government amp non profit accounting 1
1. These transactions relate to Metro Bus, which provides transportation services to residents of Parker County. Metro Bus is accounted for as a County Enterprise Fund. Make journal entries to account for the following 2013 transactions in the Enterprise Fund.
2. Explain Financial Reporting Objectives of federal government
3. Malaz Township decides to construct a new city hall. Based on the following data, prepare a statement of revenues, expenditures, and changes in fund balance for Malaz Township’s Capital Projects Fund. All transactions occur within the calendar year 2013.
4. The following data comes from the 2013 financial statements of the Village of Matthews. Although presented in summarized format, the balance sheet debits and credits are equal and the operating statement information is complete.
5. A New employee of the city of Kashime was working with the accounting records of several of its funds. This employee, John Fergie, found that a gift had been given to the city for the library. The gift mandated that only the earnings from the gift could be used for library operations. John wanted to setup a Permanent Fund for the principal of the donation to the library and use a Special Revenue Fund to account for the earnings of the investment and their use. Another employee argued that a Private Purpose Trust Fund should be used for both, principal and income.
Required:
- Do you agree with either of these individuals?
- Do you have a better suggestion?
