...Governmental and Nonprofit Accounting: Theory and Practice, 10e (Freeman) Chapter 1 Governmental and Nonprofit Accounting—Environment and Characteristics 1. Which of the following would not be considered a government or nonprofit organization? A. A software company that sells software exclusively to state and local governments. B. A public elementary school. C. A church. D. A private trust organized for charitable purposes. (Answer: A; Easy; LO1) 2. Which of the following activities would most likely be accounted for as a business-type activity? A. Fire protection. B. Recreation. C. Water operations. D. Street maintenance. (Answer: C; Moderate; LO1) 3. Prior to the creation of the Governmental Accounting Standards Board in 1984, which of the following organizations had the greatest influence over accounting concepts, principles, and standards for the state and local governments? A. The National Council on Governmental Accounting (NCGA) B. The National Association of College and University Business Officers (NACUBO). C. The American Institute of Certified Public Accountants (AICPA). D. The Comptroller General of the United States. (Answer: A; Moderate; LO1) 4. Which of the following is considered a health and welfare organization? A. Secondary schools. B. Young Men’s Christian Association (YMCA). C. Child protection agencies. D. United Way. (Answer: C; Easy; LO2) 5. Which of the...
Words: 1569 - Pages: 7
...Roles of GASB and FASB GASB works to create standards for accounting of state and local governments by determining what pieces of data are necessary to provide useful information to citizens. FASB creates standards for all business and government entities to follow. GASB monitors government entities and sets the standards for local and state governments, while FASB works to help investors and creditors make decisions from the rules regulating the accounting standards of private entities. GASB helps to identify how accounting should be handled for receipts of funds that come from donations, grants, penalties, fines, and taxes. Funds received through business practices would need to be classified under GASB and FASB in government sectors, but if in a private entity it is only required to follow FASB. There are many differences between the GASB and the FASB as to which statements must be used, and for what reasons. As for the GASB a statement of net assets is used in exchange for the FASB’s balance sheet. A similar report called the statement of financial position is available for use by FASB but is not required. Net assets can be recognized under FASB as unrestricted, temporarily restricted, or permanently restricted, while GASB also uses unrestricted and “restricted or invested in capital assets, net of related debt” (GASB). The two boards work hand in hand to make sure that rules are established and updated and standardized for business, government, and non-profits....
Words: 914 - Pages: 4
...BA (Hons) Business Administration - Blended Learning Business and Commercial Awareness Coursework - 6FBS1261 Implementation Plan for the Operation Departmen Nicole Alexander Word count: 1495 TABLE OF CONTENTS Page no. Section 1- The Investment idea and the role of the Operation department 3 Section 2- How the investment idea will impact the Operation department 3 Section 3- Milestones and Time plan for the major operations activities 4 Section 4- Financial Overview for the Operations Section 6 Section 5- How the Operation implementation plan is linked with other departments 8 Section 6- Risks identification and Management 9 Section 7- Resource requirement by the operations department 10 Section 8- References 12 Section 1 The investment idea and the role of operations department The operation department stands as the foundation of the business operation, and how the company would be run and the ideal location for the business. The operations staff that would be involved is a few people since the business of upgrading two hotels that...
Words: 1776 - Pages: 8
...System Software for Attendance Management System Employee Time Management System Attendance Management Software Employee Performance Management Systems Employee Health Management Systems Online Project Management Systems Employee Payroll and Attendance Management System | … www.freestudentprojects.com/vb-net-projects/employee-payroll-and-att Pls send me how to log this payroll management system and send me a Vb code? thanks Employee Attendance Monitoring System Project | 1000 Projects 1000projects.org/employee-attendance-monitoring-system-project.html Payroll Management System ASP.Net Project with Documentation and Source Code Payroll management system is the heart of any Human Resource System of an ... ATTENDANCE MANAGEMENT SYSTEM | Projects - Classle https://www.classle.net/.../project_ideas/attendance-management-system Attendance management is the act of managing attendance or presence in a work setting to minimize loss due to employee downtime. Attendance control has … Attendance Management System | Free Student Projects www.freestudentprojects.com/.../attendance-management-system Attendance Management System. Project ID : 101220111325. The system records details such as arrival and departure of employees besides maintaining information ... Employee Management System - Student Project Code www.studentprojectcode.com/vbnetproject/employee-management-system Employee Management System software will manage the whole company Employee details like their attendance,salary details...
Words: 429 - Pages: 2
...Project Management Question 1: Search the web for ‘‘Effective Project Communications.’’ Summarize at least one website and compare it to what was presented in this chapter. What new insights did you gain from this website? Communication is vital in project management. Effective communication skills are one of the most important qualities a project manager can possess. There are many mediums of communication such as verbal or written. During the course of a project there should be internal and external correspondence between all team members. This website points out that it is not how much a project manager says but saying the right things to the right people. As the text suggests in chapter 12, effective and frequent personal communication is crucial to keeping the project moving and avoid surprises. There also needs to be opportunities for team collaboration. The site is in favor of meetings instead of separate conversations. This can reduce the time the team spends in sharing information by half. As the team size increases, the more time it takes to communicate to the entire team. The best communication comes if the project manager condenses or filters the information. (http://www.projectmanagementguide.org/project-management/effective-communication) Question 2: Search the web for ‘‘Effective Listening Skills.’’ Identify several helpful techniques that were not presented in this chapter. To effectively communicate, a project manager must also have good listening...
Words: 1042 - Pages: 5
...some good project management based software that we can use to organize and stay on track. There are many options out there but I was looking for something… well… free! I stumbled upon a freeware gem called Project Pier. Surprisingly, it was very easy to setup and the GUI was simple to pick up. It comes out of the package ready to help manage multiple projects all at once. You can set milestones, set tasks, create reports, create and track tickets, write and manage wiki pages, and it comes with all the standard administration/configuration. Adding users and managing them is a breeze. It also has many configurable items such as email notifications. You can create a milestone goal for your company or project to achieve and then create a task list where you assign different tasks to different users. Each user gets notified of there tasks and given the deadlines. As tasks are completed, you can actively see the % of completion of each milestone or task. Its a true treasure to be able to see the progress your company makes day to day. The ticketing system is very straight forward. You can open tickets in categories like bug reports, enhancement requests, or defect. Each ticket gets assigned severity levels and can email notify specific individuals who will then update and close the ticket when the issue or enhancement request has been attended to. Project Pier requires Apache with PHP and MySQL database. If you need assistance with the install of Project Pier, then...
Words: 340 - Pages: 2
...globe need successful and productive accounting software that support the firm and help it in development whether it’s an expansive endeavor or a little venture. The requirement for the business to have its accounts fit as a fiddle year-round is considerably a momentous accomplishment. The purpose is to help business operations run in a smooth by keeping track of all business transactions in the company (Campbell, 2012). The growth of the accounting system allows the growth of the business because the accounting system because more well-organized. With the accounting needs growth corresponding with the growth of the business, it is substantially important to analyze the great benefits of an efficient accounting system for the short and long term of a company. The firm indulgence in seeking the consultancy service for the Live project - QuickBooks in Action, the Prime Consultancy firm will seek to offer an expert opinion on the adequacy of establishing an accounting system using QuickBooks to BoliEve Inc. Allowing Prime Consultancy firm to be your consultant will not only avail consultancy services from personnel who are highly qualified and experienced at an affordable compensation, the firm will save the time and resources needed to successfully run the business and also ensure the firm takes a step in the right direction (Madeira, 2014). Granting Prime Consultancy the opportunity to offer consultancy services for establishing an accounting system using QuickBooks to BoliEve...
Words: 1655 - Pages: 7
...weeks to produce end of the quarter reports. I recommend that we implement a web-based accounting system that includes an extensive database to help our accountants to do their quarterly report. This consolidation of information will help them tremendously in saving time on going through all of our financial information and creating reports. The software that I suggest is called Intacct. Intacct is a Web-based financial accounting software system with that covers a large set of functionality. It can support applications for core accounting, time and expenses, revenue management, project accounting, order and billing, purchasing, global consolidations, multi-currency management, and financial reporting. It can also be accessed on demand through a browser over the Internet (cite). As well the database used for Intacct is oracle (About Us: Learn more about Intacct, 2013). The web-based accounting system that we will implement will incorporate and combine the best of the 3 financial systems that we used before. It will hold all the necessary information needed for accounting (The cost, prices, etc.). We will eliminate repetitiveness amongst the three difference systems combine commonalities of certain terms and codes (for example if price is labeled as “pr” in one of our old systems and “p” in another one of our old systems we will have price labeled as “price” in this new web-based accounting system). We will also allow exceptions...
Words: 1003 - Pages: 5
...help reduce spoilage and better rotation of products. It also reviewed and tied the accounts payable and receivable systems as well as payroll to the inventory system. The recommended system tied inventory into the accounts payable and receivable systems already being used. IT audits were reviewed and evaluated to assist with the design of the software and system. After reviewing the accounting information systems for Kudler Fine Foods (KFF) recommendations have been made to update and replace certain aspects of the information technology (IT) system to make the company more productive. From the review and research, it was recommended that the most appropriate audit was the findings and recommendation audit. Audits are required of most businesses and are time consuming for all involved. It can be nearly impossible for companies to conduct these audits efficiently without incorporating software to make this process more efficient. Computer Assisted Audit Tools One way to streamline the audit process is by the use of Computer Assisted Audit Tools or CAATs. These are accounting software that performs the function of the audit that used to be performed manually. CAAT’s will be modified to fit the needs of company during its...
Words: 822 - Pages: 4
...Work Management Today is Eliminating Geography and Hierarchy, he talks about how technology, especially the internet has changed what modern businesses must do to be successful in today’s market. Steele explains that work management software is the best technology to utilize in the business world today. Steele says there are three two distinct observations that categorize the way software can: - Eliminate the restraints of geography - Eliminate the restraints of hierarchy. Steele breaks it down how both the internet and project management made these two element possible. First, is the restraints of geography, beforehand it was always difficult in the physical world when wanting to tackle a project (i.e Christopher Columbus sailing across the Atlantic) but now with invention of the internet, it changed geography as it now provided instant communication worldwide. Email has taken over other communication uses such as Mail, fax, and phone calls. With project management, technology now can expand beyond where they couldn’t have before. Business now can have a broad outreach where they can communicated across the world through cultures and other languages. Steele also points out that in some aspects, so geography still remain as far as shipping products. Steele says that Hierarchy is a less obvious restraint that has been overcome by work management tools. He makes a point to say that this doesn’t mean that the system of important roles isn’t extinct but abuse of power in a high-ranking...
Words: 525 - Pages: 3
...Developing Accounting Systems Paula R Accounting Information Systems 9-3-14 Developing accounting systems does not just happen, and they are not merely luck, the have to be planned out. They are a product of good and require proper planning and have a good project manager. You also have to have a dedicated team of professionals that can work this new system with the proper training. For a good program for an accounting system, don’t focus on the price because you are going to have to pay for a good one. There are several different ways for implementing your new accounting system. Some employees will be thrilled, and some will hate the idea of something new. Choices are: mimicking the “demo company”, “or follow that what worked at the last implementation”, or research this new approach and use the one that will best work for you and your company. The accountant roles have changed over the last several years a lot. Besides traditional accounting knowledge also comes with knowing the basic office skills and organizational skills. With those skills they will also need the knowledge of computer sharing, the understanding of information systems designs, and system development and applications. Here are a few steps that represent the implementation stage: A. Project Management: Everything should be sent through the Project Manager before anything is done. This person will have the responsibility of keeping on task of the assignments, resource availability, documentation...
Words: 295 - Pages: 2
...Hardware Replacement Project Steven Royster IT/205 Matthew Juliana 25 March 2012 The IT department wants to replace their old CRM with a new CRM solution. The only problem is that their existing hardware is old and out of date thus will not support the new CRM. I have been called in to not only access the situation but to analyze what equipment will be needed and help install the equipment. This has to be done before the new CRM can be installed and implemented. Before all that can happen I first must come up with a report for the executives that talks about the five project management variables and how they relate to the upcoming project. I will also discuss what considerations should be thought about as to get the company the best value and what factors will influence the project risk along with how to keep those risks down to a minimal amount. In order to get the picture of how the new CRM will work out the five major variables of project management must be analyzed to see how they will fit in to the scenario. The five major variables are scope, time, cost, quality, and risk. Every one of these variables will play a role in this project so I will discuss each one: 1. Scope defines what work is or is not included in a project. For this particular project there will be a scope for new networking equipment as well as computer equipment to implement the new CRM. The borderline of the scope for the project must not be crossed because it can possibly mess up one of...
Words: 1063 - Pages: 5
...Financial Accounting Foundation (FAF) is the organization that has over sight over the FASB, GASB, FASAC and GASAC. Under each of their standards, they both have to look over all letters, comments and concerns before making any decisions and in some cases can be made available to the public. Here is where they differ, the FASB has the authority to make and set any new accounting standards to be put in place, which will be recognized by the Securities and Exchange Committee (SEC). The GASB standards are not recognized to be any formal law or ruling, but its standards can be enforced by the individual states that choose the right to. The GASB is solely public and there is unlimited access. In fact, the GASB encourages the public to become heavily involved in their meetings. You can find some records of what will be discussed through the GASB website on the say the meeting will take place. The FASB reports all nongovernment information that will help private entities make the correct accounting decisions. Under the respective standard process, the FASB houses 7 rules that must be in place, the most important seemingly to be that the Board cares and puts the issues of the stakeholders/shareholders first. As with the GASB, they send those to gather information that can be later studied and hope to be improved. Modified accrual accounting is used to measure the flow of the financial resources. It shows the combination of cash and full basis accrual. Full accrual accounting is recognized...
Words: 393 - Pages: 2
...identified in the Governmental Accounting Standards Board's Why Governmental Accounting and Financial Reporting Is—and Should Be—Different. The five environmental differences include mission/purpose, source of revenue, potential longevity, relationship with stakeholders, and role of budget. The mission/purpose is defined by the goals of the organization. The purpose of a commercial business is to make money. A non-profit organization’s purpose is to provide a service, without compensation from the people being served. The source of revenue comes from net income, which comes from a sale of goods or services in the private sector or in the public sector comes from tax dollars or donations. The longevity potential for a private business depends on the ability to generate a profit. In contrast a non-profit relies upon tax dollars or donations. The stakeholders of a private corporation are the owners/stockholder/investors. The stakeholders of a public organization are the taxpayers and general public being served. The budget in the private sector is flexible, depending on revenues and directors. The budget within a public organization is typically not flexible and has to be followed exactly. 1-3. Identify and briefly describe the three organizations that set standards for state and local governments, the federal government, and nongovernmental not-for-profit organizations. FASAB: Federal Accounting Standards Advisory Board provides accounting standards for congressional...
Words: 984 - Pages: 4
...ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller PLEASE DOWNLOAD HERE! HTTP://WWW.STUDENTSWITHSOLUTIONS.COM/VIEW-TUTORIAL.ASPX?TUTORIALID=14604 ACCT 567 Funds, Statements, Taxes, Accounting for Government and NFP Keller 1. Explain the primary differences between ad valorem taxes, such as property taxes, and other taxes that generate derived tax revenues, such as sales and income taxes. How does accounting differ between these classes of taxes? http://www.studentswithsolutions.com/view-tutorial.aspx?TutorialId=14555 2. Can you name the statements which should be prepared by all not-for-profit organizations? http://www.studentswithsolutions.com/view-tutorial.aspx?TutorialId=14558 3. Name a budgetary account of a governmental fund http://www.studentswithsolutions.com/view-tutorial.aspx?TutorialId=14559 4. How are the major funds of a state or local government determined by a governmental entity? http://www.studentswithsolutions.com/view-tutorial.aspx?TutorialId=14556 5. Agency funds pay interest and principal on long term debt? http://www.studentswithsolutions.com/view-tutorial.aspx?TutorialId=14557 6. A refuse collection service can be accounted for by using one of several different funds. The service could be a part of the general fund, it could be a special revenue fund or an enterprise fund. What circumstances would determine which fund would be the most appropriate to use? http://www.studentswithsolutions...
Words: 1990 - Pages: 8
