ACCT 360 Week 1 Accounting Assignment Help

ACCT 360 Week 1 Accounting Assignment Help | Franklin University   

1.   1.    P1-1 (Statement of Revenues and Expenditures—Worksheet) Hatcher Township prepares its annual General Fund budget on the cash basis and maintains its accounting records on the cash basis during the year. At the end of Hatcher Township’s 20X9 calendar year, you determine the following:

1.    Required

1.    Prepare a worksheet to derive a GAAP basis (including accruals) statement of revenues and expenditures for the Hatcher Township General Fund for the 20X9 fiscal year.

2.    Could the readers of the budgetary basis and GAAP basis statements get different impressions of the 20X9 operating results of the Hatcher Township General Fund? Explain.

2.    P1-2 (SLG GAAP Hierarchy) Mark O. Sleuth, a recent accounting graduate, has been assigned to research several local governmental accounting and financial reporting issues. For each issue, rank the sources of guidance according to the governmental GAAP hierarchy.

1.    Issue 1: The AICPA state and local government (SLG) Audit and Accounting Guide, a GASB Technical Bulletin, a leading governmental accounting textbook, a GASB Interpretation, and a section of the FASB Accounting Standards Codification

2.    Issue 2: A leading governmental accounting textbook, a GASB Implementation Guide, an article in a leading auditing journal, and a speech by a leading governmental accounting professor

3.    Issue 3: The AICPA SLG Audit and Accounting Guide, a GASB Statement, a journal article that summarizes current practice on the issue in the United States, notes from a telephone conversation on the issue with the GASB director of research, and a FASB Accounting Standards Update

4.    Issue 4: An AICPA Statement of Position (cleared by the GASB), an article by the managing partner of an international public accounting firm, a GASB Technical Bulletin, and the FASB Accounting Standards Codification

5.    Issue 5: GASB Implementation Guide 2015-1, the AICPA SLG Audit and Accounting Guide, four articles from the Journal of Accountancy, and a leading governmental accounting textbook

6.    Issue 6: A predominant practice, Statement of Governmental Accounting Concepts, an AICPA Statement of Position not included in Level b

3.    P1-3 (Internet Research Problem) Locate the homepages for the following organizations and prepare a brief critique (one to three pages, perhaps with attachments) of the contents of each site:

1.    Governmental Accounting Standards Board

2.    Financial Accounting Standards Board

3.    American Institute of Certified Public Accountants

4.    Government Finance Officers Association

5.    Association of Government Accountants

6.    National Association of State Auditors, Comptrollers, and Treasurers

7.    National Association of College and University Business Officers

8.    Association of School Business Officials International

4.    P1-4 (Internet Research Problem) Locate the GASB white paper, “Why Governmental Accounting and Financial Reporting Is—And Should Be—Different,” on the Governmental Accounting Standards Board website. Prepare a brief summary and critical analysis of the white paper.