ACCT 567 HOMEWORK

In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses? Also record an accrual for all interfund transfers to be received from the General Fund during the year. An appropriation should be provided only for the interest payment due on January 1, What are some of the key differences between government healthcare accounting and commercial accounting? Prepare journal entries to record the preceding information in the Town of Dex Recreation Center Construction Fund and the governmental activities general journal at the government-wide level. As a special item?

Prepare journal entries to record the preceding information in the general ledger accounts for the Street Improvement Fund. Interest is payable semiannually on January 1 and July 1. Assume the budget has already been recorded for the General Fund. Please provide an explanation as to why accounting transactions for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund? E-Mail us at Justassignment gmail.

InFalts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. Interest is payable semiannually on January 1 and July 1.

acct 567 homework

This interest adds to the sinking fund balance. No money was immediately available for paying these costs credit Vouchers Payable. Please provide an explanation as to why homewofk transactions for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund? An appropriation should be provided only for the interest payment due on January 1, Investment earnings are added to the investment principal.

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Newer Post Older Post Home. A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, with the first addition to be made on December 31, Could you cite some examples? How do not-for-profit organizations differ from government activities accg the way the account for business-type activities, such as dining halls, gift shops, and admission fees?

You need not provide the journal entry or entries here. For each entry you prepare, name the fund in which the entry should be made. Posted by Unknown at Should the estimated impairment loss be reported as an extraordinary item? How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise?

None of the transactions has been recorded yet. Week 7 DQ 2 Differences in Government. Also record an accrual for all interfund transfers to be received from the General Fund during the year. What are some of the key differences between government healthcare accounting and commercial accounting? E-Mail us at Justassignment gmail. The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement.

acct 567 homework

Did the debt service fund pay debt obligations related to capital leases? This amount had not been encumbered. The bonds mature in five years on July 1, Record the estimated impairment loss in the journal for governmental activities at the government-wide level.

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ACCT 567 WEEK 2 CASE STUDY I

Basic Financial Statements Graded. Assume the budget has already been recorded for the General Fund. Show the entry that should be made in the debt service fund and governmental activities journal to record the second lease payment. What is the budgetary fund balance?

acct 567 homework

The grantor specifies that the portion to be received in is not available for use until because there is no guarantee that the federal government will appropriate the portion. Please cite some examples.

What basis of accounting is used to report governmental activities in government-wide financial statements? Discuss various situations in which a government has fiduciary responsibility but does not report them in fiduciary funds. The capital projects fund to account for the project was designated as the Street Improvement Fund.

You may ignore the entries that would also be required in the governmental activities general journal at the government-wide level. Did the debt service fund perform a debt refunding?

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