ACC 548 Week 1 Assignment Ex 1-1, Ex 1-3, Ex 2-2, Ex 2-5, Ex 3-1, Ex 3-5

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EX 1-1

1. If businesses are “governed by the marketplace,” governments are governed by
2. In governments, in contrast to businesses,
3. The number of governmental units in the United States is approximately
4. Interperiod equity refers to a condition whereby
5. Which of the following is not one of the FASB’s financial reporting objectives?

EX. 1–3 Internet-based exercise

1. Visit the GASB website (www.gasb.org)

a) What is the GASB?

b) What is the mission of GASB?

Based on GASB’s White Paper, Why Governmental Accounting and Financial Reporting Is and Should Be Different, describe the key environmental differences between governments and for-profit business enterprises

1. Visit the GFOA website (www.gfoa.org)

a) What is the GFOA, and what role does it play?

EX. 2-2

1. Oak Township issued the following bonds during the year:

The amount of debt to be reported in the general fund is

1. Assuming that Bravo County receives all of its revenues from unassigned property taxes, it is most likely to account for the activities of its police department in its
2. Grove City received the following resources during the year:

The amount that the city should most likely report as revenues in its special revenue funds is

. During the year, Brian County collects $12 million of property taxes on behalf of Urton Township. Of this amount it remits $10 million to the township, expecting to remit the balance shortly after the end of its fiscal year. The amount of revenue that the county should report is

1. A city receives a $30 million contribution. The donor stipulates that the money is to be invested. The principal is to remain intact and the investment proceeds are to be used to provide scholarships for the children of city employees. The contribution should be reported as revenue of a

EX. 2-5

E2-5 page 78

Funds are separate fiscal and accounting entities, each with its own self-balancing set of accounts.

The newly established Society for Ethical Teachings, a not-for-profit organization, maintains two funds—a general fund for operations and a building fund to accumulate resources for a new building. In its first year, it engaged in the following transactions:

1. It received cash contributions of $200,000, of which $40,000 were restricted to the acquisition of the new building.
2. It incurred operating costs of $130,000, of which it paid $120,000 in cash.
3. It earned $3,000 of interest (the entire amount received in cash) on resources restricted to the acquisition of the new building.

EX. 3-1

Select the best answer.

Appropriation budgets are typically concerned with
Which of the following types of budgets would be most likely to include a line item “purchase of supplies”?
Per GASB Statement No. 34, a budget-to-actual comparison must include columns for the actual results and
Apportionments are made during which phase of the budget cycle?
In adopting and recording the budget a government should
In closing budgetary and expenditure accounts at year-end a government should
The prime function of budgetary entries is to
A government should debit an expenditure account upon
If a government records the budget, and actual revenues exceed budgeted revenues, what would be the impact on the year-end financial statements?
A “cash basis” budget relative to a “modified accrual basis” budget

EX. 3-5

Both budgeted and actual revenues and expenditures are closed to the fund balance.

The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows.

Prepare journal entries to record the budget.
Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.
Prepare journal entries to close the accounts.