ACC 460 Week 5 Team Key Concept Presentation NEW

Create a slide presentation of 10 to 12 slides.

Address the following:

• Examine FASB financial reporting requirements for a private college.
• Apply basics of GAAP pertaining to categorizing restrictions on net assets.
• Evaluate whether the entity is subject to the requirements of the Single Audit Act and the provisions of Office of Management and Budget.

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ACC 460 Week 5 Question 15-1 NEW

Complete Question 15-1, p. 632, in approximately 30 to 90 words.

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Identify the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.

ACC 460 Week 4 Team Assignment Not-for-Profit Financial Reporting Paper NEW

Analyze the financial statements and audit report of a not-for-profit organization readily and publically available on an active website.

Create a 700- to 1,050-word overview of one not-for-profit organization in an area of interest to your team and review the financial statements and audit report for the organization. 

Address the following: 

• Evaluate how the selected not-for-profit’s financial statements conform to Financial Accounting Standards Board (FASB) guidance in Statement No. 117, Financial Statements of Not-for-Profit Organizations.
• Compare the organization’s reporting of pledges and contributions to its reporting of exchange transactions. How should they be recorded and subsequently reported in the financial statements.
• Explain the impact if your not-for-profit confers excess economic benefits on disqualified persons.

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ACC 460 Week 4 Exercise 13-20 Recording Revenue and Related Expense Transactions NEW

ACC 460 Week 4 Exercise 13-14, Multiple Choice Assignment NEW

Complete the multiple choice questions in Exercise 13-14, p. 563:

• 1-10

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Multiple Choice. Choose the best answer.

1. Which of the following organizations would be considered a nongovernmental not-for-profit organization?
   1. An organization that provides shelter for men who have been victims of domestic violence and has been designated as a not-for-profit organization by the IRS. The board of trustees is composed of county commissioners, but in the case of the dissolution of the organization, any remaining funds would be donated to the United Way. Funding for the organization comes entirely from contributions.
   2. An organization that provides services to persons who wish to learn English as their second language. The organization is incorporated and is funded by fees charged to the learners. All profits are reinvested in the organization to provide further services. The organization has applied for not-for-profit status with the IRS.
   3. An organization classified by the IRS as a not-for-profit organization that employs individuals with disabilities in a workshop where the workers make custom stationery out of recycled goods. The organization receives cash and in-kind contributions as well as the proceeds from the sale of the stationery. The organization’s board is composed of local businessmen and women.
   4. An organization that provides fund-raising services for other not-for-profit organizations. The organization is funded by fees for its services and was incorporated by the former chairperson of the local United Way organization. The organization distributes 40 percent of its profits to local charities.
2. According to GAAP, all not-for-profit organizations are required to prepare
1. A statement of activities, a statement of functional expense, and a statement of cash flows using accrual accounting.
2. A statement of activities, a balance sheet, and a statement of cash flows using accrual accounting.
3. A statement of financial position, a statement of activities, a statement of cash flows and a statement of functional expenses using accrual accounting.
4. A statement of cash flows, a statement of activities, and a statement of financial position using either cash basis or accrual basis accounting.
5. Jane’s Planes is an organization that provides air transportation for critically ill children. A friend of Jane’s Planes, Richard Bucks donated a plane to be used over its remaining life solely for transportation of critically ill children. In addition, he donated a substantial amount of investments that were to be used strictly to generate income to help fund the organization’s expenses. These donations would be included in the organization’s net assets as:

4. In a local NFP elementary school’s statement of cash flows, a contribution restricted for use on a new building project would be reported as:
   0. A financing activity.
   1. A capital and related financing activity.
   2. An investing activity.
   3. An operating activity.
5. A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing a signed agreement with the donor, the museum should:
0. Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $1,000,000.
1. Record a debit to Contributions Receivable—Temporarily Restricted in the amount of $500,000.
2. Not make a journal entry until the conditions of the agreement have been met.
3. Either a or c are permissible, depending on the museum’s established policy.
0. Program revenue and supporting services expense.
1. Contribution revenue and supporting services expense.
2. Program revenue and program expense.
3. Contribution revenue and a program expense.
0. Special event revenue of $4,800 and special event expense of $1,500.
1. Special event revenue of $4,800 and fund-raising expense of $1,300.
2. Special event revenue of $2,300 and fund-raising expense of $1,300.
3. Both a and b are correct.
0. Purpose, mission-related, and benefit to the public.
1. Purpose, audience, and content.
2. Purpose, expand donor base, and content.
3. Reasonable, improve financial condition, and benefit to the public.
0. A fund-raising cost.
1. A program cost.
2. Both a fund-raising and program cost.
3. A management and general expense.
0. The organization has variance power.
1. The organization elects to consistently report such donor gifts as contribution revenue.
2. The beneficiary organization requests a delay in receiving the contribution from the intermediary organization.
3. All of the above are correct.
4. Orlando Perez, president of a local information systems company, volunteered his time to help develop software for Best Friends, a local no-kill pet shelter. The software will allow the organization to track intake, placement, and statistics of animals in its three locations. Without Mr. Perez’s assistance, Best Friends would have needed to hire someone to develop this software. Best Friends should record the value of Mr. Perez’s time as:
5. The Maryville Cultural Center recently conducted a successful talent show in which local talent performed for a nominal prize. The talent show is an ongoing major event and is central to the center’s mission. The event raised $4,800 in gross revenue. Expenses related to the event included $1,000 to rent an auditorium, $1,200 to advertise the event, $500 for trophies and other awards for the winner and the runners up, and $100 for printing and mailing tickets. The center believes there was no monetary value received by donors (attendees). To report this event in its statement of activities, the center will report:
6. Many not-for-profit organizations attempt to classify fund-raising expenses as program services expenses by making the activities look educational in nature or advocating for the mission of the organization. For such expenses to be reported as program services expenses, they must meet which of the following three criteria:
7. Save Our Beaches, a NFP organization, prepared and distributed a tri-fold flyer to individuals and families at White Sands Beach, a popular beach for both residents and tourists. The flyer provided information about beach pollution and invited the public to participate in the organization’s semi-annual beach cleanup. In addition, one segment of the flyer solicited contributions to the organization to help fund its activities. The cost of the flyer and its distribution would be considered:
8. A particular organization functions as an intermediary between donors and other beneficiary organizations. The intermediary organization must report contribution revenue from donors if:

ACC 460 Week 4 Chapter 14-1, 14-4 NEW 

Complete questions 14-1 and 14-4 in approximately 30 to 90 words each.

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14-1

14-4

ACC 460 Week 3 Team Simulation Assignment NEW

Access the McGraw-Hill Connect simulation.
Each team member must complete the simulation activity. This week you will complete Ch. 4, which can be found in the Connect Guide.
Discuss, as a team, your experiences and key concepts learned.
Each team member will receive points, at the instructor’s discretion, for completing the simulation and contributing to the discussion

Complete the City of Smithville problems using the Connect Guide:
• Chapter 4: Recording Operating Transactions Affecting the General Fund and Governmental Activities at the Government-wide Level.
Submit a PDF version of the post-closing trial balance for 2016, the pre-closing subsidiary ledgers, and pre-closing General Fund trial balance for 2017.
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ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment NEW

Complete the multiple choice questions in Exercise 12-15, p. 510:

• 1-10

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Multiple Choice. Choose the best answer.

1. Budgets of government entities:
   1. Are integrated with the financial accounting system.
   2. Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
   3. Are adopted by governments after required public hearings.
   4. All of the above.
2. Which of the following statements regarding budgets of not-for-profit organizations is true?
1. Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
2. A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
3. The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
4. All of the above statements are true.
1. Heads of operating departments prepare budget requests.
2. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
3. One or more public budget hearings are held.
4. Budget officer and other central administrators review and make adjustments to departmental requests.
1. The accounting system should provide the basis for appropriate budgetary control.
2. Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
3. Annual budgets should be adopted by each government.
4. All of the above.
1. Can be presented as a schedule within required supplementary information (RSI) or as a statement in the basic financial statements.
2. Must be a schedule included as part of RSI.
3. Continues to be a statement included in the basic financial statements.
4. Is no longer required.
1. Incremental budgeting.
2. Zero-based budgeting.
3. Performance budgeting.
4. Planning-programming-budgeting.
1. Customer.
2. Internal business processes.
3. Economy and efficiency.
4. Learning and growth.
1. Must adhere to GASB SEA guidance.
2. Must adhere to GASB SEA guidance only if the SEA report is part of the CAFR.
3. Must adhere to guidance provided by the Association of Government Accountants (AGA) because GASB has not issued standards addressing SEA.
4. May refer to guidance provided by the GASB, the AGA, or other professional organizations.
1. Measures that relate the quantity or cost of resources used to units of output.
2. Measures that relate to the amount of financial and nonfinancial resources used in a program or process.
3. Measures that relate costs to outcomes.
4. Measures that reflect either the quantity or quality of a service provided.
1. Financial Accounting Standards Board pronouncements.
2. Government Finance Officers Association best practices documents.
3. Principles published by the Association of Government Accountants.
4. Guidelines issued by the Office of Management and Budget.
5.  Which of the following steps would not usually be part of the budgeting process?
6. The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
7. The budgetary comparisons required of state and local governments under GASB standards:
8. An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
9. Which of the following does not represent a performance measurement group under the balanced scorecard?
10. Governments that choose to report service efforts and accomplishments (SEA):
11.      Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
12. Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?

ACC 460 Week 3 Chapter 9 Exercise 9-15 Examine the CAFR NEW

Utilize the CAFR obtained for 4-15 in Week 2.

Complete the following in Exercise 9-15:

• A
• B (1)
• C on p. 397

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