ACT 555 UAGC Advanced Governmental and Non Profit Accounting Worksheet


Option #2: Government and Not-for-Profit Accounting Portfolio 
Your Portfolio Project will provide specific answers to the questions that follow. Apply what you have learned in this course to your answers to these questions.
Problem #1  
Indicate whether each of the following is a Proprietary (P), or Budget (B) account for federal agencies and explain why each would be classified as Proprietary or Budget accounts.
Accounts payable
Accumulated depreciation
Cumulative results of operations

Disbursements in transit
Fund balance with treasury
Office materials and supplies
Undelivered orders
Unexpended appropriations
Other appropriations realized

Problem #2 
The following information pertains to Northern State University, a government owned university, for the month of March, 20X1. 

During the month, the university received an unrestricted appropriation of $4,000,000 from the state.
The university billed tuition and fees totaling $3,400,000 and provided $280,000 in scholarship waivers.
An alumnus donated $900,000 in cash with $200,000 earmarked for construction of a new library.

Equipment for the student computer labs was purchased for cash in the amount of $485,000.
Interest of $32,000 on bonds payable was paid.
Investment income of $49,000 was earned and collected.

The university collected $2,485,000 of the tuition and fees billed earlier.

Refunds of $97,200 were made for tuition and fees.
General expenses of 3,976,000 related to administration of academic programs was paid.
Accrued liabilities of $16,800 were paid.
Month end entries included the following:  Depreciation – $74,000; Allowance for doubtful accounts – 17,800; accrued interest earned on investments – $1,460.
Prepare journal entries for each of the foregoing (Problem #2) transactions in an Excel worksheet.  Label each entry clearly and use Excel formulas for all calculated numbers.

Problem #3 
Congress established the Fruited Plains Lands Preservation Commission (a fictional entity), a main function of which is to encourage farmers, ranchers and similar types of landowners to take specified conservation measures.
The Commission is governed by a seven-person board, the members of which are appointed by the President, subject to the approval of Congress.  The Commission is funded through the normal appropriation process.  Should the Commission be considered a federal reporting entity, and if so, should it be a “consolidation” entity or merely a “disclosure” entity?
The entity maintains both budget accounts and proprietary accounts.  What is the distinction between the two types of accounts?
In a recent year, the Commission received appropriations of $110 million but spent only $90 million. Assuming the appropriation does not lapse, how would the unspent $20 million be reported on the Commission’s year-end balance sheet?
To educate the public on the importance of wildlife preservation, the Commission received a legally binding pledge of $2.5 million from a private foundation.  Of this amount, only $800,000 was received during the year.  The balance is expected to be received in the following year.  How much of the pledge should be recognized as revenue in the year it is made?

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Option #2 Portfolio Milestone
Pancho Gallegos
ACT 555 –Advanced Governmental and Nonprofit Accounting
Colorado State University – Global Campus
Wolod, Larry
May 22nd, 2022
Governmental Accounting Standards Board. (1999, June). Summary of Statement No. 23: Basic
Financial Statements-and management’s discussion and analysis-for state and local
governments. Retrieved from
Reck, J. L., Lowensohn, S. L., & Neely, D.G. (2019). Accounting for Governmental & Nonprofit
Entities 18th ed. New York, NY: McGraw-Hill.
Hegar, G. (n.d.). Distinguishing characteristics agency funds. Retrieved from
GASB. (1999, June). Summary of statement no. 34. Retrieved from
Circular No. A-122. (2004). Office of Management and Budget Circulars. Retrieved from
Times (2018). Seattle just one of 5 big metros last year that had more people move
here than leave, census data show. Retrieved from
: more people-move-here- thanleave-census-data-show/
Wildasin, D. E. (2009, August). Intergovernmental Transfers to Local Governments*. Retrieved
June 4, 2018, from

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