ACCT 567 Governmental and Non Profit Accounting Devry Week 4 and Midterm

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ACCT 567 Governmental and Non Profit Accounting Devry Week 4 and Midterm

Question

ACCT 567 Governmental and Non Profit Accounting Devry 

Week 4 and Midterm

Week 4 DQ 1 Accounting Similarities (Graded)

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 (Graded)

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?
Week 4 Homework Problem & Midterm Exam

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

ACCT 567 Week 4 Midterm Exam

  1. (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5)
  2. (TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points : 5)
  3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis? (Points : 5)
  4. (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points : 5)
  5. (TCOs B and C) The proper journal entry to record an encumbrance would include which of the following? (Points : 5)
  6. (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund? (Points : 5)
  7. (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)
  8. (TCO E) Which of the following projects would usually be accounted for in a capital projects fund? (Points : 5)
  9. (TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds? (Points : 5)
  10. (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)
  11. (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)
  12. (TCOs A and B)How are the major funds of a state or local government determined by a governmental entity? (Points : 30)