College of Administrative and Financial Sciences<\/p>\n
Assignment 2<\/p>\n
Deadline: 12\/11\/2022@ 23:59<\/p>\n
Course Name: GNP Accounting <\/p>\n
Student\u2019s Name:<\/p>\n
Course Code: ACCT 321<\/p>\n
Student\u2019s ID Number:<\/p>\n
Semester: 1<\/p>\n
CRN:<\/p>\n
Academic Year:2022-23 \/1444 H<\/p>\n
For Instructor\u2019s Use only<\/p>\n
Instructor\u2019s Name: DR.ASHFAQUE AHMED <\/p>\n
Students\u2019 Grade: Marks Obtained \/15<\/p>\n
Level of Marks: High\/Middle\/Low<\/p>\n
Instructions \u2013 PLEASE READ THEM CAREFULL<\/p>\n
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.<\/p>\n
Assignments submitted through email will not be accepted.<\/p>\n
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.<\/p>\n
Students must mention question number clearly in their answer.<\/p>\n
Late submission will NOT be accepted.<\/p>\n
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. <\/p>\n
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).<\/p>\n
Submissions without this cover page will NOT be accepted. <\/p>\n
Q1. (Preparation of governmental funds financial statements)<\/p>\n
Following are December 31, 2013 pre-closing 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. (All amounts are in thousands of dollars.) (2.5 marks)<\/p>\n
Debits Credits<\/p>\n
General Fund<\/p>\n
Cash $1,900<\/p>\n
Property taxes receivable – delinquent 330<\/p>\n
Allowance for uncollectible property taxes $ 10<\/p>\n
Accounts payable 120<\/p>\n
Deferred revenues 250<\/p>\n
Unassigned fund balance, January 1, 2013 1,720<\/p>\n
Revenues – property taxes 3,200<\/p>\n
Revenues – licenses and fees 350<\/p>\n
Revenues – parks admissions fees 40<\/p>\n
Investment income 220<\/p>\n
Expenditures – general government 360<\/p>\n
Expenditures – public safety 1,800<\/p>\n
Expenditures – public works 840<\/p>\n
Expenditures – parks and culture 350<\/p>\n
Transfer out to Debt Service Fund 250<\/p>\n
Transfer out to Capital Projects Fund 80 ____ Totals $5,910 $5,910<\/p>\n
Debt Service Fund<\/p>\n
Cash $70<\/p>\n
Assigned fund balance, January 1, 2013 $60<\/p>\n
Expenditures – bond principal 110<\/p>\n
Expenditures – interest 130<\/p>\n
Transfer in from General Fund ___ 250<\/p>\n
Totals $310 $310<\/p>\n
Capital Projects Fund<\/p>\n
Cash $240<\/p>\n
Expenditures – capital outlay 420<\/p>\n
Transfer in from General Fund $80<\/p>\n
Proceeds of bonds ___ 580<\/p>\n
Totals $660 $660<\/p>\n
Answer <\/p>\n
QUESTION-2<\/p>\n
The following transactions relate to the Scott Business venture. Which two of the following six<\/p>\n
possibilities occurred as a result of each transaction – an asset increased, an asset decreased, a <\/p>\n
Liability increased, a liability decreased, equity increased, or equity decreased: <\/p>\n
(SHOW INCREASE (+) DECREASE (-) (5 marks)<\/p>\n
Scott invests $20,000 cash to start the business in return for stock.<\/p>\n
Purchased supplies paying $1,000 cash.<\/p>\n
Purchased equipment for $15,000 cash.<\/p>\n
Purchased Supplies of $200 and Equipment of $1,000 on account.<\/p>\n
Borrowed $4,000 from 1st American Bank.<\/p>\n
Provided consulting services receiving $3,000 cash.<\/p>\n
Paid salaries of $800 to employees.<\/p>\n
Dividends of $500 are paid to shareholders<\/p>\n
$ 1000 amount paid to the creditor against equipment purchase<\/p>\n
Paid outstanding electricity bills $ 500<\/p>\n
ANSWER:<\/p>\n
Q3. From the below statement whether the following are true or false. For the false items,<\/p>\n
explain why they are false. (2.5 marks)<\/p>\n
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.<\/p>\n
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.<\/p>\n
The primary activities of the State Office of General Services and the State Parks Department are financed from General Fund appropriations. The former department also operates a governmental motor pool and the latter operates a public swimming pool. Because their primary activities are financed from the General Fund, they may not under any circumstances account for other activities in proprietary funds.<\/p>\n
Question no. 4<\/p>\n
What are the Approaches that Financial Statement and Financial Condition can be analyzed? <\/p>\n
(2.5 marks)<\/p>\n
Answer <\/p>\n
Question 5<\/p>\n
X Y Z football association uses the following types of funds for the football team\u2019s purposes: Using General Fund; Specific Purpose Funds; Plant Replacement and Expansion Fund; and Endowment Fund. State which fund (or funds) would be used to account for each of these transactions or events. (2.5 marks)<\/p>\n
a-His Excellency has given 5 million SR an additional amount as an aid to the football team<\/p>\n
to promote the football game. <\/p>\n
b- Minister has given fund an amount 10 Million SR, to be used exclusively making a new football ground for adding new place and location for practicing football. <\/p>\n
c- An amount of 20 Million SR, paid to a foreign football coach for special training to the players to be used exclusively for training. <\/p>\n
d-An amount of 3 million SR has been paid to the star players of the years as a reward. <\/p>\n
e-As per the government plan, an amount of 20 million will be paid to the football teams to encourage the newcomer\u2019s football players. <\/p>\n
Answer:<\/p>\n","protected":false},"excerpt":{"rendered":"
College of Administrative and Financial Sciences Assignment 2 Deadline: 12\/11\/2022@ 23:59 Course Name: GNP Accounting Student\u2019s Name: Course Code: ACCT 321 Student\u2019s ID Number: Semester: 1 CRN: Academic Year:2022-23 \/1444 H For Instructor\u2019s Use only Instructor\u2019s Name: DR.ASHFAQUE AHMED Students\u2019 Grade: Marks Obtained \/15 Level of Marks: High\/Middle\/Low Instructions \u2013 PLEASE READ THEM CAREFULL The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-105825","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=105825"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105825\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=105825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=105825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=105825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}