ACCT567 Week 1 Exercises Complete Solution

ACCT567 Week 1 Exercises A++ Graded From the textbook, complete the following problems. Chapter 1: Exercise 1–3 Chapter 2: Exercises 2–3 and 2–5 Chapter 1 - Exercise 1-3 Financial Statements Statement of net assets-government-wide Statement of activities-government-wide Balance sheet-government funds Statement of revenues, expenditures, and changes in fund balance- governmental funds Statement of net assets-proprietary funds Statement of revenues, expenses, and changes in fund net assets- proprietary funds Statement of cash flows-proprietary funds Statement of fiduciary net assets Statement of changes in fiduciary net assets Exercise 2-3 1. Activities of a general purpose government that provide the basis for GASB’s financial accounting and reporting framework consist of governmental, business-type, and fiduciary. 2. The permanent fund is one of the several types of governmental funds. 3. Government-wide financial statements report financial transactions related to the governmental, business-type, and fiduciary activities of the government. 4. A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. 5. The accounting system for proprietary funds should provide for integration of budgetary accounts. 6. Financial information for component units must be reported by discrete presentation. 7. All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements. 8. All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. 9. Depreciation should be reported in the financial statements of the General Fund for general capital assets accounted for in the General Fund. 10. In addition to the General Fund, in governmental and proprietary fund financial statements, the only individual funds for which financial information is reported in separate columns are major funds. Exercise 2-5 a. Construction b. Administrative c. Gifts in which the d. Costs of a central e. Assets held for external f. Gifts in which the principal g. Costs of operating h. Grant revenues i. Assets held in trust j. Principal and interest k. Taxes collected on

ACCT567 Week 1 Exercises Graded

A+ Please look at the attach...

• ACCT567-Week-1-Exercise-1-3.xlsx 13 KB