ACC 460 UOP Course Complete week 2
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Individual Ch. 1, 2, & 3 Textbook Exercises
Resources: Ch. 1, 2, & 3 of Government and Not-for-Profit Accounting
Prepare written answers to the following assignments from Government and Not-for-Profit Accounting:
• Ch. 1: Exercise 1-1, Questions 1, 3, 4, 5, 7, & 8
• Ch. 2: Question for Review and Discussion 12. In addition to answering question 12, provide a response in 150-350 words differentiating between a budget and a Comprehensive Annual Financial Report (CAFR).
Ch. 3: Exercise 3-2, Questions 1, 2, 3, 6, 8, & 9
Learning Team CAFR Budget Analysis
Resources: Each team member’s CAFR list from Week One
Select one team member’s CAFR to be the basis for this and subsequent Learning Team assignments, using the CAFRs chosen for the CAFR list activity in Week One.
Locate and review a copy of the budget accompanying your selected CAFR.
Prepare a 700- to 1,050-word overview of the government that filed your selected CAFR.
Include the following information in your overview:
• Governmental structure
• Size of budget and its interrelationship with the CAFR
• Major industries located in the entity
• Other pertinent demographic information
Format your paper consistent with APA guidelines.
DQ 1 What is meant by an in-substance defeasance, and how can a government use it to lower its interest costs? How must it recognize a gain or loss on defeasance if it accounts for the debt in a proprietary fund?How do the GASB standards pertaining to in-substance defeasances differ from those of the FASB?
DQ 2 What is an encumbrance? How does an encumbrance affect expenses and expenditures? What is the impact of encumbrance accounting on a governmental budget? Explain.
DQ3 What are the basic principles of fund accounting? When do governmental entities recognize revenue? Why is timing important in...