Ashford ACC630 Week 1 Assignment Latest

ACC630 Managerial Accounting

Week 1 Assignment  

Problems and Exercises [CLO: 1]. Due by Day 7. Complete the following problems and exercises, showing all work and submit in the classroom.

Research Case – GASB Examine the Governmental Accounting Standards Board’s website (www.GASB.org) and prepare a brief report about its mission, standard setting process, board composition, and the role of Governmental Accounting Standards Advisory Council. Can you determine how to obtain a copy of the most recent Codification of Governmental Accounting and Financial Reporting Standards? What would it cost to purchase or access this publication?

Matching Fund Types With Fund Categories For each of the following fund types, indicate its fund category by placing either “GF” for governmental funds, “PF” for proprietary funds, or “FF” for fiduciary funds.

Matching Funds With Transactions Choose the letter of the sample transaction in the right-hand column that would most likely be reported in the fund listed in the left-hand column.

4. Recording General Fund Operating Budget and Operating Transactions The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimated revenues of $2,700,000 as follows: property taxes, $2,000,000; licenses and permits, $350,000; fines and forfeits, $250,000; and intergovernmental (state grants), $200,000. The budget approved appropriations of $2,650,000 as follows: General Government, $500,000; Public Safety, $1,800,000; Public Works, $350,000; Parks and Recreation, $150,000; and Miscellaneous, $50,000. Use this information to

Prepare the journal entry (or entries), including subsidiary ledger entries, to record the Town of Bedford Falls’s General Fund operating budget on July 1, 2016, the beginning of the Town’s 2017 fiscal year.

Prepare journal entries to record the following transactions that occurred during the month of July 2016:

Revenues were collected in cash amounting to $40,000 for licenses and permits and $9,000 for fines and forfeits.

Supplies were ordered by the following functions in early July 2016 at the estimated costs shown:

Function General Government

Public Safety

Public Works

Parks and Recreation Miscellaneous

Total

Cost $7,400

$11,300 $6,100 $4,200 $900 $29,900

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iii. During July 2016, supplies were received at the actual costs shown below and were paid in cash. General Government, Parks and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $10,700 and $5,900, respectively.

c. Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, 2016.

d. Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, 2016.