ACCT 360 : Accounting Assignment Help : Franklin University

ACCT 360 Accounting Assignment Help

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Accounting is a process that allows recording, processing, interpreting, summarizing, verifying and presenting of the financial transactions.

We are providing ACCT 360 homework help, Notes, Study guides & ACCT 360 write ups to the students of Franklin University. Just question answer is one of the best assignment helper of Advanced Studies in Government and Not-for-Profit Accounting (ACCT 360).

ACCT 360 Week 1 Assignment Help | Franklin University

1. P1-1 (Statement of Revenues and Expenditures—Worksheet) Hatcher Township prepares its annual General Fund budget on the cash basis and maintains its accounting records on the cash basis during the year. At the end of Hatcher Township’s 20X9 calendar year, you determine the following:

		Budget (Cash) Basis			Accruals
General Fund	Budget		Actual	1/1/X9		12/31/X9
Revenues :
Taxes	$600,000		$595,000	-          $		6,000 $
Licenses	200,000		206,000	-		-
Intergovernmental	100,000		110,000	9,000		1,000
Other	50,000		45,000	5,000		-
	950,000		956,000	14,000		7,000
Expenditures:
Salaries	700,000		704,000	17,000		11,000
Utilities	80,000		85,000	-		-
Supplies	70,000		64,000	-		7,000
Equipment	60,000		58,000	2,000		12,000
Other	30,000		31,000	-		-
	940,000		942,000	$19,000		$30,000

     

	Budget (Cash) Basis		Accruals
General Fund	Budget	Actual	1/1/X9	12/31/X9
Excess of Revenues Over
(Under) Expenditures:	$ 10,000	$ 14,000

      1.   Required 

•  Prepare a worksheet to derive a GAAP basis (including accruals) statement of revenues and     expenditures for the Hatcher Township General Fund for the 20X9 fiscal year.
•  Could the readers of the budgetary basis and GAAP basis statements get different impressions   of the 20X9 operating results of the Hatcher Township General Fund? Explain.

      2.  P1-2 (SLG GAAP Hierarchy) Mark O. Sleuth, a recent accounting graduate, has been                          assigned to research several local governmental accounting and financial reporting issues.

        For each issue, rank the sources of guidance according to the governmental GAAP hierarchy.

       

      Issue 1: The AICPA state and local government (SLG) Audit and Accounting Guide, a GASB            Technical Bulletin, a leading governmental accounting textbook, a GASB Interpretation, and a            section of the FASB Accounting Standards Codification

Issue 2: A leading governmental accounting textbook, a GASB Implementation Guide, an article in a leading auditing journal, and a speech by a leading governmental accounting professor

Issue 3: The AICPA SLG Audit and Accounting Guide, a GASB Statement, a journal article that summarizes current practice on the issue in the United States, notes from a telephone conversation on the issue with the GASB director of research, and a FASB Accounting Standards Update

Issue 4: An AICPA Statement of Position (cleared by the GASB), an article by the managing partner of an international public accounting firm, a GASB Technical Bulletin, and the FASB Accounting Standards Codification

Issue 5: GASB Implementation Guide 2015-1, the AICPA SLG Audit and Accounting Guide, four articles from the Journal of Accountancy, and a leading governmental accounting textbook

Issue 6: A predominant practice, Statement of Governmental Accounting Concepts, an AICPA Statement of Position not included in Level b 

3. P1-3 (Internet Research Problem) locate the homepages for the following organizations and prepare a brief critique (one to three pages, perhaps with attachments) of the contents of each site:

·         Governmental Accounting Standards Board

·         Financial Accounting Standards Board

·         American Institute of Certified Public Accountants

·         Government Finance Officers Association

·         Association of Government Accountants

·         National Association of State Auditors, Comptrollers, and Treasurers

·         National Association of College and University Business Officers

·         Association of School Business Officials International

     

4. P1-4 (Internet Research Problem) Locate the GASB white paper, “Why Governmental Accounting and Financial Reporting Is—and Should Be—Different,” on the Governmental Accounting Standards Board website. Prepare a brief summary and critical analysis of the white paper.

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