Research Assignment #1

As this and the previous chapter have discussed, public colleges and universities follow GASB standards. These schools have been directed to use the same reporting model as state and local governments. Such schools frequently classify themselves as special purpose governments consisting solely of business-type activities. In that way, they only need to produce fund financial statements as an enterprise fund.In contrast, private not-for-profit colleges and universities adhere to FASB Accounting Standards Codification® requirements and prepare financial statements. U.S. GAAP for public schools comes from GASB while, for private schools, it comes from FASB.Readers of college and university financial statements might want to compare the data presented by various institutions. This information is especially important to potential donors who are attempting to evaluate each school’s efficiency and effectiveness in utilizing the funding that it receives.Are decision makers well served by the…

Required information Exercise 6-4 and Exercise 6-5 (Algo) [The following information applies to the questions displayed below.] The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Accounts payable Accounts receivable Accrued interest payable Accumulated depreciation Administrative and selling expenses Allowance for uncollectible accounts Capital assets Cash Charges for sales and services Cost of sales and services Depreciation expense Due from General Fund Interest expense Interest revenue Transfer in from General Fund Bank note payable Supplies inventory Totals Exercise 6-4 (Algo) $ Debits 31,900 55,500 732,000 99,500 509,000 53,500 18, 200 41,400 Credits $ 117,000 35,100 53,500 13,900 579,000 6,200 128,500 628,500 20,700 $1,561,700 $1,561,700 Required: a. Prepare the closing entries for December 31. b. Prepare…

The Minister’s Office has asked for a briefing note on the financial health of Prince Albert Roman Catholic Separate School Division No. 6. Please review their attached 2018-19 audited financial statements and provide a briefing note on the financial health of the school division focusing on their cash position and accumulated surplus including any PMR maintenance project allocation, designated assets, and their unrestricted surplus.

Over the years, four alternatives have been suggested for constructing the financial statements for public colleges and universities. These alternatives include all of the following except: O Adopt FASB's requirements so that all colleges and universities (public and private) prepare comparable financial statements. O Apply a more traditional model focusing on fund financial statements and the wide variety of funds that such schools often have to maintain. O Create an entirely new set of financial statements designed specifically to meet the unique needs of public colleges and universities. O Adopt the requirements issued by the Private Company Council (PCC) of the FASB. O Adopt the requirements issued by the Private Company Council (PCC) of the FASB. 80 F3 Ơ Q F4 % F5 MacBook Air F6 D F7

Write a 700 words that analyzes the differences between generally accepted accounting principles for public and private colleges and universities.  Explain why it is important to identify whether the institution is Public or Private.  Clarify which of the two—public or private—follow the same reporting guidelines as nongovernmental not-for-profit organizations.    Analyze, in general terms, the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university. Identify the major format differences in financial reporting for public and private colleges and universities.  Formulate an opinion about which statement provides more transparent information regarding revenues and on the amounts of restricted resources.

Identify the following funding sources as primarily public or private.a. Municipal bondsb. Retained earningsc. Sales taxesd. Automobile license feese. Bank loansf. Savings accountsg. Engineer’s retirement planh. State fishing license revenuesi. Entrance fees to Disneylandj. State park entrance fees

not use ai please

ces Following are transactions and events of the General Fund of the City of Springfield for the fiscal year ended December 31, 2020. 1. Estimated revenues (legally budgeted) Property taxes Sales taxes Licenses and permits Miscellaneous 2. Appropriations: General government Culture and recreation Health and welfare. 3. Revenues received (cash) Property taxes Sales taxes Licenses and permits General government Culture and recreation Health and welfare. 5. Goods and services received (paid in cash) General government culture and recreation Health and welfare Miscellaneous 4. Encumbrances issued (includes salaries and other recurring items) Estimated $5,275,000 4,630,000 995,000 6. Budget revisions Estimated Revenues Appropriations Increase appropriations: General government $ 140,000 110,000 Culture and recreation. 7. Fund balance on January 1, 2020, was $753,000. There were no outstanding encumbrances at that date. a. Record the transactions using appropriate journal entries, b. Prepare…

Governmental funds report current financial resources. However, governmental funds may report some assets which are not current financial resources. Which of the assets below is acurrent financial resource at December 31, 2022?   A. An advance to an enterprise fund that is scheduled to be repaid in February, 2024. B. Due from other funds. ​C.​A and B.  ​D.​Neither A nor B.

Please answer properly

KA  The following transactions take place:   • A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies.   • Construction bonds were issued at a premium. The premium is to be included in funds accumulated to retire the debt.   • Police salaries were paid.   • Interest and principal were paid on general obligation serial bonds.   Required: Indicate the name of the fund(s) in which each of the transactions or events should be recorded.

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Subject : Accounting

2. Arsenal City applied for and received a grant of $50,000 from the Federal government to purchase computersfor the public library. Record this transaction in the city's journals from the perspective of government - wide governmental activities and the perspective of the General Fund. For governmental activities: Date Account Name Debit Credit For the General Fund: Date Account Name Debit Credit