Government and Non Profit Accounting Assignment Question(s) (Marks 5) Q1 ABC Construction receives an annual appropriation to perform construction activities ABC does not use commitment accounting instead, it obligates funds upon the award of contracts Prepare budgetary and proprietary journal entries to record the following transactions (1 5 Marks) ABC received an appropriation of $3,000,000 The Office of Management and Budget apportioned $750,000 of the appropriation to the Department of Domestic Construction, which oversees the ABC The Department allotted the entire $750,000 apportionment to the ABC ABC awarded a building construction contract for $450,000 The contractor completed construction of the building Because of a change order, however, the total cost of the work was $486,000 ABC accepted the work and recorded the asset and the invoice for $486,000 Answer Q2 An NFPO operates a clinic that provides services to substance abusers During calendar year 2015, it receives the following donations that may be used for any purpose and at any time (1 Marks) $37,500 of cash 150 shares of stock having a fair value of $60 a share at the time of the donation Medical supplies (from a pharmaceutical company) having a fair value of $15,000 Make necessary journal entries in the books of NFPO to record the above transactions Answer Q3 The following information is extracted from a Citys government wide statement of net position at December 31, 2015 (1 5 Marks) Capital assets $4,500,000 Accumulated depreciation, capital assets $2,400,000 Bonds payable 0 The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015 Expenditures capital outlay (General Fund) $ 60,000 Expenditures capital outlay (Capital Projects Fund) $900,000 Depreciation on old and new assets during the year was $546,000 Prepare journal entries so the foregoing information can be used in a work sheet to prepare government wide financial statements for the year ended December 31, 2015 Answer Q4 Describe the term The Financial Reporting Entity and its various types (1 Marks) Answer

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Government and Non-Profit Accounting:- Assignment Question(s): (Marks 5) Q1. ABC Construction receives an annual appropriation to perform construction activities. ABC does not use commitment accounting;

Government and Non-Profit Accounting:-

Assignment Question(s): (Marks 5)

Q1. ABC Construction receives an annual appropriation to perform construction activities. ABC does not use commitment accounting; instead, it obligates funds upon the award of contracts. Prepare budgetary and proprietary journal entries to record the following transactions. (1.5 Marks)

ABC received an appropriation of $3,000,000.
The Office of Management and Budget apportioned $750,000 of the appropriation to the Department of Domestic Construction, which oversees the ABC.
The Department allotted the entire $750,000 apportionment to the ABC.
ABC awarded a building construction contract for $450,000.
The contractor completed construction of the building. Because of a change order, however, the total cost of the work was $486,000. ABC accepted the work and recorded the asset and the invoice for $486,000.

Answer:

Q2. An NFPO operates a clinic that provides services to substance abusers. During calendar year 2015, it receives the following donations that may be used for any purpose and at any time:

(1 Marks)

$37,500 of cash.
150 shares of stock having a fair value of $60 a share at the time of the donation.
Medical supplies (from a pharmaceutical company) having a fair value of $15,000.

Make necessary journal entries in the books of NFPO to record the above transactions.

Answer:

Q3. The following information is extracted from a Citys government-wide statement of net position at December 31, 2015: (1.5 Marks)

Capital assets $4,500,000

Accumulated depreciation, capital assets $2,400,000

Bonds payable -0-

The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015.

Expenditures - capital outlay (General Fund) $ 60,000

Expenditures - capital outlay (Capital Projects Fund) $900,000

Depreciation on old and new assets during the year was $546,000.

Prepare journal entries so the foregoing information can be used in a work sheet to prepare government-wide financial statements for the year ended December 31, 2015.

Answer:

Q4. Describe the term The Financial Reporting Entity and its various types. (1 Marks)

Answer: