ACC 460 Week 3 Learning Team Assignment Textbook Exercises Ch. 4,6

May 1st, 2015
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ACC 460 Week 3 Learning Team Assignment Textbook Exercises Ch. 4,6

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Week 3 Team A Textbook ExercisesChapter 4: Problem 4-16Transaction 1: The donation of land in exchange for zoning variances is an exchange transaction. The land will be a capital asset in the schedule of capital assets and net assets in the government-wide financial statements. The fund accounts do not require a record of the land because it is a capital asset. The amount of the land on record would be equal to either market value or the value of the zoning variance. It is difficult to value the governments economic sacrifice. Unless the government intends to sell the donated property, it should not be recorded in the general fund or any other fund. They should consider it a nonexchange transaction and not recognize revenue.Transaction 2:The $2 million grant given to the College of Pharmacy would be a nonexchange transaction because the college is receiving a value of $2 million but will not be returning $2 million in equivalent value. The transaction is also voluntary because it is not a mandate by law and involves an agreement of two willing parties. It would be impossible to determine what would or could return to the company in value because this transaction deals with research variables. The research could result with no value if the results are poor and the company decides not to let the college publish them. Another issue with this transaction is time. The college has not given a time restriction about when the research will be complete but does

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