Q1. ABC Construction receives an annual appropriation to perform construction activities. ABC does not use commitment accounting; instead, it obligates funds upon the award of contracts. Prepare budgetary and proprietary journal entries to record the following transactions. (1.5 Marks)
a.ABC received an appropriation of $3,000,000.
b.The Office of Management and Budget apportioned $750,000 of the appropriation to the Department of Domestic Construction, which oversees the ABC.
c.The Department allotted the entire $750,000 apportionment to the ABC.
d.ABC awarded a building construction contract for $450,000.
e.The contractor completed construction of the building. Because of a change order, however, the total cost of the work was $486,000. ABC accepted the work and recorded the asset and the invoice for $486,000.
Q2. An NFPO operates a clinic that provides services to substance abusers. During calendar year 2015, it receives the following donations that may be used for any purpose and at any time:
i.$37,500 of cash.
ii.150 shares of stock having a fair value of $60 a share at the time of the donation.
iii.Medical supplies (from a pharmaceutical company) having a fair value of $15,000.
Make necessary journal entries in the books of NFPO to record the above transactions.
Q3. The following information is extracted from a City’s government-wide statement of net position at December 31, 2015: (1.5 Marks)
Capital assets $4,500,000
Accumulated depreciation, capital assets $2,400,000
Bonds payable -0-
The following information is extracted from the city’s governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2015.
Expenditures – capital outlay (General Fund) $ 60,000
Expenditures – capital outlay (Capital Projects Fund) $900,000
Depreciation on old and new assets during the year was $546,000.
Prepare journal entries so the foregoing information can be used in a work sheet to prepare government-wide financial statements for the year ended December 31, 2015.
Q4. Describe the term “The Financial Reporting Entity” and its various types.
"An essential activity of authority is to make each individual an innovator in their own activity" (Class Notes). This announcement recognizes the separation between an appealling versus a Level 5 pioneer. Dependent on notes and research, not every single alluring pioneer put their kin first, in contrast to Level 5 pioneers. A magnetic pioneer is one who puts on a show and is enticing and beguiling, though a Level 5 pioneer is illogical and one who has a consolidated bundle of initiative variables. Despite the fact that these pioneers are distinctive character astute, passionate insight is a significant fixing in the two types of authority. I lean toward the Level 5 Leadership due to the various levels they hold that I accept is essential to consolidate as a pioneer. Before I examine why Level 5 Leadership is of my inclination, I will clarify increasingly about the attributes of an alluring pioneer. As per the Great Man Theory, a magnetic pioneer is one who features morals and stewardship and can deal with the prosperity of those they lead. "Being a steward implies that pioneers perceive a definitive reason for their work is others and not their self" (Peter Senge, class notes). I feel like this statement and hypothesis struggle instances of charming pioneers on the grounds that not all exclusively lead for other people, yet for themselves. An incredible case of this kind of alluring pioneer is Winston Churchill. He was a bigot, racial oppressor who considered Britain to be the white race as champs in the social Darwinism chain of command. Churchill realized how to fill the role and moreover, was skillful, dedicated, sharp, and enthusiastic, which are for the most part parts of appealling pioneers. He had a momentous personality and was always in the matter of advancing himself. "Churchill considered life to be an event, with himself driving the motorcade" (Isaiah Berlin, class notes). I feel that magnetic pioneers are actually this depiction of Churchill, and that is the reason I incline toward Level 5 initiative. In spite of the fact that he was lastingly a triumph, he was a pioneer who put himself on a platform, and not the individuals who he drove. I imagine that putting individuals initially is the most significant viewpoint in Level 5 administration. "Authority isn't about the following political decision, it is about the people to come" (Simon Sinek, class notes). This statement envelops who a Level 5 pioneer is on the grounds that they are constantly centered around the eventual fate of the individuals. A Level 5 pioneer, as per Collins' definition, is one who envelops a joined bundle of five distinct levels. The Level 5 chain of importance begins with level one as an exceptionally proficient individual, at that point a contributing colleague, able chief, compelling pioneer, lastly an official head who consolidates the entirety of the other level characteristics. Collins contends that of the seven variables distinguished as fundamental to take an organization to enormity, the key fixing that enables an organization to become incredible is having a Level 5 pioneer. This pioneer is an official who has a veritable individual quietude and will. They are the kind of individuals who routinely select heavenly successors. Level 5 pioneers study in duality. They are humble, yet resolute, timid and intrepid. "Leave my activities and results alone the verification" (Class Notes). I accept this statement is critical as a pioneer since they at that point show desire not for themselves, however for their organizations. They just care that their activities had an effect for the association they work for and demonstrate their unobtrusiveness along these lines. In conclusion, Level 5 pioneers take their organization from simply great to incredible. Along these lines, they substantiate themselves to have a significant level of capability and independence. I accept an extraordinary case of this sort of pioneer is Abraham Lincoln. This president was the exemplification of Level 5 since he was unobtrusive, philosophical, modest, and the rundown goes on. He recognized what more prominent's benefit was. A fascinating reality about him is that he utilized parody as an adapting gadget. In spite of the fact that he had an incredible personality, he had the option to make things for the individuals. A poor case of Level 5 administration is Steve Jobs. The motivation behind why he isn't exactly this kind of pioneer is on the grounds that he sparkled the light on himself so as to sell his items. A Level 5 pioneer would put the focus on the items instead of themselves since they need to demonstrate that their activities brought about extraordinary activities for the individuals. Despite the fact that he needed to utilize his Macintosh PCs for a decent aim, training, regardless he had an enormous conscience in doing as such. He resembled a symphony chief where he was the one with the vision, so he played the players. Along these lines, he turned into a syncretic and egotistical, however effective pioneer, and had quality control. Another motivation behind why I incline toward Level 5 administration rather than alluring authority is their part of ying and yang as close to home quietude. These sorts of pioneers show a convincing unobtrusiveness and a disregarding open hero worship. Like I referenced previously, they are rarely proud. Level 5 pioneers act with peaceful, quiet assurance. These pioneers depend essentially on propelled benchmarks, not moving magnetism, so as to rouse. This demonstrates in spite of the fact that they are eager, they would exchange individual temptation to the achievement of their association. Pioneers who practice Level 5 direction channels aspiration into the organization, and not themselves. They set up successors for considerably more significance in the people to come. This returns to the statement, "Authority isn't about the following political decision, it is about the people to come" (Simon Sinek, class notes) and clarifies that the association is about congruity and not independence. At last, I truly love the way that Level 5 pioneers look in the mirror, not out the window, so as to allocate duty regarding poor outcomes. They never accuse others, outer elements, or misfortune. Level 5 authority just seems like the absolute best sort of pioneer. "You should know what your identity is so as to might suspect without misdirection" (Attributed to Wittgenstein, Class Notes). Passionate knowledge is the most significant perspective in any and each type of a pioneer. Regardless of in the event that they are a charming or Level 5 pioneer, they should act naturally mindful and know who precisely they are so as to lead a gathering of individuals. These kinds of pioneers consolidate four distinct limits: mindfulness, self-administration, social mindfulness, and social ability, which are for the most part extremely indispensable. Under these limits, there are numerous various capabilities that I find fundamental in being a pioneer. Having mindfulness and self-administration are significant on the grounds that a pioneer must realize how to control oneself. As I would like to think, the most basic skills under controlling oneself incorporate passionate mindfulness, self-assurance, poise, flexibility, and activity. With enthusiastic mindfulness, a pioneer must realize how to appreciate their feelings and notice how it influences their presentation and connections. Consolidating fearlessness into your character will grandstand your solid and positive feeling of self-esteem. For instance, if a pioneer commits an error, they should release it and attempt to improve that mix-up over the long haul. This is called moment amnesia and is significant when being a pioneer. It resembles the colloquialism, "The show must go on." Self-control is the capacity to monitor problematic feelings and driving forces. Pioneers ask themselves the inquiry, "What really matters to you?" for this situation. Having the option to adjust is incredibly indispensable on the grounds that everything around you is continually evolving. As a pioneer, you can't simply adhere to a certain something and do the standards. You should have the option to conform to any deterrents or changes that are being made in the association. Finally, having activity ought to be an absolute necessity as a pioneer. They should be a hard worker and needing to assume responsibility regardless of what it is. A terrible pioneer would be somebody who kicks back and lets every other person do everything. I feel that on the off chance that a pioneer joins these significant capabilities, at that point they are destined for success. A pioneer can't simply act naturally mindful, yet additionally socially mindful. Social mindfulness and social ability are imperative to how pioneers bargain and interface with others. I think it is generally significant for pioneers to have capabilities of sympathy, authoritative mindfulness, cooperation and coordinated effort, peace making, and correspondence. Being sympathetic is misjudged as I would see it. On the off chance that pioneers show this characteristic, they can be moved by others and can be worried of the necessities of others. On the off chance that a pioneer couldn't have cared less about who they are driving, at that point they ought to have never been an innovator in any case. They have to be able to detect others' feelings, and grasp individuals' points of view while taking a functioning enthusiasm for how they are feeling. Hierarchical mindfulness is fundamental since business is about individuals and procedure. In the event that you don't see any of those, at that point you won't have the option to settle on any choices and steer governmental issues. Dependent on experience, cooperation and joint effort is significant under the social aptitude limit. Regardless of what you do throughout everyday life, you should realize how to work and team up with others in an effective and exact way. In the event that you can't work with others and figure out how to take in others' feelings, you would be an awful pioneer. Peace making is likewise key with regards to being a pioneer in light of the fact that not all things are great, and not every person will have similar assessments. The pioneers must realize how to take care of these sorts of issues. In conclusion, I accept that correspondence is the most basic part when managing others. A pioneer must have the option to be clear when addressing others and furthermore be a decent audience. "The capacity to screen one's own and other's sentiments and feelings, to separate among them and to utilize this data to manage one's reasoning and activities" (Class Notes). All in all, I accept passionate insight is critical in each sort of authority since one must realize how to manage themselves as well as other people and being appropriat>GET ANSWER