Please do the following I and II, Save I as ACC410_Wk4 and ACC410_WK5 as II make sure to check right answers well, please. - Used the link for the web -https://www.osc.nc.gov/public-information/2023-annual-comprehensive-financial-reportand open the web ebook- Government and Not-for-Profit Accounting: Concepts and Practices, Enhanced eText-https://strayer.vitalsource.com/reader/books/9781119803867/epubcfi/6/4[%3Bvnd.vst.idref%3DAnavigation]!/4- login - - username romuluslette06@icloud.com and password - Jeannemarie75@
I. ACC410_WK4
Exercise 5-5.
Continuing Problem (questions 1 through 9). Use the ACFR assigned by your professor and downloaded in Week 1.
II. Acc410_WK5
Chapter 6
Continuing Problem (questions 1 through 5). Use the ACFR assigned by your professor and downloaded in Week 1.
Exercise 6-1.
Problem 6-1.
Chapter 8
Exercise 8-3.
Continuing Problem (questions 1 through 8). Use the ACFR assigned by your professor, which you downloaded in Week 1.
ACC410 - Government and Not-for-Profit Accounting Week 4 Homework Submission Sheet Name: ___________________________________ Homework Due Points Possible Points Received Exercise 5-5 4 Continuing 8 Chapter 5: Exercise 5-5, textbook page 225. (Compute the following, showing computations.) a. Fund balance, non-spendable (inventory), December 31: Amount Computations b. Fund balance, assigned (encumbered), December 31: Amount Computations c. Fund balance (unassigned), December 31: Amount Computations Continuing Problem (Questions 1 through 9), textbook page 227. ACFR assigned by your professor is used for these questions. (Enter the answer to the question in the blanks provided.) 1. Town classifies its governmental expenditure by function or object: ___ The classifications are approximately the same in both the government-wide and the fund statement. Yes or No: ________________________________________________________ 2. Town largest expenditure for fiscal year? By how much did this increase or decrease since prior year? _________________________ Can you draw any inferences from this comparison as to the efficiency and effectiveness of the city in providing this service? Yes or No: ______________________________________ If no, what other information would you need to make such a judgment? 3. Town major differences in expenditures/expenses (that is, reconciling items) as they are reported in the governmental fund and the government-wide statements? ______________________________________________________________________________________________________________________________________________________ 4. Town accounts for its inventories on what basis—purchase or consumption? ____________ Does the town maintain a “fund balance-non-spendable” amount for inventories? Yes or No: _______________________________________________________________________ 5. Basis the town account for insurance or other prepaid items in its governmental funds? ______________________________________________________ How can you tell? ___________________________________________________________________________ 6. Town has had general fund transfers to and from which fund or component units? 7. Nature of any governmental fund balance sheet classifications related to expenditures: __________________________________________________________________________ 8. Town reports depreciation as an expense in its government-wide statements. Yes or No: _____________________________________________________________________ If no, why not? 9. What types of other financing sources and uses does the town report in the General Fund? What effect does these items have on the net change in fund balance for current year? _______________ Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing. ACC410 - Government and Not-for-Profit Accounting Week 5 Homework Submission Sheet Name: ___________________________________ Homework Due Points Possible Points Received Continuing 8 Exercise 6-1 4 Problem 6-1 8 Continuing 8 Exercise 8-3 4 Chapter 6: Continuing Problem (Questions 1 through 5), textbook page 270. ACFR assigned by your professor is used for these questions. (Enter the answer to the question in the blanks provided.) 1. Number of capital projects funds the town maintains: _____________________________ How can you tell? ___________________________________________________________ Are any of these major funds? __________________________________________________ If so, for what purposes are they maintained? ___________________________________________________________________________ ___________________________________________________________________________ 2. Number of debt service funds the town maintains: _________________________________ How can you tell? ____________________________________________________________ Are any of these major funds? __________________________________________________ If so, for what type of obligations are they maintained? 3. How are the capital projects and debt service funds reported in the government-wide statement of net position? ____________________________________________________ __________________________________________________________________________ 4. Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one): _____________________________________________________________ 5. From where did the fund receive most of its resources? ____________________________________________________________________________ Exercise 6-1 (Questions 1 through 10), textbook pages 265–266. (Enter the letters a, b, c, or d next to the question number.) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Problem 6-1, textbook pages 270–271. (Enter the answer to the questions in the blanks provided.) 1. The most likely explanation for the variances in expenditures between budget and actual expenditures: _____________________________________________________________ _________________________________________________________________________ 2. How do you reconcile that amount with the proceeds from bonds payable reported in the statement of revenues, expenditures, and changes in fund balance? _________________ _________________________________________________________________________ 3. What conclusions can you draw about whether interest on fund investments must be used either to repay the capital improvement bonds or to construct and refurbish city facilities? _______________________________________________________________ _______________________________________________________________________ 4. Amount of fund resources government spent during the year on capital improvements? _______________________________________________________________________ 5. How do you explain the absence in the balance sheet of “construction in process”? _______________________________________________________________________ 6. Why is a major portion of the fund balance “restricted”? _______________________________________________________________________ Chapter 8: Exercise 8-3 (Questions 1 through 10), textbook pages 357–358. (Enter the letters a through o next to the question number for the amount that fits each scenario 1–9. An amount may be selected once, more than once, or not at all.) 1. 2. 3. 4. 5. 6. 7. 8. 9. Continuing Problem (Questions 1 through 8), textbook page 359. ACFR assigned by your professor is used for these questions. (Enter the answer to the question in the blanks provided.) 1. Total long-term obligations for both governmental and business-type activities: ___________________________________________________________________________ Does this amount reconcile with the long-term liabilities as reported on the government-wide statements of net position? Yes or No: _____________________________________ 2. Other than bonds payable, what other kinds of long-term debt does the town report in its statement of net position? _____________________________________________________ 3. Increase or decrease long-term borrowing during the current year? ____________________ Effect on total long-term liabilities at year-end? Explain. ____________________________ ___________________________________________________________________________ 4. Percentage total net bonded debt to assessed value of property? ______________________ Amount of net debt per capital? ________________________________________________ 5. Town’s legal debt margin? _____________________________________________________ 6. Lease obligations outstanding? Yes or No: _______________________________________ Accounted for as operating or financing leases? ___________________________________ Were any of the leases initiated during current year? Yes or No: _______________________ Amount of payments related to financing leases? __________________________________ 7. Compute the total amount of the city’s direct and overlapping debt? __________________ ___________________________________________________________________________ 8.Outstanding conduit debt? Yes or No: ____________________________________________ Adapted from Government and Not-for-Profit Accounting: Concepts & Practices, 9th edition, by Granof, Khumawala, and Calabrese, Wiley Publishing.