ACCT 567 Final Exam guide (Keller) A+ work! - 40804

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(TCO A) On what should the government-wide financial statements report? (Points : 5)

(TCO A) Which of the following groups is considered a primary user of a state or local government’s general-purpose external financial statements? (Points : 5)

(TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)

(TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)

(TCO C) Which of the following will increase the fund balance of a government at the end of the fiscal year?(Points : 5)

(TCO D) The revenues account of a government entity is debited when (Points : 5)

(TCO D) The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include (Points : 5

(TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to $220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which $35,000 was the value of the land on which the building was situated. At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5)

(TCO E) Which of the following resource inflows would be recorded as a revenue of a debt service fund? (Points : 5)

(TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5)

(TCO J) Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? (Points : 5)

(TCO J) GASB standards require that governmental fund financial statements include which of the following?(Points : 5)

(TCO H) A condition whereby the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis is called a(an) (Points : 5)

(TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5)

(TCO I) Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university? (Points : 5)

(TCO I) The primary source of revenues for most hospitals are (Points : 5)

(TCO I) How would the estimated uncollectible tuition and fees be reported on the financial statements of a university? (Points : 5)

(TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded.

(1) Bonds of $1,000,000 from which the proceeds are to be used for the construction of a new City Hall building.
(2) Salaries of $170,000 were paid to personnel in the office of the mayor.
(3) Installment payments of $75,000 were received from the property owners that were assessed for the street improvement project.
(4) Over $65,000 of funds were received by employees by payroll deductions that are to be used for the purchase of United States Government Bonds for those employees on an individual basis.
(5) Materials of $140,000 were to be used for the general repair of the streets that were purchased by the city.
(6) Excess funds of $60,000 were transferred from the water utility to the General Fund. (Points : 30)

(TCO F) The garbage collection of the city of Rockwell could be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances in which each of these fund types might be appropriate. (Points : 40)

(TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions. (The amounts are summarized for the entire year.)

(1) Healthcare services that are provided to inpatients and outpatients amounted to $9,640,000, of   which $420,000 were for charity cases, $865,000 was paid by uninsured patients, and $8,355,000 was billed to Medicare, Medicaid, and other insurance companies.
(2) Pharmaceutical drugs and medicines sold by the hospital pharmacy amounted to $830,000, all of which was paid by the customer or the insurance companies.
(3) Medicare, Medicaid, and third-party payers (insurance companies) approved and paid $5,640,000 of the $8,355,000 billed by the hospital during the year (please review transaction #1).
(4) A contribution of $4,000,000 (of which is unconditional) was received in cash from a donor to construct a new facility for cancer patients. The full amount is expendable for that purpose. No activity has taken place during the current year.
(5) A total of $810,000 was received from the following activities/sources: cafeteria and gift shop sales, $630,000, unrestricted transfers from the Claremont Hospital Foundation, $110,000, and fees for medical transcripts, $70,000.
(6) The allowance for uncollectible receivables was increased by $1,350.

Complete the following requirements:…(Points: 40)

(TCO F) (1) What are the key differences between the cash flow statement     requirements for Enterprise Funds and those for business enterprises? (2)     Please identify the proper classification on the statement of cash flow of     the Enterprise Fund versus the Private Business Enterprise.

 

Transaction Type

     

     Government Classification

     

     Business Classification

     

     

Capital asset acquisition/sale

     

 

 

Capital debt issue/retirement

     

 

 

Noncapital debt       issue/retirement

     

 

 

Interest paid on capital debt

     

 

 

Interest paid on noncapital       debt

     

 

 

 Receipt of investment earnings

     

 

 

   

(Points : 40)

 

 

(TCO I) During the fiscal year of June 2012, Lincoln General Hospital, a     not-for-profit healthcare organization, had the following revenue-related     transactions. (The amounts are summarized for the entire year.)
    
    (1) Healthcare services that are provided to inpatients and outpatients     amounted to $11,690,000, of which $620,000 were for charity cases, $972,000     was paid by uninsured patients, and $10,098,000 was billed to Medicare,     Medicaid, and other insurance companies.
    (2) Pharmaceutical drugs and medicines sold by the hospital pharmacy     amounted to $950,000, all of which was paid by the customer or the     insurance companies.
    (3) Medicare, Medicaid, and third-party payors (insurance companies)     approved and paid $8,150,000 of the $10,098,000 billed by the hospital     during the year (please review transaction #1).
    (4) A contribution of $4,500,000 (of which is unconditional) was received     in cash from a donor to construct a new facility for cancer patients. The     full amount is expendable for that purpose. No activity has taken place     during the current year.
    (5) A total of $940,000 was received from the following activities/sources:     cafeteria and gift shop sales, $780,000, unrestricted transfers from the     Claremont Hospital Foundation, $95,000 and fees for medical transcripts,     $65,000.
    (6) The allowance for uncollectible receivables was increased by $1,670.
    Requirements:
    a. Record the preceding transactions in general journal form.
    b. Prepare the unrestricted revenues, gains, and other support section of     Lincoln General Hospital’s statement of operations for the current year.

 

                                                                                                                                                                                          22. (TCO E) Enter the template provided in the answer space and record the following transactions in the Capital Projects Fund in the general journal for the following transactions.

a. McDowell County issued $4,000,000, 5% bonds with interest payable on a semiannual basis on July 1 and January 1. The bonds sold for 102 on July 30, 2012. Proceeds from the bond issue were to be used for construction of the new sheriff station with all interest and premiums received to be used to service the debt issue.
b. A state grant of $250,000 was received to help finance the construction of the sheriff station.
c. The General Fund transferred $300,000 for use in the construction of the new sheriff station.
d. A federal grant of $500,000 was received to help finance the construction of the new sheriff station.
e. A construction contract was awarded to the Young Construction Company in the amount of $4,750,000.
f. The new sheriff station was completed on May 1, 2013, three months ahead of schedule. The construction expenditures amounted to $4,870,000. When the project was completed, the cost of the sheriff station was allocated to the following, $310,000 for land, $4,180,000 for the building, and the remainder to equipment.
g. The temporary accounts of the capital projects were closed to Fund Balance-Restricted. The amounts are restricted due to the bond issue that is related to the construction of the sheriff station. The capital projects fund will be closed by transferring remaining funds to the debt service fund for repayment…. (Points: 40)

23.  (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Glass City Museum of Science. The museum is a component unit of the City of Glass City and must be included in the city’s financial statements. It began operations on January 1, 2012 with no liabilities or commitments and only two assets….(Points: 40)

 

 

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