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ACCT 334 Governmental Accounting Assignment Solution UAEU

ACCT 334 Governmental Accounting Assignment Sample UAEU, UAE

This assignment solution will cover governmental accounting whose course code is ACCT 334 in UAE university.

This course introduces the theory and concepts underlying accounting, control, and financial reporting in governmental and non-profit (G&NP) organizations with an emphasis on funds and fund accounting. It acquaints students with full knowledge of the budget cycle for governmental organizations.

It also covers the financial accounting and reporting for colleges and universities and health care organizations. The prerequisite to attend this course is to pass the course acct 225.

 

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ACCT 334 Governmental Accounting Learning Outcomes

Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities. The learning outcomes of this course are as follows:

Apply Capital Project Fund Accounting & Reporting.

A capital project is a long-term, capital-intensive investment project with a purpose to build upon, add to, or improve a capital asset. Capital projects are defined by their large scale and large cost relative to other investments that involve less planning and resources.

Examples of Capital Project Funds

Regular capital investments, such as new facilities, structures, or systems, may be necessary to accelerate growth within a company or government. For example, if a company wants to build a new warehouse or purchase new manufacturing equipment to increase efficiency on the factory line. To receive funding, capital projects are obligated to prove how the investment provides an improvement or new useful feature.

Discuss Accounting & Financial Reporting Standards Applied For State And Local Government Departments.

A complete set of financial statements prepared in compliance with the IFRS would ideally comprise of the following:

  • A statement of financial position as at the end of the period – more commonly known to us as the ‘Balance sheet’.
  • A statement of profit and loss for the year and the statement of other comprehensive income. Other comprehensive income would include those items of income/expense that are not recognized in the profit and loss account to comply with the other relevant standards.

Both these statements may either be combined or shown separately.

  • A statement of changes in equity – This would include a reconciliation between amounts shown at the beginning and the end of the year.
  • A statement of cash flows for the period
  • Notes to the financial statements – including a summary of significant accounting policies followed and other explanatory information

The financial statements would sometimes also include a statement of the financial position of an earlier period in the following scenarios:

  • When an entity applies an accounting policy retrospectively;
  • When an entity retrospectively restated an item in its financial statements; or
  • When an entity reclassifies an item in its financial statements.

 

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Discuss Accounting For Revenue Sources & Expenditure Accounting Controls & Procedures

When an expense is recorded, it most obviously appears within a line item in the income statement. The income statement shows the financial results of a business for a designated period. An expense appears more indirectly in the balance sheet, where the retained earnings line item within the equity section of the balance sheet will always decline by the same amount as the expense.

In short, expenses appear directly in the income statement and indirectly in the balance sheet. It is useful to always read both the income statement and the balance sheet of a company so that the full effect of an expense can be seen.

Moreover, revenue is shown on the top portion of the income statement and reported as assets on the balance sheet. Revenue is heavily dependent on the demand for a company’s product.

Discuss The Various Types Of Budgetary Accounting And Reporting Approaches With Particular Focus On The Performance Budgeting Approach.

Budget accounting is performed for planning and control purposes. Budgeting allows identifying and setting business objectives and goals. There is a variety of budgets. The most common budget types include the following:

  • A master budget is the set of financial and operating budgets for a specific accounting period, usually the next fiscal or calendar year. A master budget is prepared quarterly or annually. The format of the master budget varies with business nature and size.
  • The operating budget is the budget for income statement elements such as revenues and expenses.
  • The financial budget is the budget for balance sheet elements. In other words, the financial budget deals with the expected assets, liabilities, and stockholders’ equity.
  • A cash budget is a budget for expected cash inflows and outflows during a specific period. The cash budget consists of four sections: receipts, disbursements, cash surplus or deficit, and financing section.
  • A static (fixed) budget is the budget at the expected capacity level. Because a static budget is fixed, it is usually used by stable companies.
  • A flexible (expense) budget is the budget at the actual capacity level. Because a flexible budget is dynamic, it is commonly used by companies. 
  • The capital expenditure budget is the budget for expected investments in capital assets and long-term projects. It is usually prepared for 3 to 10 years.
  • The program budget is the budget for a specific program or activity such as marketing, research, and development, public relations, training, engineering, etc.

Explain The Basic Accounting Procedures And Financial Statements Of The General And Special Revenue Funds.

A special revenue fund is an account established by a government to collect money that must be used for a specific project. Special revenue funds provide an extra level of accountability and transparency to taxpayers that their tax dollars will go toward an intended purpose.

Moreover, A special revenue fund is established to finance and operate dedicated smaller-scale projects. Parks, libraries, beaches, and town plazas may all be financed by special revenue funds. These projects will have their own set of books for recording cash inflows and outflows.

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