Herzing University Online Accounting Worksheet

Description

1 attachmentsSlide 1 of 1attachment_1attachment_1

Unformatted Attachment Preview

ASSIGNMENT INSTRUCTIONS
Your week three assignment includes four questions which you will find in the following tabs.
Before you begin working on the assignment, I suggest that you create a folder for all of your
Advance Accounting 2 assignments in the Documents folder. You might want to name this folder “AC 426 folder.”
After you open this file, please save the entire file to your AC 426 folder.
IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL
LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if
you do not SAVE the file first!
Be sure to submit the entire file in the assignment upload area! Please do not try to save
and send the tabs separately!
Understanding the Issues Questions
Please answer the following questions
15-1-GASB Statement No. 34 requires reporting using both the financial resources mea-surement
focus and the economic resources measurement focus. How do these two focuses differ, and wha
impact do they have on the presentation of financial infor-mation? Why would the addition of
reporting under the economic resources focus provide added value to the understanding of the
governmental operations? Identify two accounts that would be accounted for differently under the
two focuses.
15-3-Why are budgets crucial in accounting for governmental entities? If appropriations were not
included in fund accounting, what impact would this exclusion have on the financial statements?
15-5-How does the use of an encumbrance system aid in accounting for governmental entities?
15-6-Why do some transactions require an entry in a fund and another in an account group? What
impact would there be if a journal entry were made only in the fund or only in the account group?
ources mea-surement
focuses differ, and what
understanding of the
or differently under the
propriations were not
financial statements?
vernmental entities?
account group? What
n the account group?
EXERCISE 15-8
Date
Item
1-Jan Budget
15-Jan Encumbrances
1-Feb Vouchers
15-Feb Vouchers
3-Jun Vouchers
31-Dec Inventory
Encumbrances
Debit
Credit
Balance
Expenditures
Unobligated
Balance
25,000
(2,000)
3,400
EXERCISE 15-12
(a)
To record property purchase.
(b)
To record donated property at its fair value
(c)
To record cost of work to date.
(d)
To record fire engine purchase at full value.
To record the trade in
(e)
To record cost of new street.
(f)
To record the development of computer software
problem 15-11
1-
(a)
To record completion of new school
(b)
To record donation of land
(c)
Explain why this is not recorded in the general fixed assets account group
this is recorded
(d)
To record purchase of new engine
To record trade-in of old engine
(e)
To record capital improvements on city hall.
(f)
To record improvements other than buildings
(g)
To record depreciation on building, machinery and equipment, and infrast
2-
City of Elmcreek
Schedule of Capital Assets
December 31, 20X9
Beg. Balance
Governmental activities:
Land
Buildings
Construction in progress
Machinery and equipment
Infrastructure assets
Total general fixed assets
Less accumulated depreciation
Buildings
Machinery and equipment
Infrastructure
Total depreciation
Governmental capital assets
–
Additions
1,000,000
5,600,000
1,170,000
400,000
1,200,000
4,400,000
175,000
995,000
equipment, and infrastructure
Retirements
End. Balance
315,000
6,455,000
315,000
1,375,000
5,080,000

Purchase answer to see full
attachment

Explanation & Answer:
1 Page

Tags:
business

accounting

Budget

User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.