Attached. Please let me know if you have any questions or need revisions.

College of Administrative and Financial Sciences

Assignment 2
Deadline: (end of week 9) 31 /10/ 2020 @ 23:59
Course Name: Government and NonProfit Accounting

Student’s Name:

Course Code: ACCT 321

Student’s ID Number:

Semester: 1

CRN:
Academic Year: 1441/1442 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. The following are statements for the use of Proprietary Funds State whether the following are
true or false. For the false items, explain why they are false.
a. Enterprise Funds are used only when all services are provided to nongovernmental entities, and Internal Service Funds are used only when all
services are provided to governmental agencies that are a part of the
reporting government.
b. Enterprise Funds use the economic resources measurement focus and full
accrual basis of accounting only when they want to compute the costs of
services; otherwise, they use the current financial resources measurement
focus and modified accrual basis of accounting.

Q.2. Towry School District accepts donations that are used to provide awards to
graduating seniors. Record the following transactions in the Towry Private Purpose Trust
Fund - Awards Fund. Also, prepare a statement of changes in fiduciary net position for the
Fund for the year ended December 31, 2013. This is the first year of operation for the
Towry Private Purpose Trust Fund - Awards Fund.
a. Hannah, noted philanthropist, donates marketable securities worth $600,000 to the
District, stipulating that all earnings on the securities be used for awards to graduates.
b. The District receives dividends on the securities in the amount of $15,000.
c. The District makes various awards to graduating seniors in the amount of $20,000.
d. When the District prepares financial statements at the end of the year, the marketable
securities have a fair value of $590,000.

Q3. Following are December 31, 2013 trial balances (budgetary accounts excluded) for the
General Fund, Debt Service Fund, and Capital Projects Fund for Hebert County.
Prepare a governmental funds balance sheet and a statement of revenues, expenditures, and
changes in fund balances as of and for the year ended December 31, 2013.
The General Fund had encumbrances of $25 outstanding on December 31, 2013.
Debits
General Fund
Cash
Property taxes receivable - delinquent
Allowance for uncollectible property taxes
Accounts payable
Deferred revenues
Unassigned fund balance, January 1, 2013
Revenues - property taxes
Revenues - licenses and fees
Revenues - parks admissions fees

Credits

$1,900
330
$ 10
120
250
1,720
3,200
350
40

Investment income
Expenditures - general government
Expenditures - public safety
Expenditures - public works
Expenditures - parks and culture
Transfer out to Debt Service Fund
Transfer out to Capital Projects Fund
Totals
Debt Service Fund
Cash
Assigned fund balance, January 1, 2013
Expenditures - bond principal
Expenditures - interest
Transfer in from General Fund
Totals
Capital Projects Fund
Cash
Expenditures - capital outlay
Transfer in from General Fund
Proceeds of bonds
Totals

220
360
1,800
840
350
250
80
$5,910

____
$5,910

$70
$60
110
130
___
$310

250
$310

$240
420
___
$6...