Gasb Vs Fasb Analysis

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ACC 460 version 5 UOP Tutorials Week 1 To 5 Click Link Below To Buy: http://hwcampus.com/shop/acc-460-version-5/acc-460-version-5-uop-tutorials-week-1-to-5/ Or Visit www.hwcampus.com ACC460 Entire Class /Week 1 To 5 ACC460 Government and Non-Profit Accounting Week 1 Individual Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) Analysis Paper Prepare a 350- to 700-word paper comparing and contrasting GASB and FASB accounting. Explain the objectives of the two standards boards and how they are similar and different. Describe how the modified accrual basis of accounting differs from full accrual accounting. Format your paper consistent with APA guidelines. Discussion Questions…show more content…
Discussion Questions 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 recognizing revenue? DQ4 What is the purpose of the capital projects fund? What is the purpose of the debt service fund? What is inter-period equity? How does inter-period equity affect capital project and debt services funds? Week 3 Individual Ch. 2, 4, 5, & 6 Textbook Exercises Resources: Ch. 2, 4, 5, & 6 of Government and Not-for-Profit Accounting Prepare written answers to the following assignments from Government and Not-for-Profit…show more content…
Ch. 6: Continuing Problems 1–4, found at the beginning of the Problems section at the end of the chapter. For this assignment, use the CAFR your team selected in Week Two. Discussion Questions DQ1 What is the revenue recognition criteria used in government entities? What are some examples of government sources of revenue? How are these sources accounted for? DQ2 What is an interfund transfer? Why would government entity transfer money from one fund to another? How are interfund transfers reported on a financial report? DQ 3 How can a government entity prepare government-wide statements using the fund statements? What is a governmental reporting entity? DQ 4 You are the sole contributor to a philanthropic foundation. You must specify whether investment gains should be expendable or nonexpendable. Present key arguments in favor and against permitting the gains to be expendable. Week 4 Individual Ch. 9 & 10 Textbook Exercises Resources: Ch. 9 & 10 of Government and Not-for-Profit

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