FASB Finance Assingment Help With Solution

Posted on April 25, 2017

FASB Finance Assingment Help With Solution

 

1. Financial information about an internal service fund should be reported in the proprietary fund financial statements and the:
a. Governmental Activities column of the government-wide financial statements.
b. Business-type Activities column of the government-wide financial statements.
c. Either a or b, depending on whether the internal service fund predominantly serves governmental activities or business-type activities.
d. None of the above

 
2. The process by which a legal valuation is placed on taxable property is called:
a. An appropriation
b. Property assessment
c. Property tax levy
d. None of the above

 
3. Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?
a. Private-purpose Trust Fund
b. Enterprise Fund
c. Internal Service Fund
d. Special Revenue Fund

 
4. The activities of a water utility department, which offers its services to the general public on a user charge basis, should be accounted for in
a. An Enterprise Fund
b. A Special Revenue Fund
c. The General Fund
d. An Internal Service Fund
 
5. The basis of accounting that should be used in preparing fund financial statements is: Governmental Funds Proprietary Funds Fiduciary Funds
a. Modified Accrual Accrual Modified Accrual
b. Modified Accrual Modified Accrual Modified Accrual
c. Modified Accrual Accrual Accrual
d. Accrual Accrual Accrual
 
6. The Governmental Accounting Standards Board (GASB) is the body authorized to establish accounting principles for all state and local governments.
a. True
b. False
 
7. The FASB has the responsibility for setting accounting and financial reporting standards for:
a. All not-for-profit organizations that are nongovernmental and business entities
b. All special purpose governments
c. All not-for-profit organizations
d. All federal government agencies
 
8. Which of the following accounts of a government is credited when a purchase order is approved?
a. Encumbrances
b. Encumbrances Outstanding
c. Vouchers Payable
d. Appropriations
 
9. The Expenditures (Control) account of a government is debited when:
a. The budget is recorded
b. Supplies are ordered
c. Supplies previously encumbered are received
d. The invoice is paid
 

10. When supplies ordered for use in an activity accounted for in the General Fund are received at an actual price that is more than the estimated price on the purchase order, the Encumbrance Account is:
a. Debited for the estimated price on the purchase order.
b. Credited for the estimated price on the purchase order.
c. Debited for the actual price for the supplies received.
d. Credited for the actual price for the supplies received.
 
11. When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is
a. Credited to Budgetary Fund Balance
b. Debited to Budgetary Fund Balance
c. Debited to surplus account
d. Credited to surplus account
 
12. When equipment that is to be used by an activity accounted for by the General Fund of a government is received, it should be recorded in the General Fund as a(an):
a. Capital Asset
b. Appropriation
c. Encumbrances
d. Expenditure
 
13. The Encumbrance (Control) account of a city is decreased when
a. Goods are ordered: No; Goods are received: No
b. Goods are ordered: Yes; Goods are received: No
c. Goods are ordered: Yes; Goods are received: Yes
d. Goods are ordered: No; Goods are received: Yes

 
14. Which of the following terms refers to an actual cost rather than an estimate?
a. Budget
b. Encumbrance
c. Expenditure
d. Appropriation
 
15. If supplies that were ordered by a department financed by the General Fund are received at an actual price that is less than the estimated price on the purchase order, the department’s available balance of appropriations for supplies will be:
a. Increased
b. Decreased
c. Unaffected
d. Either a or b
 
16. Which account would be found on a general fund statement?
a. Capital asset
b. Depreciation
c. Miscellaneous expense
d. All of the above
e. None of the above
 
17. Under the modified accrual system:
a. revenue is recognized when earned
b. revenue is recognized when it is available to pay for current period obligations
c. expenses are recognized when incurred
d. expenses are recognized when they will be paid out of available resources
 
18. The amount of appropriations is a function of:
a. The unassigned fund balance from the end of the previous period
b. The estimated revenues of the current period
c. Both a and b
d. Neither a nor b
 
19. Which statement is correct?
a. Encumbrances represent the amount ordered and received
b. Expenditures represent the amount ordered and not received
c. Under GASB, we journalize purchase orders to track that we do not exceed our appropriations
d. Each statement is correct.
 

20. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. This type of budgetary control is achieved by reviewing: (Stated another way: “how much of an appropriation remains available to spend?)
a. Appropriations minus expenditures
b. Appropriations plus expenditures minus expenditures
c. Appropriations minus estimated revenues
d. Appropriations minus the sum of expenditures and encumbrances

 

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General Fund:
Assessed valuation, taxable property $5,000,000,000
 
Estimated Expenditures, remainder of FY2011 $12,700,000
Recommended Appropriations, FY 2012 $80,000,000
Required Spendable Fund balances, beginning FY 2013 $16,000,000
 
Actual spendable fund balance, May 1 of FY 2011 $16,200,000
Estimated Revenues from all sources, remainder of FY 2011 $13,000,000
Estimated Revenues from sales tax, FY 2012 $68,900,000
 
What is the amount of the estimated resources available?

 
What is the amount of estimated resource requirements?

 
What amount of estimated revenue is required from property taxes for FYE 2012?

 
What tax rate will be required in FY 2012 to generate the amount of property tax revenue calculated in the previous question?

 

If the recommended Appropriation amount increased to 82,000, what will the effect be on the required tax rate?
a. The required tax rate would decline.
b. The required tax rate will increase.
c. The required tax rate will not be affected
d. Not enough information to make a determination.
 
If the estimated sales tax revenues were to increase, how would that affect the required tax rate?
a. The required tax rate would decline.
b. The required tax rate will increase.
c. The required tax rate will not be affected
d. Not enough information to make a determination.
 
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2014. The budget provides for estimated revenues of $3,600,000 as follows:
 Property taxes $2,900,000
 Licenses $ 350,000
 Fines $ 250,000
 State Grants $ 100,000
 
The budget approved appropriations of $3,000,000 as follows:
 General Government $ 800,000
 Public Safety $1,600,000
 Public Works $ 350,000
 Parks & Recreation $ 150,000
 Miscellaneous $ 100,000
 
a. Prepare the journal entries to record the Town of Bedford Fall’s General Fund operating budget on July 1, 2013, the beginning of the Town’s 2014 fiscal year.
 
b. Prepare the journal entries to record the following transactions that occurred during the month of July 2013:
 
1. Revenues were collected in cash amounting to $35,000 for Licenses and $15,000 for Fines
 
2. Supplies were ordered by the following functions in early July 2013 at the estimated costs shown:
o General Government $ 7,400
o Public Safety $21,300
o Public Works $ 6,100
o Parks & Recreation $ 5,000
o Miscellaneous $ 1,000
o Total $40,800
 
3. During July 2013, supplies were received at the actual costs shown below and were paid in cash. General Government, Parks & Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $21,000 and $5,900 respectively.
  ACTUAL ESTIMATED
o General Government $ 7,200 $ $7,400
o Public Safety $20,800 $21,000
o Public Works $ 6,100 $ 5,900
o Parks & Recreation $ 4,800 $ 5,000
o Miscellaneous $ 900 $ 1,000

o Total $39,800 $40,300
 
c. Calculate and show in good form the amount of the budgeted but unrealized revenues in total as of July 31, 2013.
 
d. Calculate and show in good form the amount of available appropriation in total as of July 31, 2013.

 
The City of Hinton’s General Fund had the following post-closing trial balance at April 30, 2013, the end of the fiscal year:
 
Cash 97,000
Taxes Receivable – Delinquent 583,000
Estimated Uncollectible Delinquent Taxes 189,000
Interest and Penalties Receivable 26,280
Estimated Uncollectible Interest and Penalties 11,160
Supplies 16,100
Vouchers Payable 148,500
Due to Federal Government 59,490
Fund Balance – Nonspendable – Supplies 16,100
Fund Balance – Unassigned 298,130

 
During the year ended April 30, 2014, the following transactions, in summary form, with subsidiary ledger detail omitted, occurred:
 
1. The budget for FY 2014 provided for General Fund estimated revenues totaling $3,200,000 and appropriations totaling $3,000,000.
 
2. The city council authorized temporary borrowing of $700,000 in the form of a 90-day tax anticipation note. The loan was obtained from a loan bank at a discount of a 6% per annum. (Think of the year as 360 days.)
 
3. The property tax levy for FY 2014 was recorded. Net assessed valuation of taxable property for the year was $40,000,000 and the tax rate was $10 per $100. It was estimated that 4% of the levy would be uncollectible.
 
4. Purchase orders and contracts were issued to vendors and others in the amount of $3,900,000.
 
5. The County Board of Review discovered unassessed properties with a total taxable value of $600,000. The owners of these properties were charged with taxes at the city’s General Fund rate of $10 per $100 assessed value.
 
6. $3,400,000 of current taxes, $400,000, of delinquent taxes, and $25,000 of interest and penalties were collected.
 
7. Additional interest and penalties on delinquent taxes were accrued in the amount of $50,000, of which 25% was estimated to be uncollectible.
 
8. Because of a change in state law, the city was notified that it will receive $100,000 less in intergovernmental revenues than was budgeted.
 
9. Total payroll during the year was $819,490. Of that amount, $62,690 was withheld for employees’ FICA tax liability, $103,710 for employees’ federal income tax liability, and $34,400 for state taxes; the balance was paid to employees in cash.
 
10. The employer’s FICA tax liability was recorded for $62,690.
 
11. Revenues from sources other than taxes were collected in the amount of $1,000,000.
 
12. Amounts due the federal government as of April 30, 2014, and amounts due for FICA taxes, and state and federal withholding taxes during the year were vouchered.
 
13. Purchase orders and contracts encumbered in the amount of $3,850,000 were filled at a net cost of $3,825,000 which was vouchered.
 
14. Vouchers payable totaling $3,750,000 were paid after deducting a credit for purchases discount of $20,000.
 
15. The tax anticipation note of $700,000 was repaid.
 
16. All unpaid current year’s property taxes became delinquent. The balances of the current tax receivables and related uncollectibles were transferred to delinquent accounts.
 
17. A physical inventory of materials and supplies at April 30, 2014, showed a total of $19,100. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level. (Note: A periodic inventory system is used both in the General Fund and at the government-wide level. When inventory was purchased during the year, Expenditures were debited in the General Fund journal and Expenses were debited in the governmental activities journal.)
 
REQUIRED:
Record in general journal form the effect of the above transactions on the General Fund for the year ended April 30, 2014. (Journal entries for the government-wide statements are not necessary.)
 
Prepare a General Fund Balance Sheet as of April 30, 2014.
 
Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended April 30, 2014. (Do not prepare the government-wide financial statements.)

 

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