BUS FPX 4063 Assessment 5 Government Accounting

BUS FPX 4063 Assessment 5 Government Accounting

Student Name

Capella University

BUS-FPX4063 Advanced Financial Accounting Topics and Trends

Prof. Name:

Date

Government Accounting Template

The assessment of government accounting involves the analysis of fund financial statements, government-wide financial statements, and city operations transactions. These sections provide a detailed understanding of financial activities, credit, and debit transactions across various funds. Below are the details formatted into paragraphs and organized into a row-and-column table format.

Fund Financial Statements

Fund financial statements track specific activities and related transactions. Key financial entries include project costs, cash transfers, bond revenues, and expenses. For example, the project fund recorded a truck acquisition cost of $51,700, which was debited to the project and credited to cash. Similarly, bond revenues amounting to $6,050,000 were debited to projects and credited to bond revenue. Enterprise and general funds were involved in cash transfers, with $308,000 being debited and credited accordingly. Revenue and promotional expenses related to grant funds, totaling $66,000, were documented.

Table: Fund Financial Statements

Government-Wide Financial Statements

These statements consolidate the broader activities of the government and provide a macro-level view of financial performance. Key transactions include the issuance of bonds, state grants, and major purchases. For instance, bonds amounting to $6,050,000 were issued, with the funds credited to bonds payable and debited to cash. State grants worth $66,000 were similarly recorded. Expenses related to grants and deferred revenues were also detailed.

Table: Government-Wide Financial Statements

City Operations Transactions

The assessment includes true-or-false evaluations of specific scenarios involving city operations. For example, pension trust funds were deemed false to be part of both government-wide and fund statements. Earnings used for the benefit of citizens, however, were correctly identified as true. Differences in expenditures versus estimations were highlighted as needing reporting in fund statements, while the landfill was specified as a unique fund to be reported in government-wide statements.

Table: City Operations Transactions

BUS FPX 4063 Assessment 5 Government Accounting

References

American Psychological Association. (2020). Publication manual of the American Psychological Association (7th ed.). Washington, DC: APA.