ACCT 567 Week 7 Problems 16-3 and 17-6

ACCT 567 Week 7 Problems 16-3 and 17-6

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Elizabeth College, a small private college, had the following transactions in fiscal year 2011.

  1. Billings for tuition and fees totaled $5,600,000. Tuition waivers and scholarships of $61,500 were granted. Students received tuition refunds of $101,670.
  2. During the year the college received $1,891,000 cash in unrestricted private gifts, $575,200 cash in temporarily restricted grants, and $1,000,000 in securities for an endowment.
  3. A pledge campaign generated $626,000 in unrestricted pledges, payable in fiscal year 2012.
  4. Auxiliary enterprises provided goods and services that generated $94,370 in cash.
  5. Collections of tuition receivable totaled $5,380,000.
  6. Unrestricted cash of $1,000,000 was invested.
  7. The college purchased computer equipment at a cost of $10,580.
  8. During the year the following expenses were paid:
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ACCT 567 Week 6 Problem 12-4

ACCT 567 Week 6 Problem 12-4

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Quad-States Community Service Agency expended federal awards during the most recent fiscal year in the following amounts for the programs shown:

Additional information indicates that Programs 4 and 10 were audited as major programs in each of the two preceding fiscal years, with no audit findings reported.

Required

  1. Which programs would be considered Type A programs and why? Type B programs?
  2. Based on the information provided, which programs would you select for audit and why?
  3. If you found out that a new manager with no previous experience was now in charge of Program 4, would your answer to part b change? If so how?

ACCT 567 Week 5 Test All Questions and Answers

ACCT 567 Week 5 Test All Questions and Answers

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1.

Question :

(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?

Enterprise Fund

Internal Service Fund

Advance Fund

Agency Fund

2.

Question :

(TCO F) Government units use which fund type to account for services provided to the general public on a user-fee basis?

General Fund

Enterprise Fund

Internal Service Fund

Permanent Fund

3.

Question :

(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)

Private-Purpose Trust Fund.

Investment Trust Fund.

Pension Trust Fund.

Agency Fund.

4.

Question :

(TCO H) Which of the following would be considered a performance audit under the Governmental Auditing Standards?

:

An investigation into whether a social service agency of a state government improved the lives of the clients.

An investigation into whether a purchasing department of a government was operated efficiently.

Both of the above

Neither of the above

5.

Question :

(TCO J) Which of the following kinds of information would not be provided by management’s discussion and analysis (MD&A)?

:

A description of the government’s financial condition.

A discussion of economic factors and the budget and tax rates approved for the next year.

A forecast of revenues and expenditures for the next three fiscal years.

A narrative explanation of the contents of the CAFR.

6.

Question :

(TCO H) Which of the following would be considered “contribution revenue or support” of a not-for-profit organization?

Monies received from a fund-raising campaign.

Investment earnings.

Money received from rental of surplus office space.

Gain on disposal of capital assets.

7.

Question :

(TCO H) Describe the different types of governmental audits and attestation engagements.

8.

Question :

(TCO F) Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information:

ACCT 567 Week 5 Problems 8-4 and 9-4

ACCT 567 Week 5 Problems 8-4 and 9-4

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The county collector of Lincoln County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax agency fund, the agency fund deducts 1 percent from the collections for the town, the school district, and the townships. The total amount deducted is added to the collections for the county and remitted to the Lincoln County General Fund.

The Village of Dover administers a defined benefit pension plan for its police and fire personnel. Employees are not required to contribute to the plan. The village received from the actuary and other sources the following information about the Public Safety Employees’ Pension Fund as of December 31, 2011.

ACCT 567 Week 5 Homework Case 8-1

ACCT 567 Week 5 Homework Case 8-1

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Case 8 – 1

  1. When was CalPERS established?
  2. What types of employers contribute to CalPERS?
  3. How many individuals are served by CalPERS?
  4. How many and what types of funds are administered by CalPERS?
  5. For the most recent reporting period, what is the value of total fiduciary assets?
  6. For the most recent reporting period, what was the change in pension fund net assets?
  7. What are the funded ratios from the schedule of funding progress and what do the funded ratios tell you?
  8. What is the reporting relationship between CalPERS and the State of California?

ACCT 567 Week 5 Case Study City of Shipley

ACCT 567 Week 5 Case Study City of Shipley

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The City of Shipley maintains an Employee Retirement Fund; a single-employer, defined benefit plan that provides annuity and disability benefits. The fund is financed by a process that makes actuarially determined contributions from the city’s General Fund and by contributions that are made by the employees. The General Fund is handling the administration of the retirement fund and it does not have any administrative expenses. The Statement of Net Assets for the Employees’ Retirement Fund as of July 1, 2011 is shown below:

City of Shipley

Employees Retirement Fund

Statement of Net Assets

As of July 1, 2011

Assets

Cash $ 60,000

Accrued Interest Receivable 160,000

Investments, at fair value

Bonds 5,500,000

Common Stock 1,600,000

Total Assets $ 7,320,000

Liabilities

Accounts Payable and Accrued Expenses 430,000

Net Assets Held in Trust for Pension Benefits $ 6,890,000

The following transactions took place during the fiscal year 2012:

The interest receivable on investments was collected in cash. Member contributions in the amount of $ 460,000 were received in cash, the city’s General Fund also contributed $ 700,000 in cash. Annuity benefits of $ 780,000 and disability benefits of $ 200,000 were recorded as liabilities. Accounts payable and accrued expenses in the amount of $ 820,000 were paid in cash. Interest income of $ 320,000 and dividends in the amount of $60,000 were received in cash. Bond Interest Income of $ 160,000 was accrued at the end of year. Refunds of $ 150,000 were made in cash to terminated, non-vested participating employees. Common stocks, which are carried at a fair value of $ 500,000, were sold for $472,000. The amount of the sales price of the stock plus an additional $ 360,000 was invested in stocks. As of the end of the fiscal year, June 30, 2012, a determination has been made that the fair value of the stocks held by the pension plan had decreased by $ 60,000; the fair value of bonds had increased by $35,000. Temporary accounts for the year were closed.

ACCT 567 Week 4 Problems 7-3 and 7-8

ACCT 567 Week 4 Problems 7-3 and 7-8

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During the fiscal year ended September 30, 2011, the following transactions (summarized) occurred:

  1. Employees were paid $290,000 wages in cash; additional wages of $43,500 were withheld for federal income and social security taxes. The employer’s share of social security taxes amounted to $23,375.
  2. Cash remitted to the federal government during the year for withholding taxes and social security taxes amounted to $65,500.
  3. Utility bills received from the Town of Fredericksburg’s Utility Fund during the year amounted to $23,500.
  4. Office expenses paid in cash during the year amounted to $10,500.
  5. Service supplies purchased on account during the year totaled $157,500.
  6. Parts and supplies used during the year totaled $152,300 (at cost).
  7. Charges to departments during the fiscal year were as follows: