ACCT 321 Saudi Electronic University Accounting Worksheet

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acct 321

Saudi electronic university

ACCT

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College of Administrative and Financial Sciences Assignment 1 Deadline: (end of week 6) 29 /02/ 2020 @ 23:59 Course Name: Government and NonProfit Accounting Student’s Name: Course Code: ACCT 321 Student’s ID Number: Semester: 2 CRN: Academic Year: 1440/1441 H For Instructor’s Use only Instructor’s Name: Students’ Grade: …… /5 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • 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. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • 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. • 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). • Submissions without this cover page will NOT be accepted. Assignment Question(s): (Marks. 5) Q1. Realizing the need of public transportation, the government of KSA has established a legally separate public benefit corporation named Metro City Transport. In the law establishing Metro City Transport, it was authorized to appoint Metro's entire governing body. When Metro City Transport went to prepare its financial statements, two questions were raised. Was Metro City Transport a government? And if it were a government, how should it prepare its Cash flow statement? Required: a. Discuss whether Metro City Transport is or is not a governmental entity. What are the specific factors in this situation that cause Metro to be one or the other? What are the other activities that any government does for its country? b. Discuss the Standard Setters that Metro City Transport uses to prepare its Cash flow statement and what are the three standard setters that government organization should follow in preparing its Financial statements. Q2.A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash. During the fiscal year, the department made cash disbursements for the following: # Salaries and other personnel costs, $100,000 # Office rent and utilities, $24,000 # Retirement of debt principal, $10,000; payment of interest, $2,200 # Purchased equipment at the beginning of the fiscal year for $30,000; the equipment is expected to last 6 years and have a salvage value of $6,000 # Photocopier rental, $10,500 Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund. Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fund. Q3. The following are the events and transactions related with a township for the year 2015. You are required to prepare necessary entries for Township for the year 2015. a. The Township adopted a budget calling for appropriations of $500,000. The estimated revenues (all property taxes) were $450,000. b. The Township sent property tax bills amounting to $450,000 to property owners. c. Property owners paid $420,000 of property taxes to the Township. d. A purchase order of $65,500 was sent to a vendor of supplies. e. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $55,000 was approved. Q4. From the information below prepare Financial Statements Cash Taxes receivable, net 20,000 147,000 Investments 65,000 Due from other funds 68,000 Vouchers payable 39,000 Due to other funds 152,750 Unassigned fund balance 117,000 Estimated revenues 610,000 Appropriations 590,000 Budgetary fund balance 20,000 Revenues-taxes 590,175 Revenues-charges for services Expenditures-personal services Expenditures-supplies Expenditures-capital outlay 14,080 287,125 29,680 244,000 Transfer in from debt service fund Transfers out to capital projects fund 32,500 84,700 0 $1,555,505 $1,555,505
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Attached.

College of Administrative and Financial Sciences

Assignment 1
Deadline: (end of week 6) 29 /02/ 2020 @ 23:59
Course Name: Government and NonProfit Accounting

Student’s Name:

Course Code: ACCT 321

Student’s ID Number:

Semester: 2

CRN:
Academic Year: 1440/1441 H

For Instructor’s Use only
Instructor’s Name:
Students’ Grade: …… /5

Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via an
allocated folder.
• Assignments submitted through email will not be accepted.
• 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.
• Students must mention the question number clearly in their answer.
• Late submission will NOT be accepted.
• 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.
• 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).
• Submissions without this cover page will NOT be accepted.

Assignment Question(s):

(Marks. 5)

Q1. Realizing the need for public transportation, the government of KSA has established a
legally separate public benefit corporation named Metro City Transport. In the law
establishing Metro City Transport, it was authorized to appoint Metro's entire governing
body. When Metro City Transport went to prepare its financial statements, two questions
were raised. Was Metro City Transport a government? And if it were a government, how
should it prepare its Cash flow statement?
Required:
Question 1 Part a.
Based on the characteristics of Metro City Transport, it meets the qualification and
definitions of a governmental entity. The specific factors in this situation that cause Metro to be a
government entity and not a private entity are the f...


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