College of St Joseph Accounting Nongovernmental Not-For-Profit Entity Worksheet

DescriptionQuestion 1 (Mandatory) (5 points)
A nongovernmental not-for-profit entity gives donors canvas bags imprinted with the entity’s logo
when a donor contributes $20. The value of the bag is approximately $20. This transaction is most
likely reported as:
Question 1 options:
A contribution.
A restricted donation.
A gift in kind.
An exchange transaction.
Question 2 (Mandatory) (10 points)
Rank the following claims of an organization filing Chapter 7 bankruptcy from 1 to 3 based on the
following classifications. Each classification may be used more than once.
1.
Secured Claims
2.
Unsecured Priority Claims
3.
Unsecured Nonpriority Claims
_____ A. Claims for wages that are less than $12,475 per individual, earned within 180 days of filing
petition for bankruptcy.
_____ B. Legal fees incurred after petitioning the court for Chapter 7.
_____ C. Claim by the accounting firm for the audit fee from the prior year -end audit completed two
months prior to the bankruptcy filing.
_____ D. Claims for merchanise that was paid in full but not delivered.
_____ E. Claims with a valid lien against assets of the entity.
_____ F. Claim by employee for commissions earned in 180 days prior to filing bankruptcy petit ion,
for the portion in excess of $12,475.
_____ G. Administrative expenses of the estate, such as trustee fees.
_____ H. Claim by a supplier for goods delivered on account.
_____ I. Interest on unsecured claims.
_____ J. Taxes owed to a government unit.
Question 2 options:
Question 3 (Mandatory) (5.5 points)
The key focus of government fund accounting concerns
Question 3 options:
the current ability to provide and fund services and goods.
intergovernmental transfers from the general fund.
income measurement.
capital expenditures.
Question 4 (Mandatory) (5.5 points)
Governmental fund financial statements are prepared on the ________ basis of accounting.
Proprietary fund financial statements are prepared on the ________ basis of accounting.
Question 4 options:
modified accrual; accrual
accrual; fund
modified accrual; modified accrual
blended; discrete
Question 5 (Mandatory) (5.5 points)
The billings for print shop services provided to other governmental units are recorded by
the internal service fund as:
Question 5 options:
Operating revenues.
Expenditures.
Intergovernmental transfers.
Interfund exchanges.
Question 6 (Mandatory) (5.5 points)
Under the modified accrual basis of accounting, revenues are recognized in the period
Question 6 options:
when the relevant service is done.
when they become both measurable and available.
when the paying entity is billed
when they are collected
Question 7 (Mandatory) (5.5 points)
The accounting equation for an agency fund is
Question 7 options:
Assets = Equity + Liabilities.
Assets = Liabilities.
Current assets – Current liabilities = Fund Balance.
Assets – Liabilities = Equity.
Question 8 (Mandatory) (10 points)
Match each of the following fund types to one of the following three fund categories as indicated.
Each fund category may be used more than once.
A.
Governmental Fund
B.
Proprietary Fund
C.
Fiduciary Fund
_____1. Debt Service Fund
_____2. Internal Service Fund
_____3. Agency Fund
_____4. General Fund
_____5. Permanent Fund
_____6. Enterprise Fund
_____7. Capital Projects Fund
_____8. Trust Fund
_____9. Special Revenue Fund
_____10. Pension Fund
Question 8 options:
Question 9 (Mandatory) (5 points)
For each of the following events or transactions, identify the fund that will be affected.
1.
A city government provides electricity services to residents for a fee.
2.
A printing shop was established to handle the printing needs of a county government.
3.
A philanthropist donates $1 million for zoo maintenance, only earnings can be used.
4. A city government collects sales taxes on behalf of the state and for some of its counties and
municipalities. (Only identify one of the two funds that would be impacted by this event.)
5.
Interest is paid on a state government’s general obligation bonds.
Question 9 options:
Question 10 (Mandatory) (5 points)
When recording an approved budget into the accounts of the general fund, which of the following
accounts would be credited?
Question 10 options:
Encumbrances
Appropriations
Deferred revenues
Estimated revenues
Question 11 (Mandatory) (5 points)
The proceeds from a bond issuance for the construction of a new public school should be recorded in
the ________ fund at the time the bonds are sold.
Question 11 options:
agency
enterprise
general
capital projects
Question 12 (Mandatory) (5.5 points)
The Deferred Revenue account in government accounting is frequently used for
Question 12 options:
taxes that are to be remitted from another government agency in the first month after the fiscal year end.
taxes billed that are not expected to be collected within 60 days of the fiscal year end.
taxes that are to be remitted from another government agency in the second month before the fiscal year end.
taxes billed that are not expected to be collected based on a bad debt percentage history.
Question 13 (Mandatory) (5.5 points)
Which of the following funds has similar accounting and reporting to the special revenue fund?
Question 13 options:
The agency fund
The general fund
The proprietary fund
The trust fund
Question 14 (Mandatory) (5.5 points)
Unconditional promises to give are recognized as contribution revenue
under GAAP when:
Question 14 options:
The related receivable is collected.
The time or purpose restriction is satisfied.
The promise is received.
The future event that binds the promisor occurs.
Question 15 (Mandatory) (5.5 points)
Auxiliary enterprises in a college and university include all of the
following, except:
Question 15 options:
Research
None of the above
Cafeteria
Bookstore
Question 16 (Mandatory) (5.5 points)
Universities record contributions that carry no specifications regarding
the time period or purpose of use as
Question 16 options:
endowments.
temporary restricted revenue.
grant funds.
unrestricted revenue.
Question 17 (Mandatory) (5 points)
Cool Treasures Company is being liquidated under Chapter 7 of
the Bankruptcy Act. All assets have been converted into cash to
pay the following claims:
Approved Claims
Mortgage payable secured by a building that was
sold for $125,000.
$190,000
Accounts payable, unsecured
$225,000
Administrative expenses payable, unsecured
$25,000
Salaries payable, all wages payable are for under
$12,475 except for the President whose wages
payable are $15,000
$50,000
Property taxes
$12,000
Assume that all of the claims are allowed and that they were
filed timely and that the administrative expenses are for trustee
fees.
Rank the claims according to priority (Secured Claims,
Unsecured Priority Claims, and Unsecured Nonpriority
Claims). Include the amount payable for each claim under each
ranking.

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