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ACCT 567 Complete Course Material

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ACCT 567 Week 1 DQ 1 Standard-Setting Bodies )


Discuss some of the major differences between GASB and FASB when it comes to setting
accounting standards.
ACCT 567 Week 1 DQ 2 Accounting vs. Governmental Systems
Why are there major differences between governmental accounting systems vs. business
accounting systems?
ACCT 567 Week 1 Homework Exercises
ACCT 567 Week 1 Homework Chapter 1 (Exercise 1-3)
ACCT 567 Week 1 Homework Exercises (2-3) and Exercise (2-5)
ACCt 567 Week 2
ACCT 567 Week 2 DQ 1 Adoption of a Budget
How does the adoption of a budget in a governmental entity differ from the adoption of a budget
by a commercial enterprise?
Week 2 DQ 2 Governmental Accounting
Transactions (Graded)
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? Could you cite some examples?
Week 2 Case Study and Homework Exercise
ACCT 567 Week 2 Case Study I (City of Middleville)

ACCT 567 Week 2 Homework Problems 3-9 and 4-4, 4-6, 4-10
ACCT 567 Week 3
ACCT 567 Week 3 DQ 1 Capital Funds
Purposes
When should a capital projects fund be used by a governmental entity? Is it mandatory that a
governmental entity use a capital project fund for GAAP purposes?
ACCT 567 Week 3 DQ 2 Purpose of a Debt
Service Fund
When does GAAP require the use of a debt service fund? Are there instances when a
governmental entity is not required to use a debt service fund?
Week 3 Homework Problem,Excercises and Quiz
ACCT 567 Week 3 Homework Problems 5-3 and 6-5
ACCT 567 Week 3 Problem 5-7 and Problem 6-8
ACCT 567 Week 3 Quiz
(TCO A) Which of the following items are considered Required Supplementary Information
(RSI)?
(TCO B) In addition to the government-wide statements, governmental entities are required to
prepare fund financial statements for which of the following category of funds?
(TCO C) The County Commission of Hunter County adopted its General Fund budget for the
year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of
$3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The
budgeted excess of estimated revenues over appropriations will be recorded as:
(TCO D) Which of the following is a true statement regarding the use of a Special Revenue
Fund?
(TCO B) Which of the following is true regarding the government-wide Statement of Net
Assets?
(TCO D) GASB standards _____ that each governmental reporting entity display _____ General
Fund in its general-purpose financial statements.
(TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual
Financial Report and provide a brief description of what is included in each of the section.
(TCO D) The City of Minyard adopted the following budget for fiscal year 2012:
(TCO D) The City of Martinville had the following pre-closing account balances in its General
Fund as of June 30, 2012. Debits and credits are not separated; each account had its normal
balance. Among the expenditures that are recorded this year is an amount that has been expended

on supplies ordered at the end of the previous year. Assume that the encumbrances do not lapse
and that the city failed to make the proper journal entry or entries necessary to re-establish the
encumbrance in the current year.
ACCT 567 Week 4
Week 4 DQ 1 Accounting Similarities)
How would you compare the accounting for enterprise funds with that of (a) businesses and (b)
governmental funds?
Week 4 DQ 2 Internal Service Funds
What types of activities are recorded under the internal services account? Please provide
examples. Is the government required to account for activities in the internal service fund or in
another fund?
ACCT 567 Week 4
ACCT 567 Week 4 Homework Problems 7-3 and 7-8
ACCT 567 Week 4 Midterm Exam Solution 100% perfect
(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of
accounting? (Points : 5)
(TCOs A and B) Funds other than the General Fund are required to be considered to be a major
fund when (Points : 5)
(TCOs A and B) Which of the following is most correct with regard to Managements Discussion
and Analysis? (Points : 5)
(TCOs B and C) With regards to budgetary reporting by governmental entities, which of the
following is not a true statement? (Points : 5)
(TCOs B and C) The proper journal entry to record an encumbrance would include which of the
following? (Points : 5)
(TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the
following fund? (Points : 5)
(TCO E) When a government acquires general fixed assets under a capital lease agreement, how
should the asset be recorded in the government-wide financial statements? (Points : 5)
(TCO E) Which of the following projects would usually be accounted for in a capital projects
fund? (Points : 5)
(TCO E) Which of the following statements is a true statement regarding the reporting of debt
service funds? (Points : 5)
(TCO D) Under GASB Statement No. 33, when would a special revenue fund be considered to
have satisfied the eligibility requirement of a reimbursement type federal grant? (Points : 5)
(TCO E) You are in a staff meeting with the city controller and one of your colleagues was
quoted as follows: Capital projects funds are established by a government to account for all
plant or equipment acquired by construction. Do you agree with this statement? Why or why
not? (Points : 30)

(TCOs A and B) How are the major funds of a state or local government determined by a
governmental entity? (Points : 30)
ACCT 567 Week 5
ACCT 567 Week 5 DQ 1 Fiduciary Funds )
Discuss various situations in which a government has fiduciary responsibility but does not report
them in fiduciary funds.
ACCT 567 Week 5 DQ 2 Financial Reporting: Basic
Financial Statements
What basis of accounting is used to report governmental activities in government-wide financial
statements? Can another basis be used? Please explain.
Week 5 Case Study and Homework Problems
ACCT 567 Week 5 Case Study II (City of Shipley Part A, B, C and D)
ACCT 567 Week 5 Homework Case 8 1
ACCT 567 Week 5 Homework Problems (8-4) Problem (9-4)
ACCT 567 Week 5 Homework Problems (9-9 and 9-10)
ACCT 567 Week 5 Homework The Village of Dover (8 8)
ACCT 567 Week 6
Week 6 DQ 1 Auditing Differences (Graded)
In what significant way do financial audits in government and not-for-profit organizations differ
from those carried on in businesses? Please explain.
ACCT 567 Week 6 DQ 2 Not-for-Profit Organizations (Graded)
How do not-for-profit organizations differ from government activities in the way the account for
business-type activities, such as dining halls, gift shops, and admission fees?
ACCT 567 Week 6 Homework Problems and Quiz
ACCT 567 Week 6 Homework 14-8 a,b,c,d
ACCT 567 Week 6 Homework Problem (12-4)
ACCT 567 Week 6 Quiz

(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) Government units use which fund type to account for services provided to the general
public on a user-fee basis?
(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) Which of the following would be considered a performance audit under the
Governmental Auditing Standards?
(TCO J) Which of the following kinds of information would not be provided by managements
discussion and analysis (MD&A)?
(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.
(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 7
ACCT 567 Week 7 DQ 1 Colleges and Universities (Graded)
What financial statements must be presented by a government university that engages in only
business-type activities? Is there a GASB or FASB requirement that mandates this type of
implementation?
ACCT 567 Week 7 DQ 2 Differences in Government and
Commercial Accounting
What are some of the key differences between government healthcare accounting and
commercial accounting? Please cite some examples.
ACCT 567 Week 7 Homework Problems
ACCT 567 Week 7 Homework Problem 16-4 a, b
ACCT 567 Week 7 Homework Problems (16-3) Problem (17-6)
ACCT 567 Week 7 Homework Problems (16-4 and 17-7)