Acc 460 Week 2 Complete Uop Exam Assignment

ACC 460 Week 2 Complete

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DQ1.What are the basic principles of fund accounting? Why do government entities recognize revenue? Why is timing important in recognizing revenue?

DQ2.What is the purpose of the capital projects fund? What is the purpose of the debt service fund? What is inter-period equity? How does inter-period equity affect capital project and debt services funds?

DQ3.How should governments report their capital projects and debt service activities in their government-wide statements?

DQ4.What is an encumbrance? How does an encumbrance affect expenses and expenditures? What is the impact of encumbrance accounting on a governmental budget? Explain.

Individual Assignment - Ch. 1, 2, & 3 Textbook Exercises

Resources: Ch. 1, 2, & 3 of Government and Not-for-Profit Accounting

Prepare written answers to the following assignments from Government and Not-for-Profit Accounting:

• Ch. 1: Exercise 1-1, Questions 1, 3, 4, 5, 7, & 8

• Ch. 2: Question for Review and Discussion 12. In addition to answering question 12, provide a response in 150-350 words differentiating between a budget and a Comprehensive Annual Financial Report (CAFR).

• Ch. 3: Exercise 3-2, Questions 1, 2, 3, 6, 8, & 9

Learning Team Assignment - CAFR Budget Analysis

Resources: Each team member’s CAFR list from Week One

Select one team member’s CAFR to be the basis for this and subsequent Learning Team assignments, using the CAFRs chosen for the CAFR list activity in Week One.

Locate and review a copy of the budget accompanying your selected CAFR.

Prepare a 700- to 1,050-word overview of the government that filed your selected CAFR.

Include the following information in your overview:

• Population

• Governmental structure

• Size of budget and its interrelationship with the CAFR

• Major industries located in the entity

•...