5. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
6. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferr ...
1. (TCO B) Which of the following is not a true statement .docxdorishigh
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
Презентация Вводного вебинара по iRidium, на котором Екатерина Корежаткова, ведущий специалист и руководитель технической поддержки iRidium mobile, рассказывает, как пользоваться программным комплексом iRidium; как использовать готовые интерфейсы iRidium и создавать собственные.
Dal webinar "Fiscal Focus Startup Innovative" organizzato da Yucan.it in collaborazione con lo Studio Sabrina Fattori, le slideshow aggiornate con le ultime news normative su S tartup & PMI innovative introdotte dall'Investment Compact.
1. (TCO A) Which of the following distinguishes governmental.docxdorishigh
1. (TCO A) Which of the following distinguishes governmental entities from nongovernmental not-for-profit organizations?
The power to enact and enforce a tax levy.
Absence of profit motive.
Resource providers do not expect benefits proportional to the resources provided.
Absence of a defined ownership interest that can be sold, transferred, or redeemed.
2. (TCO B)Expenditures are generally recorded and fund liabilities are recognized under which of the following?
When goods and services are received, but only if resources are available in the fund.
When purchases orders are issued, regardless of whether or not resources are available in the fund.
When goods and services are received, regardless of whether or not resources are available in the fund.
When the invoices are paid.
3. (TCO C) The general ledger journal entry in the General Fund to record actual expenditures and record the reversal of the associated encumbrance would include which of the following journal entry?
A debit to the Encumbrance Account.
A credit to the Encumbrance Account.
A credit to Budgetary Fund Balance—Reserve for Encumbrance Account.
A debit to the Accounts Payable account.
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? (Points : 5)
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
5. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
6. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferr ...
1. (TCO B) Which of the following is not a true statement .docxdorishigh
1. (TCO B) Which of the following is not a true statement regarding the government-wide financial statements? (Points : 5)
The government-wide financial statements are not required to present prior-year data.
The government-wide financial statements include a Statement of Net Assets, Statement of Activities, and Statement of Cash Flows.
The government-wide financial statements include capital assets, include infrastructure, and reflect depreciation, except for the infrastructure using the modified approach.
All of the above are true.
2. (TCO D) A donor pledged $300,000 to thefund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012? (Points : 5)
Debit a receivable account and credit deferred revenues, a liability account.
No entry is required.
Debit a receivable account and credit the Fund Balance account.
Debit a receivable account and credit a revenue account.
3. (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $5,340,000
Licenses and Permits 523,000
Fines and Forfeits 425,000Total $6,288,000
Approved Expenditures:
General Government $2,160,000
Public Safety 2,450,000
Public Works 1,560,000
Total $6,170,000
In addition, the City reported the following actual amounts for the same fiscal year:
Revenues:
Property Taxes $5,375,000
Licenses and Permits 519,000
Fines and Forfeits 437,000
Total $6,331,000
Expenditures-Current Year:
General Government 2,175,000
Public Safety ...
Continuous Problem – City of Monroe 1Continuous Probl.docxmaxinesmith73660
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
General
Special revenue—Street and Highway Fund
Capital projects—City Hall Annex Construction Fund
Debt service—City Jail Annex Debt Service Fund
Debt service—City Hall Debt Service Fund
Proprietary Funds
Internal service—Stores and Services Fund
Enterprise—Water and Sewer Fund
Fiduciary Funds
Private-purpose—Student Scholarship Fund
Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Continuous Problem – City of Monroe 1Continuous Probl.docxdonnajames55
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
University of Maryland University CollegeFinal Examination.docxdickonsondorris
University of Maryland University College
Final Examination
Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
Instructions: Prepare in journal form, without explanations, the end of month adjusting entries & closing entries for Flip's Copy Shop for the month of June.
Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
Mortgage payable
$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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Acct 567 final exam solutions 100% correct answers
1. ACCT 567 Final Exam Solutions 100% Correct Answers
Homeworklance Dot Com
Description:
1. (TCO A) On what should the government-wide financial statements report?
2. (TCO B) According to GASB standards, when should transfers be recognized?
3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement
of which of the following situations?
4. (TCO D) The revenues account of a government entity is debited when
5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris.
The original cost of the building was $340,000. Accumulated depreciation at the date of the gift
amounted to $220,000. The appraised fair market value of the donation at the date of the gift was
$525,000 of which $35,000 was the value of the land on which the building was situated. At
what amount should the city record this donated property in the governmental activities accounts
at the government-wide level?
6. (TCO E) Which of the following resource inflows would be recorded as a revenue of a debt
service fund?
7. (TCO G) Which of the statements concerning agency funds is a true statement?
8. (TCO J) Which of the following items are typically reported differently between the
governmental fund statements and the governmental activities column of the government-wide
statements?
2. 9. (TCO H) A condition whereby the design or operation of a control does not allow
management or employees in the normal course of performing their assigned functions, to
prevent or detect and correct misstatements on a timely basis is called a(an)
10. (TCO H) Under FASB Standards, how would a not-for-profit organization recognize a
conditional pledge?
11. (TCO I) Which of the following items would not affect the amounts reported in the Revenues
and Gains section of the statement of activities for a private college or university?
12. (TCO I) The primary source of revenues for most hospitals are
1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following
transactions or events would be recorded.
(1) Bonds of $1,000,000 from which the proceeds are to be used for the construction of a new
City Hall building.
(2) Salaries of $170,000 were paid to personnel in the office of the mayor.
(3) Installment payments of $75,000 were received from the property owners that were assessed
for the street improvement project.
(4) Over $65,000 of funds were received by employees by payroll deductions that are to be used
for the purchase of United States Government Bonds for those employees on an individual basis.
(5) Materials of $140,000 were to be used for the general repair of the streets that were
purchased by the city.
(6) Excess funds of $60,000 were transferred from the water utility to the General Fund.
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the
General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances
in which each of these fund types might be appropriate.
3. 3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit
healthcare organization, had the following revenue-related transactions. (The amounts are
summarized for the entire year.)
(1) Healthcare services that are provided to inpatients and outpatients amounted to $9,640,000,
of which $420,000 were for charity cases, $865,000 was paid by uninsured patients, and
$8,355,000 was billed to Medicare, Medicaid, and other insurance companies.
(2) Pharmaceutical drugs and medicines sold by the hospital pharmacy amounted to $830,000,
all of which was paid by the customer or the insurance companies.
(3) Medicare, Medicaid, and third-party payors (insurance companies) approved and paid
$5,640,000 of the $8,355,000 billed by the hospital during the year (please review transaction
#1).
(4) A contribution of $4,000,000 (of which is unconditional) was received in cash from a donor
to construct a new facility for cancer patients. The full amount is expendable for that purpose. No
activity has taken place during the current year.
(5) A total of $810,000 was received from the following activities/sources: cafeteria and gift
shop sales, $630,000, unrestricted transfers from the Claremont Hospital Foundation, $110,000,
and fees for medical transcripts, $70,000.
(6) The allowance for uncollectible receivables was increased by $1,350.
Enter the templates provided in the answer space and complete the following requirements:
Requirements:
a. Record the preceding transactions in general journal form.
b. Prepare the unrestricted revenues, gains, and other support section of Jefferson General
Hospital’s statement of operations for the current year.
Templates:
Part A
……………………………………………………………………………..Debit…………………
….. Credit
a. Cash
Accounts and Notes Receivable
Patient Service Revenue
b. Cash
Other revenues
c. Cash
Contractual adjustments
Accounts and Notes Receivable
d. Cash
Contributions-Temporarily Restricted
e. Cash
Other revenues
4. f. Provision for Bad Debts
Allowance for Uncollectible Receivables
Part B
Unrestricted Revenues, Gains, and Other Support:
Net Patient Service Revenue $ xxx
……………………..Other revenues xxx
4. (TCO E) Enter the template provided in the answer space and record the following
transactions in the Capital Projects Fund in the general journal for the following transactions.
a. McDowell County issued $4,000,000, 5% bonds with interest payable on a semiannual basis
on July 1 and January 1. The bonds sold for 102 on July 30, 2012. Proceeds from the bond issue
were to be used for construction of the new sheriff station with all interest and premiums
received to be used to service the debt issue.
b. A state grant of $250,000 was received to help finance the construction of the sheriff station.
c. The General Fund transferred $300,000 for use in the construction of the new sheriff station.
d. A federal grant of $500,000 was received to help finance the construction of the new sheriff
station.
e. A construction contract was awarded to the Young Construction Company in the amount of
$4,750,000.
f. The new sheriff station was completed on May 1, 2013, three months ahead of schedule. The
construction expenditures amounted to $4,870,000. When the project was completed, the cost of
the sheriff station was allocated to the following, $310,000 for land, $4,180,000 for the building,
and the remainder to equipment.
g. The temporary accounts of the capital projects were closed to Fund Balance-Restricted. The
amounts are restricted due to the bond issue that is related to the construction of the sheriff
station. The capital projects fund will be closed by transferring remaining funds to the debt
service fund for repayment.
Template:
Capital Project Fund (only) ……………………………………….debit……………………….
credit
a. Cash
Other Financing Sources-Bond Proceeds
b. Cash
Revenues
c. Cash
Other Financing Sources-Transfer In
5. d. Cash
Revenues
e. Encumbrances
Reserve for Encumbrances
f. Construction Expenditures
Cash
Reserve for Encumbrances
Encumbrances
g. To close the temporary accounts:
Other Financing Sources-Bond Proceeds
Other Financing Sources-Transfers In
Revenues
Construction Expenditures
Fund Balance-Restricted
To close the Capital Projects Fund:
Other Financing Uses-Transfers Out
Cash
Fund Balance-Restricted
Other Financing Uses-Transfers Out
5. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the
bookkeeper of the City of Glass City Museum of Science. The museum is a component unit of
the City of Glass City and must be included in the 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.
Cash Basis
12 months
Cash Receipts:
Admission Fees $295,000
Loan from the Bank $50,000
Total deposits $345,000
Cash Disbursements:
Supplies $62,000
Wages 104,000
Utilities 48,000
Purchase of Equipment 70,000
Purchase of Fixtures 45,000
6. Interest on the Bank Loan 1,250
Total checks $330,250
Excess of Receipts Over Disbursements $14,750
Additional Information:
• The loan from the bank is dated April 1 and is for a five-year period. Interest (5% annual rate)
is paid on Oct. 1 and April 1 of each year, beginning Oct. 1, 2012.
• The equipment was purchased on April 1, 2012 with the proceeds provided by the bank loan
and has an estimated useful life of 10 years (please use the straight-line method of depreciation)
for computing depreciation on the equipment. The fixtures were purchased on July 1, 2012 and
has an estimated useful life of five years (please use the straight-line method of depreciation) for
computing depreciation on the fixtures.
• Supplies on-hand amounted to $5,900 at December 31, 2012.
• All other bills and salaries related to 2012 had been paid by the close of business on December
31.
Required:
Enter the template provided in the answer space and complete the following requirements:
Please prepare a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended
December 31, 2012 assuming the city plans to account for its activities on the accrual basis.
Template:
Operating Revenues:
Charges for Services $
Operating Expenses:
Wages $
Supplies ($62,000-5,900)
Utilities
Depreciation ($70,000/10*9/12)
+ ($45,000/5*6/12)
Total Operating Expenses
Operating Income (Loss) $
Nonoperating Expenses:
Interest $1,250 + ($50,000*5%*3/12)
Change in Net Assets
Net Assets, Jan. 1, 2012
Net Assets, Dec. 31, 2012
7. 2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the
General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances
in which each of these fund types might be appropriate.
3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit
healthcare organization, had the following revenue-related transactions. (The amounts are
summarized for the entire year.)
(1) Healthcare services that are provided to inpatients and outpatients amounted to $9,640,000,
of which $420,000 were for charity cases, $865,000 was paid by uninsured patients, and
$8,355,000 was billed to Medicare, Medicaid, and other insurance companies.
(2) Pharmaceutical drugs and medicines sold by the hospital pharmacy amounted to $830,000,
all of which was paid by the customer or the insurance companies.
(3) Medicare, Medicaid, and third-party payors (insurance companies) approved and paid
$5,640,000 of the $8,355,000 billed by the hospital during the year (please review transaction
#1).
(4) A contribution of $4,000,000 (of which is unconditional) was received in cash from a donor
to construct a new facility for cancer patients. The full amount is expendable for that purpose. No
activity has taken place during the current year.
(5) A total of $810,000 was received from the following activities/sources: cafeteria and gift
shop sales, $630,000, unrestricted transfers from the Claremont Hospital Foundation, $110,000,
and fees for medical transcripts, $70,000.
(6) The allowance for uncollectible receivables was increased by $1,350.
Enter the templates provided in the answer space and complete the following requirements:
Requirements:
a. Record the preceding transactions in general journal form.
b. Prepare the unrestricted revenues, gains, and other support section of Jefferson General
Hospital’s statement of operations for the current year.
Templates:
Part A
……………………………………………………………………………..Debit…………………
….. Credit
a. Cash
Accounts and Notes Receivable
Patient Service Revenue
b. Cash
Other revenues
c. Cash
Contractual adjustments
Accounts and Notes Receivable
8. d. Cash
Contributions-Temporarily Restricted
e. Cash
Other revenues
f. Provision for Bad Debts
Allowance for Uncollectible Receivables
Part B
Unrestricted Revenues, Gains, and Other Support:
Net Patient Service Revenue $ xxx
……………………..Other revenues xxx
4. (TCO E) Enter the template provided in the answer space and record the following
transactions in the Capital Projects Fund in the general journal for the following transactions.
a. McDowell County issued $4,000,000, 5% bonds with interest payable on a semiannual basis
on July 1 and January 1. The bonds sold for 102 on July 30, 2012. Proceeds from the bond issue
were to be used for construction of the new sheriff station with all interest and premiums
received to be used to service the debt issue.
b. A state grant of $250,000 was received to help finance the construction of the sheriff station.
c. The General Fund transferred $300,000 for use in the construction of the new sheriff station.
d. A federal grant of $500,000 was received to help finance the construction of the new sheriff
station.
e. A construction contract was awarded to the Young Construction Company in the amount of
$4,750,000.
f. The new sheriff station was completed on May 1, 2013, three months ahead of schedule. The
construction expenditures amounted to $4,870,000. When the project was completed, the cost of
the sheriff station was allocated to the following, $310,000 for land, $4,180,000 for the building,
and the remainder to equipment.
g. The temporary accounts of the capital projects were closed to Fund Balance-Restricted. The
amounts are restricted due to the bond issue that is related to the construction of the sheriff
station. The capital projects fund will be closed by transferring remaining funds to the debt
service fund for repayment.
Template:
Capital Project Fund (only) ……………………………………….debit……………………….
credit
a. Cash
Other Financing Sources-Bond Proceeds
9. b. Cash
Revenues
c. Cash
Other Financing Sources-Transfer In
d. Cash
Revenues
e. Encumbrances
Reserve for Encumbrances
f. Construction Expenditures
Cash
Reserve for Encumbrances
Encumbrances
g. To close the temporary accounts:
Other Financing Sources-Bond Proceeds
Other Financing Sources-Transfers In
Revenues
Construction Expenditures
Fund Balance-Restricted
To close the Capital Projects Fund:
Other Financing Uses-Transfers Out
Cash
Fund Balance-Restricted
Other Financing Uses-Transfers Out
5. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the
bookkeeper of the City of Glass City Museum of Science. The museum is a component unit of
the City of Glass City and must be included in the 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.
Cash Basis
12 months
Cash Receipts:
Admission Fees $295,000
Loan from the Bank $50,000
Total deposits $345,000
Cash Disbursements:
Supplies $62,000
Wages 104,000
10. Utilities 48,000
Purchase of Equipment 70,000
Purchase of Fixtures 45,000
Interest on the Bank Loan 1,250
Total checks $330,250
Excess of Receipts Over Disbursements $14,750
Additional Information:
• The loan from the bank is dated April 1 and is for a five-year period. Interest (5% annual rate)
is paid on Oct. 1 and April 1 of each year, beginning Oct. 1, 2012.
• The equipment was purchased on April 1, 2012 with the proceeds provided by the bank loan
and has an estimated useful life of 10 years (please use the straight-line method of depreciation)
for computing depreciation on the equipment. The fixtures were purchased on July 1, 2012 and
has an estimated useful life of five years (please use the straight-line method of depreciation) for
computing depreciation on the fixtures.
• Supplies on-hand amounted to $5,900 at December 31, 2012.
• All other bills and salaries related to 2012 had been paid by the close of business on December
31.
Required:
Enter the template provided in the answer space and complete the following requirements:
Please prepare a Statement of Revenues, Expenses, and Changes in Net Assets for the year ended
December 31, 2012 assuming the city plans to account for its activities on the accrual basis.
Template:
Operating Revenues:
Charges for Services $
Operating Expenses:
Wages $
Supplies ($62,000-5,900)
Utilities
Depreciation ($70,000/10*9/12)
+ ($45,000/5*6/12)
Total Operating Expenses
Operating Income (Loss) $
Nonoperating Expenses:
Interest $1,250 + ($50,000*5%*3/12)
Change in Net Assets
Net Assets, Jan. 1, 2012
11. Net Assets, Dec. 31, 2012
(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?
TCO F) Which of the following is a true statement regarding the cash flow statements of a
proprietary fund?
(TCO G) A fund that is the result of an agreement between a contributor and a government that
the principal and/or income of trust assets that is for the benefit of individuals, organizations, or
other governments is a(n)
(TCO H) Public sector audits differ from those of commercial businesses in which of the
following instances?
(TCO J) Under GASB Standards, if a government only has six government funds and two
enterprise funds, what is the required number of basic financial statements that it would need to
prepare?
(TCO H) Which of the following would be considered “contribution revenue or support” of a
not-for-profit organization?
(TCO H) Describe the different types of governmental audits and attestation engagements.