Premium Essay

Acct Govt

In:

Submitted By crazypantera
Words 304
Pages 2
The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed).
Fund Types
The transactions of the authority are accounted for in the following governmental fund types:
• General fund—To account for all revenues and expenditures not required to be accounted for in other funds.
• Capital projects fund—To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays. Such resources are derived principally from other municipal utility districts to which the Williams burg Regional Sewage Treatment Authority provides certain services.
1. Recast the balance sheets of the two funds into a single consolidated balance sheet (statement of net position). Show separately, however, the restricted and the unrestricted portions of the consolidated net position (not each individual asset and liability). Be sure to eliminate inter fund payables and receivables.
2. Which presentation, the unconsolidated or the consolidated, provides more complete information? Explain. Which presentation might be seen as misleading? Why? What, if any, advantages do you see in this presentation even though it might be less complete and more misleading?
[pic]

SOLUTION:

Williamsburg Regional Sewage Treatment Authority
Statement of Net Position
October 31, 2014

1.

Assets

Cash $ 5,772
Time deposits 16,398
Due on insurance claim 9,499
Due from participants 70,889 Total assets $102,558

Liabilities and Fund Equity

Accounts payable $ 17,725
Net position Restricted 34,833 Unrestricted 50,000 Total liabilities and net position $102,558

2. The unconsolidated presentation provides more complete information. It lets the user readily see the amounts and types of assets available to meet current operating requirements. Since most of

Similar Documents

Premium Essay

Esrgt

...UNDERGRADUATE REGULATIONS & SYLLABUSES 2014 - 2015 THE FACULTY OF SOCIAL SCIENCES TABLE OF CONTENTS MESSAGE FROM THE DEAN ............................................................. 3 UNDERGRADUATE PROGRAMMES ................................................ 4 ACADEMIC CALENDAR 2014-2015 ................................................ 5 DEFINITIONS ...................................................................................... 13 GENERAL INFORMATION & REGULATIONS .............................. 14 General Regulations for Bachelor of Science Degrees 14 Special Regulations for Degrees in Hospitality and Tourism Management........................................................... 27 Franchise Agreements .......................................................... 27 EVENING UNIVERSITY -GENERAL INFORMATION & REGULATIONS ................................................................................... 28 General Regulations for Bachelor of Science Degrees 28 General Regulations for Diploma Programmes ............ 36 General Regulations for Certificate Programmes ......... 37 STUDENT PRIZES .............................................................................. 38 CODE OF CONDUCT ........................................................................ 39 UNIVERSITY REGULATIONS ON PLAGIARISM .......................... 40 THE ACADEMIC SUPPORT/ DISABILITIES LIAISON UNIT (ASDLU) ..............................................................................................

Words: 77086 - Pages: 309

Free Essay

Title

...Naveen Jindal School of Management 2014-2015 Transfer Guide for Texas Common Course Numbering System Major: ACCOUNTING UTD Courses Degree: Bachelor of Science (B.S.) TCCNS Courses* I. UTD CORE CURRICULUM REQUIREMENTS (42 semester credit hours) A. Communication (6 semester credit hours) COMM 1311 RHET 1302 Survey of Oral & Technology-based Communication Rhetoric 010 Core Code N/A ENGL 1302* *(ENGL 1301 is prerequisite to ENGL 1302 and must be completed prior to taking ENGL 1302. ENGL 1301 can be used to satisfy three semester credit hours of the Communication core curriculum requirement.) B. MATH 1325* Mathematics (3 semester credit hours) Applied Calculus I 020 Core Code MATH 1325 or 1425 *(MATH 1325 is a major requirement that will also satisfy the three-semester-credit-hour Mathematics core curriculum requirement.) (See UTD Departmental Advisor) C. Life and Physical Sciences (6 semester credit hours) 030 Core Code Core options: BIOL 1306-1106, BIOL 1307-1107, BIOL 1308-1108, BIOL 1309-1109, BIOL 1311-1111, BIOL 1313-1113, BIOL 1324-1124, BIOL 1406, BIOL 1407, BIOL 1408, BIOL 1409, BIOL 1411, BIOL 1413, BIOL 1424, BIOL 2206, BIOL 2301-2101, BIOL 2302-2102, BIOL 2304, BIOL 2305, BIOL 2306-2106, BIOL 2316-2116, BIOL 2320-2120, BIOL 2321-2121, BIOL 2401, BIOL 2402, BIOL 2404, BIOL 2406, BIOL 2416, BIOL 2420, BIOL 2421, BIOL 2428, CHEM 1305-1105, CHEM 1307-1107, CHEM 1311, CHEM 1312, CHEM 1405, CHEM 1406, CHEM 1407...

Words: 1161 - Pages: 5

Premium Essay

Study Guide

...the right to ask questions that may not be specifically taken from a page listed below. There is not substitute for reading the assigned chapters!!! Chapter 1- The Power of Markets Market allocation 3 Assume rational utility-maximizers 6 Opportunity costs 9 Profit max 11 Prices allocate resources 12 Barriers to entry 14 Market price, pricing decision & price discrimination 15 Lessons of markets 18 Chapter 2 – Incentives Matter Wrong incentives lead to undesirable outcomes 23 Principal-agent problem 30 Prisoners dilemma 34 Creative destruction 36 Tax & govt program disincentives 38 Chapter 3 – Government and the Economy Externalities 43 Govt solutions to externalities 48 Govt makes market economy possible – rights, laws, regulations 51 Public goods 57 Redistribution 59 Chapter 4 – Government and the Economy II Govt inefficiency 63 Govt allocation vs private allocation 67 Effects of regulation 69 Effects of taxation 74 Summary 78 Chapter 5 – Economics of Information Adverse selection 81 Firm screening 89 Branding provides information 90 Branding versus commodities 92 Signaling mechanisms 93 Chapter 6 – Productivity and Human Capital Human capital 98 Job creation 103 Effects of human capital on standard of living 105 Productivity 107 Income inequality 111 Chapter 7 – Financial Markets Purposes of financial instruments 118 Efficient markets & index funds 126 Investment guidelines...

Words: 383 - Pages: 2

Premium Essay

Tax Memorandum

...Week 7 Research Project (Set #1) DeVry University Acct 429 TAX RESEARCH MEMORANDUM ASSIGNMENT 2 It appears as though a couple of your clients have encountered an unfortunate development in their financial situation. Cindy and Ralph Edmonds own TidyCo., Inc. TidyCo, in turn, owns and operates several coin Laundromats in and around Dubuque, Iowa. Over the last two years, the Edmonds made weekly deposits of the Laundromat receipts to corporate and personal bank accounts. However, it now also appears (unknown to you!) they also siphoned off a portion of the weekly collections and took them home rather than depositing them. These amounts, which appear to total about $200,000 were hidden in shoeboxes around the house and (surprise!) were not reported as income. The IRS found out about these amounts and has notified them that it intends to bring criminal tax evasion charges against them under Section 7201 of the Code. The IRS has made quite clear that it believes that the Edmonds’ actions constitute prima facie evidence that they intended to defraud the government and should therefore be liable under the statute. As their accountant, you know that TidyCo has a deficit in both its accumulated and current E&P accounts and that this deficit has existed over the entire...

Words: 637 - Pages: 3

Premium Essay

Input Taxes

...Input Taxes 1 What are input taxes? means the VAT due on or paid by a VAT-registered person on various transactions include input taxes which can be directly attributed to transactions subject to the VAT plus a ratable portion of any input tax which cannot be directly attributed to either the taxable, O-rated or exempt activity 2 Who can claim input taxes? 1. Only VAT-Registered persons can claim input taxes (whether subject to 12% or 0% VAT) 2. Some kinds of input taxes may not be claimed by all VAT-registered persons (e.g. transitional and presumptive IT) 3. Input taxes paid on purchases may not be claimed as such if the input taxes are attributable to transactions of the VAT-exempt transactions of the VAT-registered purchaser  e.g. - Input tax on gasoline purchased, to be used for the transport of passengers by land 3 Who cannot claim input taxes? 1. Persons who are not VAT-Registered are never allowed to claim input taxes  Persons who are not subject to VAT  Persons who may be subject to VAT but are not properly registered*  Persons who are not VAT-Registered but issued VAT receipts* *however, they are subject to output tax 2. VAT-registered taxpayers on their input tax from purchases related to their VAT-exempt transactions (as previously discussed) 4 How are allowable input tax treated? Input tax claimed by a taxpayer may be: 1. Deducted against output tax to get VAT due 2. If there is excess under #1, the excess input tax may be: a. Carried over to the...

Words: 1749 - Pages: 7

Premium Essay

No Paper to Upload

...REGENT UNIVERSITY COLLEGE OF ARTS & SCIENCES UNDERGRADUATE CATALOG 2013-2014 (Fall 2013-Summer 2014) Regent University 1000 Regent University Drive Virginia Beach, VA 23464-9800 800.373.5504 admissions@regent.edu www.regent.edu PREFACE Regional Accreditation Regent University is accredited by the Southern Association of Colleges and Schools Commission on Colleges to award associates, baccalaureate, masters, and doctorate degrees. Contact the Commission on Colleges at 1866 Southern Lane, Decatur, Georgia 30033-4097 or call 404-679-4500 for questions about the accreditation of Regent University. National and State Accreditation Regent University’s undergraduate school is accredited or certified by the following bodies:   Council for Higher Education Accreditation (CHEA) (www.chea.org/) The Teacher Education Accreditation Council (TEAC) The Regent University School of Education's educational leadership and teacher preparation programs and the College of Arts & Sciences interdisciplinary studies program, which are designed to prepare competent, caring, and qualified professional educators are accredited by the Teacher Education Accreditation Council for a period of seven years, from January 9, 2009 to January 9, 2016. This accreditation certifies that the educational leadership, teacher preparation and interdisciplinary studies programs have provided evidence that they adhere to TEAC's quality principles. Teacher Educational Accreditation Council, One Dupont Circle, Suite...

Words: 74326 - Pages: 298

Free Essay

Doc for Wrk

...Limited (A Government of India Undertaking) (Ministry of Railways) No. RailTel/MUM/ PF/Rlys/2015-16 Dt. 15.12.2015 The FA&CAO Western Railway Churchgate, MUMBAI – 400 021 Sub: Deductions made from the salary towards PF Subscription. * Shri. B. S. Tahim, CSTE (Const)-I on deputation as Executive Director, Railtel Western Region, Mumbai ---- Please find herewith the Demand Draft No. 040475 dated 09.12.2015 of Rs. 6279/-, for which the details as under: 1 | Name | Shri. B. S. Tahim | 2 | Design | Ex. CSTE (Const)-II | 3 | PF Account No. | 00099739 | 4 | Details of DD | Rs. 6279/- | | PF subscription for the month of Nov-2015 | | Rs. Six Thousand Two Hundred and Seventy Nine only | PF Acct No. 00099739 | Please acknowledger the receipt. Beethi Joshi Dy. Manager (HR) RCIL/Mumbai DA: As above ------------------------------------------------------------------------------------------- xaoi~ya kayaa-laya : rolaTola ka^pao-roSana Aa^f [iNDyaa ilaimaToD¸ piScama rolavao maa[-Ëaovaova ka^mplao@sa¸ saonaapit baapT maaga-¸mahalaxmaI¸ mauMba[-¹ 400 013º Regional Office : RailTel Corporation of India Ltd. ,Western Railway Microwave Complex, Senapati Bapat Marg, Mahalaxmi, Mumbai – 400 013. rolaTola ka^pao-roSana Aa^f [iNDyaa ilaimaToD ³Baart sarkar ka ek ]pËma´ RailTel Corporation of India Limited (A Government of India Undertaking) (Ministry of Railways)...

Words: 9743 - Pages: 39

Free Essay

Indian Literarture

...\\ ANDHRA PRADESH BEVERAGES CORPORATION LIMITED HYDERABAD RTI ACT INFORMATION HAND BOOK A.P. BEVERAGES CORPORATION LTD., 9 & 10, Proh. & Excise Complex, M.J.Road, Nampally, HYDERABAD-1. 1 ::1:: ANDHRA PRADESH BEVERAGES CORPORATION LIMITED 1.0. INTRODUCTION: The Andhra Pradesh Beverages Corporation Limited (APBCL) was established in the year 1986 as a fully owned undertaking of the Government, with the main objective of supplying hygienic packed arrack to the licensees and is incorporated under Companies Act,1956. The Corporation had set up 22 field units for carrying arrack operations at capital outlay of Rs. 32.65 crores, various district locations with a total which includes buildings and civil works. The various fixed assets like Plant and Machinery other than buildings valued at Rs. 24.70 crores were transferred to the Corporation in the form of Debt and Equity in the ratio of 2:1. The authorised share capital of the Corporation is Rs.10 Crores and the paid up share capital as on date is Rs.833.37 lakhs. The erstwhile Arrack Bottling units are converted into IML Depots for the wholesale trading activities of IML & BEER. 2.0. OPERATIONS: 2.1. ARRACK PACKING OPERATIONS: (from 1-1-87 to 30-9-93) The Corporation commenced its commercial operations on 1-1-1987 and successfully handled the arrack packing operations from 1.1.1987 to 30.9.93 i.e. till the imposition of ban on arrack by the Government. 2.2. WHOLESALE TRADE OF IML & BEER: (from...

Words: 6218 - Pages: 25

Premium Essay

Acct410

...11 Issues Chapter of Reporting, Disclosure and Financial Analysis Questions for Review and Discussion 1. The two main adjustment are likely to be the addition of capital assets and longterm obligations. 2. The main adjustments are likely to be: the addition of depreciation expense and gains or losses from the sale of capital assets and the deletion of amounts spent to acquire capital assets and the proceeds from the sale of capital assets the deletion of long-term debt proceeds and amounts spent to repay long-term debts and the addition of any gain or loss on the retirement of debt and the amortization of any debt premium or discount. 3. The key criterion is financial accountability the primary government either appoints a voting majority of the units governing body or a majority of the units governing body is composed of primary government officials and the primary government is able to impose its will upon the potential component unit or there is the potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. 4. Discrete presentation is when one or more component units are reported in separate columns, in addition to those pertaining to the primary government. Blending is when the component units transactions and balances are reported as if they were part of the primary government that is, the component units funds are accounted for just as they were funds of the primary government. Blending is...

Words: 8666 - Pages: 35

Premium Essay

Aaaa

...being able to see me, I request that you call me/email me and fix up an appointment before coming. Also, I have found email (jvijayak@vcu.edu) to be a very useful tool both for students and me in answering / clearing up most student questions / doubts. One request – Please do not knock on my door or ask to see me after 6.40 p.m. on Wednesday. I would like to have the minutes before class to myself to get ready for class. Student Learning Outcomes, Course Description, and Instruction Learning Outcomes A basic understanding of managerial incentives and management control systems, and how accounting could influence these incentives and the design and operation of management control systems. Course Description: ACCT 403 focuses on the use of accounting data in decision making, with specific emphasis on management control systems. The...

Words: 2978 - Pages: 12

Premium Essay

Fraud Terms

...• ACFE= Association of Certified Fraud Examiners; conducts comprehensive fraud studies; Report to the Nation on Occupational Fraud & Abuse • Fraud - deception that includes: a representation, about a material point, which is false, and intentionally or recklessly so, which is believed, and acted upon by the victim to the victim’s damage. Fraud is an act of dishonesty with the intention to deceive or cover the truth to gain an advantage. Most critical element: confidence. Fraud can be classified as (in terms of organization): against or on behalf of • Occupational fraud - use of one’s occupation for personnel enrichment through deliberate misuse or misapplication of the employing org’s resources or assets. Categories: Asset misappropriation (steal asset), f.s fraud (manipulate f.s), Corruption scheme (misuse connections). • Employee embezzlement-can be: direct (e.g: asset misappropriation, making dummy company and making employer pay for goods not actually delivered) (from perpetrator to employer); or indirect (corruption, taking bribes from outside) (3rd party involved) • Management fraud- aka financial statement fraud; involves top management’s deceptive manipulation of f.s.; more inclusive • Investment scam-consumer fraud: Ponzi scheme, telemarketing, identity theft, money scam, advance fee scam, letter of credit fraud, etc. • Vendor fraud-overcharge, send inferior goods, charge for goods not shipped; • Customer fraud-not pay, shoplift; • Miscellaneous¬-other ...

Words: 1542 - Pages: 7

Premium Essay

Working Capital

...MANAGEMENT OF WORKING CAPITAL 1. Meaning and Types of Finance: Finance - Finance is the Art & Science of Managing Money - Finance is the Art of passing currency from hand to hand until it finally disappears Types & Sources of Finance ____________________________________________________________ ________ Long Term Sources of Finance - Finance required to meet Capital Expenditure - Also, known as Fixed Capital Finance Short Term Sources of Finance - Finance required to meet day-to-day Business requirements - Also, known as Working Capital Finance 2. Working Capital Management: Working Capital (WC) ____________________________________________________________ ____________________________ Basics regarding WC Meaning of WC Working Capital Concept Factors Affecting WC Meaning of WC Management Importance of WC Management Classification/Type of WC A On the Basis of Concept (i) (ii) Gross Working Capital Net Working Capital (Positive & Negative Working Capital) Methods of estimating WC Conventional Method Operating Cycle Method Cash Cost Method Balance Sheet Method B On the Basis of Periodicity (i) (ii) Fixed / Permanent Working Capital (Regular & Reserve Margin/ Cushion WC) Variable Working Capital (Seasonal & Special Working Capital) Parag Nalin Doshi 1/12/2009 www.CAalley.com Meaning of Working Capital: - Working Capital is the amount of Capital that a Business has available to meet the day-to-day cash requirements of its operations - Working...

Words: 2247 - Pages: 9

Premium Essay

Workingcapitalmanagement

...MANAGEMENT OF WORKING CAPITAL 1. Meaning and Types of Finance: Finance - Finance is the Art & Science of Managing Money - Finance is the Art of passing currency from hand to hand until it finally disappears Types & Sources of Finance ____________________________________________________________________ Long Term Sources of Finance Short Term Sources of Finance - Finance required to meet Capital Expenditure - Also, known as Fixed Capital Finance - Finance required to meet day-to-day Business requirements - Also, known as Working Capital Finance 2. Working Capital Management: Working Capital (WC) ________________________________________________________________________________________ Basics regarding WC - Meaning of WC Working Capital Concept Factors Affecting WC Meaning of WC Management Importance of WC Management Classification/Type of WC A On the Basis of Concept (i) (ii) Gross Working Capital Net Working Capital (Positive & Negative Working Capital) Methods of estimating WC - Conventional Method Operating Cycle Method Cash Cost Method Balance Sheet Method B On the Basis of Periodicity (i) Fixed / Permanent Working Capital (Regular & Reserve Margin/ Cushion WC) (ii) Variable Working Capital (Seasonal & Special Working Capital) Parag Nalin Doshi 1/12/2009 www.CAalley.com Meaning of Working Capital: - Working Capital is the amount of Capital that a Business has available to meet the day-to-day cash...

Words: 2237 - Pages: 9

Premium Essay

Tata Motors

...Tata Motors Limited is India's largest automobile company, with consolidated revenues of INR 1,23,133 crores (USD 27 billion) in 2010-11. It is the leader in commercial vehicles in each segment, and among the top three in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is the world's fourth largest truck and bus manufacturer. The company's over 25,000 employees are guided by the vision to be ''best in the manner in which we operate, best in the products we deliver, and best in our value system and ethics.'' Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of India. Over 6.5 million Tata vehicles ply on Indian roads, since the first rolled out in 1954. The company's manufacturing base in India is spread across Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it has set up an industrial joint venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to produce both Fiat and Tata cars and Fiat powertrains. The company's dealership, sales, services and spare parts network comprises over 3,500 touch points; Tata Motors also distributes and markets Fiat branded cars in India. Tata Motors, the first company from India's engineering sector to be listed in the New York Stock Exchange (September 2004), has also emerged as an international automobile company...

Words: 3052 - Pages: 13

Premium Essay

Intervention 3

...INTERVENTION FOR THE VERNAL CORPORATION february 22, 2015 BY: TEAM SPIRIT COMPOSED OF - TERRI GOULD, AMY MORENO, JOHN OROZCO AND CYTHIA ORTIZ INTERVENTION FOR THE VERNAL CORPORATION february 22, 2015 BY: TEAM SPIRIT COMPOSED OF - TERRI GOULD, AMY MORENO, JOHN OROZCO AND CYTHIA ORTIZ Organizational Development Intervention 3 Organizational Development Intervention 3 Intervention for Vernal Corporation Type of Intervention This intervention gave our professional Team Spirit the opportunity to set goals within an organizational setting and observer how personal and organizational goals can conflict with each other. Team Spirit also experienced throughout the intervention how conflicting goals can be resolved. According to the information given, Team Spirit is part of the Vernal Corporation and will be in charge of opening an office over 200 miles away from company headquarters. Team Spirit is composed of the Project Manager as well as representatives from Accounting Systems, Information Systems, Technical Support, and Government Contracts. An Organizational Development manager is also a part of the team in order to ensure a minimal complications during the new office and new team transition. All members of Team Spirit applied for and received this new position which will hopefully result in a promotion for every member...

Words: 3238 - Pages: 13