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helping assignment attached fileaccepted.• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.• Students must mention question number clearly in their answer.• Late submission will NOT be accepted.• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.• All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).• Submissions without this cover page will NOT be
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Write My Essay For MeCollege of Administrative and Financial Sciences
Assignment 2
Deadline: (end of week 9) 31 /10/ 2020 @ 23:59
| Course Name: Government and Non-Profit Accounting | Student’s Name: |
| Course Code: ACCT 321 | Student’s ID Number: |
| Semester: 1 | CRN: |
| Academic Year: 1441/1442 H |
For Instructor’s Use only
| Instructor’s Name: | |
| Students’ Grade: …… /5 | Level of Marks: High/Middle/Low |
Instructions – PLEASE READ THEM CAREFULLY
- The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
- Assignments submitted through email will not be accepted.
- Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
- Students must mention question number clearly in their answer.
- Late submission will NOT be accepted.
- Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
- All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
- Submissions without this cover page will NOT be accepted.
Assignment Question(s): (Marks. 5)
Q1. The following are statements for the use of Proprietary Funds State whether the following are true or false. For the false items, explain why they are false.
a. Enterprise Funds are used only when all services are provided to non-governmental entities, and Internal Service Funds are used only when all services are provided to governmental agencies that are a part of the reporting government.
b. Enterprise Funds use the economic resources measurement focus and full accrual basis of accounting only when they want to compute the costs of services; otherwise, they use the current financial resources measurement focus and modified accrual basis of accounting.
Q.2. Towry School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Towry Private Purpose Trust Fund – Awards Fund. Also, prepare a statement of changes in fiduciary net position for the Fund for the year ended December 31, 2013. This is the first year of operation for the Towry Private Purpose Trust Fund – Awards Fund.
a. Hannah, noted philanthropist, donates marketable securities worth $600,000 to the District, stipulating that all earnings on the securities be used for awards to graduates.
b. The District receives dividends on the securities in the amount of $15,000.
c. The District makes various awards to graduating seniors in the amount of $20,000.
d. When the District prepares financial statements at the end of the year, the marketable securities have a fair value of $590,000.
Q3. Following are December 31, 2013 trial balances (budgetary accounts excluded) for the General Fund, Debt Service Fund, and Capital Projects Fund for Hebert County.
Prepare a governmental funds balance sheet and a statement of revenues, expenditures, and changes in fund balances as of and for the year ended December 31, 2013.
The General Fund had encumbrances of $25 outstanding on December 31, 2013.
Debits Credits
General Fund
Cash $1,900
Property taxes receivable – delinquent 330
Allowance for uncollectible property taxes $ 10
Accounts payable 120
Deferred revenues 250
Unassigned fund balance, January 1, 2013 1,720
Revenues – property taxes 3,200
Revenues – licenses and fees 350
Revenues – parks admissions fees 40
Investment income 220
Expenditures – general government 360
Expenditures – public safety 1,800
Expenditures – public works 840
Expenditures – parks and culture 350
Transfer out to Debt Service Fund 250
Transfer out to Capital Projects Fund 80 ____ Totals $5,910 $5,910
Debt Service Fund
Cash $70
Assigned fund balance, January 1, 2013 $60
Expenditures – bond principal 110
Expenditures – interest 130
Transfer in from General Fund ___ 250
Totals $310 $310
Capital Projects Fund
Cash $240
Expenditures – capital outlay 420
Transfer in from General Fund $80
Proceeds of bonds ___ 580
Totals $660 $660
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