Keller acct 567 accounting for government

TCO A Which of the following funds does not belong under the fiduciary fund category? TCO B In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds? The budgeted excess of estimated revenues over appropriations will be recorded as Question: TCO D The journal entry to record the property tax levy for a municipality would include which of the following?

Keller acct 567 accounting for government

Prepare journal entries to record the following transactions that occurred during the month of July Supplies were ordered by the following functions in early July at the estimated costs shown: During Julysupplies were received at the actual costs shown below and were paid in cash.

General Government, Parks and Recreation, and Miscellaneous received all supplies ordered. Calculate and show in good form the amount of budgeted but unrealized revenues in total and from each source as of July 31, Calculate and show in good form the amount of available appropriation in total and for each function as of July 31, Village records indicate that, on average, 2 percent of taxes levied are not collected.

Record the tax levy for in the General Fund. Ignore subsidiary detail and entries at the government-wide level. Record the amounts collected and reclassify the uncollected amount as delinquent.

Interest and penalties of 6 percent were immediately due on the delinquent taxes, but the finance director estimates that 10 percent will not be collectible. Record the interest and penalties receivable. Keller acct 567 accounting for government all amounts to the nearest dollar.

Any amounts not expended during FY can be carried over for use in FY Required For the special revenue fund, provide the appropriate journal entries, if any that would be made for the following: May 1,notification of grant approval.

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July 1,receipt of first installment of the grant. During FY to record expenditures under the grant. During the year ended April 30,the following transactions, in summary form, with subsidiary ledger detail omitted, occurred: The loan was obtained from a local bank at a discount of 6 percent per annum debit Expenditures for discount.

The property tax levy for FY was recorded. It was estimated that 4 percent of the levy would be uncollectible. You need not adjust the Estimated Uncollectible Current Taxes account.

Keller acct 567 accounting for government

Amounts due the federal government as of April 30,and amounts due for FICA taxes, and state and federal withholding taxes during the year were vouchered.

The balances of the current tax receivables and related uncollectibles were transferred to delinquent accounts. Inventory is recorded using the purchases method in the General Fund; the consumption method is used at the government-wide level.

Record in general journal form the effect of the above transactions on the General Fund and governmental activities for the year ended April 30, Do not record subsidiary ledger debits and credits. Record in general journal form entries to close the budgetary and operating statement accounts.

ACCT Government & Not For Profit Accounting Midterm Answers (Keller) Toggle menu. Keller ACCT Week 4 Midterm Answers. $ Add to Cart. ACCT Government and Not-for-Profit Accounting Final Exam Answers. $ Add to Cart. ACCT ACCT Midterm Exam Answers (Keller. midterm exam solutions to acct pdf FREE PDF DOWNLOAD. Learn more Info for Support Acct week 4 midterm exam (keller) ACCT Week 4 Midterm Exam (KELLER) ACCT Accounting for Government and NFP, Week 1 to 8: $ ACCT Here is the best resource for homework help with ACCT Array at DeVry University, Keller Graduate School Of Management. Find ACCT study guides, notes, GOVERNMENT & NOT FOR PROFIT ACCOUNTING ACCT - Spring GOVERNMENT & NOT FOR PROFIT ACCOUNTING.

Prepare a General Fund balance sheet as of April 30, Prepare a statement of revenues, expenditures, and changes in fund balance for the year ended April 30, Do not prepare the government-wide financial statements.

Under terms of the agreement, the town must invest and conserve the principal amount of the contribution in perpetuity. Earnings are transferred periodically to the Alex Benton Park Maintenance Fund, a special revenue fund.

Keller acct 567 accounting for government

Information pertaining to transactions of the endowment and special revenue funds for the fiscal year ended June 30,follows: The bonds mature on October 1, months from date of purchaseand pay interest of 6 percent per annum semiannually on April 1 and October 1.

The certificate of deposit pays interest of 4 percent per annum payable on March 31, June 30, September 30, and December On March 31,interest on the certificate of deposit was received by the endowment fund and transferred to the Alex Benton Park Maintenance Fund.

The April 1,bond interest was received by the endowment fund and transferred to the Alex Benton Park Maintenance Fund. On June 30,interest on the certificate of deposit was received and transferred to the Alex Benton Park Maintenance Fund. Inventories of materials and supplies are deemed immaterial in amount.

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Prepare in general journal form the entries required in the Alex Benton Park Endowment Fund to record the transactions occurring during the fiscal year ending June 30,including all appropriate adjusting and closing entries.

Ignore related entries in the governmental activities journal at the government-wide level. Prepare in general journal form the entries required in the Alex Benton Park Maintenance Fund to record Transactions 1—8.Keller Graduate School of Management ACCT The Mission of College USA is to become the premier provider of high-quality online Question The Mission of College USA is to become the premier provider of high-quality online, graduate studies leading to various business degrees.

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