ACC 460 Complete Week 3 Click Here for Week 3 Individual Ch. 2, 4, 5, & 6 Textbook Exercises Resources: Ch. 2, 4, 5, & 6 of Government and Not-for-Profit Accounting Prepare written answers to the following assignments from Government and Not-for-Profit Accounting: • • •
Ch. 2: Exercise 2-1, Questions 1 through 10 Ch. 4: Exercise 4-1, Questions 1 through 10, and Exercise 4-7, Question 1 & 2 Ch. 5: Questions for Review and Discussion 1 & 2 o In your answers to the Ch. 5 questions, address how encumbrances affect the expenses and expenditures.
Ch. 6: Questions for Review and Discussion 1 & 6 Learning Team Ch. 4 & 6 Textbook Problems Resources: Ch. 4 & 6 of Government and Not-for-Profit Accounting Prepare written answers to the following problems from Government and Not-for-Profit Accounting: • Ch. 4: Problem 4-16 – The distinction between exchange and nonexchange revenues is not always obvious. Ch. 6: Continuing Problems 1–4, found at the beginning of the Problems section at the end of the chapter. For this assignment, use the CAFR your team selected in Week Two. Discussion Questions DQ1 What is the revenue recognition criteria used in government entities? What are some examples of government sources of revenue? How are these sources accounted for? DQ2 What is an interfund transfer? Why would government entity transfer money from one fund to another? How are interfund transfers reported on a financial report? DQ 3 How can a government entity prepare government-wide statements using the fund statements? What is a governmental reporting entity? DQ 4 You are the sole contributor to a philanthropic foundation. You must specify whether investment gains should be expendable or nonexpendable. Present key arguments in favor and against permitting the gains to be expendable.