Home » ACC 322 Final Project One: Governmental Accounting

ACC 322 Final Project One: Governmental Accounting

ACC 322 Final Project One: Governmental Accounting Guidelines and RubricOverviewThe first final project for this course is the creation of an accounting workbook and accompanying informational report to taxpayers.Governments are unique in that most of their revenue comes from taxes and fees imposed upon the citizens. It is the responsibility of the governmentaccountant to provide accountability for these funds through financial reports.By working through this project, you will understand how revenues and expenditures are accounted for in governments. The information is presented in variousfunds that provide accountability at a more detailed level through fund-level statements. The information is also presented in big-picture form throughgovernment-wide statements.In the accounting workbook and report, you will use course-provided information to (1) analyze government transactions for various funds in accordance withthe standards of the Government Accounting Standards Board (GASB); (2) create and use fund financial statements to assist in the creation of government-widestatements; and (3) communicate the results of operations to interested taxpayer groups.In this assignment, you will demonstrate your mastery of the following course outcomes:? Analyze governmental and nonprofit accounting procedures used for the preparation of financial statements to promote accountability in financialreporting and inform decision making? Prepare journal entries, financial statements, and supporting documentation that impact reporting for nonprofit and governmental entities usingappropriate accounting standards? Evaluate governmental and nonprofit accounting statements in determining the fiscal position of various entities using appropriate tools of the discipline? Select accounting methods appropriate to the differentiated needs of governmental and nonprofit organizations? Determine appropriate strategies for effectively communicating the differences between private sector, governmental, and nonprofit reporting tostakeholdersPromptYou are the accountant for a local government. Your job requires that you analyze transactions, post to ledgers, and prepare financial statements. Using the FinalProject One Case Study document and the Final Project One Student Workbook spreadsheet provided, you will prepare an accounting workbook, which includessupporting journals for governmental funds, proprietary funds, and fiduciary funds. The supporting journals will be used in preparation of the fund’s financialstatements. You will then perform a reconciliation to prepare the government-wide financial statements for governmental activities and business activities.Finally, you will prepare a five- to seven-page informational report explaining the different funds to a taxpayer group interested in understanding the purpose ofthe funds.Specifically, the following critical elements must be addressed:I. Prepare an accounting workbook with supporting journals for governmental, proprietary, and fiduciary funds.a) Analyze all transactions in the Final Project One Case Study document and Final Project One Student Workbook spreadsheet to determine properhandling.b) Prepare all supporting journals for the governmental funds.c) Prepare all supporting journals for the proprietary funds.d) Prepare all supporting journals for the fiduciary funds.e) Interpret the supporting journal to prepare fund financial statements.f) Analyze the financial activity to prepare a reconciliation from the fund financial statements to government-wide financial statements.II. Prepare an informational report to taxpayersa) Interpret and discuss the governmental funds section of your workbook.i. Define governmental funds.ii. Identify and summarize activities in governmental funds.iii. Explain how the governmental funds section of your workbook tells the taxpayers about the financial position of the government.b) Interpret and discuss the proprietary funds section of your workbook.i. Define proprietary funds.ii. Identify and summarize activities in proprietary funds.iii. Explain how the proprietary funds section of your workbook tells the taxpayers about the financial position of the government.c) Interpret and discuss the fiduciary funds section of your report.i. Define fiduciary funds.ii. Identify and summarize activities in fiduciary funds.iii. Explain how the fiduciary funds section of your workbook tells the taxpayers about the financial position of the government.If you would like a refresher course on using various features of Excel, sign in to Atomic Learning (see the link in the Assignment Guidelines and Rubrics folder)and type “Excel” in the search box. This will provide you with options to select the specific level of training that you need (i.e., intro, intermediate, or advanced)and the specific version of Excel that you have (i.e., 2011, 2013, etc.). The trainings are broken down into small, meaningful chunks. Therefore, you should be ableto find specific topics at each level that will meet your needs.Final Project One RubricGuidelines for Submission: You will submit your completed Final Project One Student Workbook, and include the required entries, statements, and schedulesusing the appropriate Excel worksheet. Your informational report to taxpayers must be 5–7 pages in length (plus a cover page and references) and must bewritten in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins.Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,review these instructions.Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) ValueWorkbook:Transaction AnalysisAccurately analyzes and recordsall transactions in accordancewith GASB standardsAnalyzes and records alltransactions but transactionscontain inaccuraciesDoes not record transactions 6Workbook:Governmental FundsSupporting JournalsRecords all supporting journalsfor governmental fundsaccuratelyRecords all supporting journalsfor governmental funds butrecords contain inaccuraciesDoes not record journals forgovernmental funds6Workbook:Proprietary FundsSupporting JournalsRecords all supporting journalsfor proprietary funds accuratelyRecords all supporting journalsfor proprietary funds butrecords contain inaccuraciesDoes not record journals forproprietary funds6Workbook: FiduciaryFunds SupportingJournalsRecords all supporting journalsfor fiduciary funds accuratelyRecords all supporting journalsfor fiduciary funds but recordscontain inaccuraciesDoes not record journals forfiduciary funds6Workbook: FundFinancial StatementsPrepares fund financialstatements accuratelyPrepares financial statementswith inaccuraciesDoes not prepare financialstatements6Workbook:ReconciliationAccurately reconciles fundfinancial statements to preparegovernment-wide statementsReconciles fund financialstatements with inaccuraciesDoes not reconcile fundfinancial statements6Governmental FundsReport: DefineMeets “Proficient” criteria anddefinition is contextualized withexamplesDefines government fundsaccording to GASB standardsIncludes a definition ofgovernment funds according toGASB standards but definition isvague or contains inaccuraciesDoes not define governmentfunds according to GASBstandards6Governmental FundsReport: ActivitiesMeets “Proficient” criteria andincludes specific examplesIdentifies and summarizesactivities in governmental fundsIdentifies and summarizesactivities in governmental fundsbut submission is unclear orinaccurateDoes not identify andsummarize activities ingovernmental funds6Governmental FundsReport: FinancialPositionMeets “Proficient” criteria anduses concrete examples tosubstantiate claimsExplains what the governmentalfunds section tells taxpayersabout the financial position ofthe governmentExplains what the governmentalfunds section tells taxpayersabout the financial position ofthe government butexplanation is not clear or lacksdetailsDoes not explain what thegovernmental funds sectiontells taxpayers about thefinancial position of thegovernment6Proprietary FundsReport: DefineMeets “Proficient” criteria anddescription is exceptionallyclear and contextualizedDefines proprietary fundsaccording to GASB standardsIncludes a definition ofproprietary funds according toGASB standards but definition isnot clear or containsinaccuraciesDoes not define proprietaryfunds according to GASBstandards6Proprietary FundsReport: ActivitiesMeets “Proficient” criteria andincludes specific examplesIdentifies and summarizesactivities in proprietary fundsIdentifies and summarizesactivities in proprietary fundsbut submission is not clear orcontains inaccuraciesDoes not identify andsummarize activities inproprietary funds6Proprietary FundsReport: FinancialPositionMeets “Proficient” criteria anduses concrete examples tosubstantiate claimsExplains what the proprietaryfunds section tells taxpayersabout the financial position ofthe governmentExplains what the proprietaryfunds section tells taxpayersabout the financial position ofthe government butexplanation is not clear or lacksdetailsDoes not explain what theproprietary funds section tellstaxpayers about the financialposition of the government6Fiduciary FundsReport: DefineMeets “Proficient” criteria anddescription is exceptionallyclear and contextualizedDefines fiduciary fundsaccording to GASB standardsIncludes a definition of fiduciaryfunds according to GASBstandards but definition is notclear or contains inaccuraciesDoes not define fiduciary fundsaccording to GASB standards6Fiduciary FundsReport: ActivitiesMeets “Proficient” criteria andincludes specific examplesIdentifies and summarizesactivities in fiduciary fundsIdentifies and summarizesactivities in fiduciary funds butsubmission is not clear orcontains inaccuraciesDoes not identify andsummarize activities in fiduciaryfunds6Fiduciary FundsReport: FinancialPositionMeets “Proficient” criteria anduses concrete examples tosubstantiate claimsExplains what the fiduciaryfunds section tells taxpayersabout the financial position ofthe governmentExplains what the fiduciaryfunds section tells taxpayersabout the financial position ofthe government butexplanation is not clear or lacksdetailsDoes not explain what thefiduciary funds section tellstaxpayers about the financialposition of the government6Articulation ofResponseSubmission is free of errorsrelated to citations, grammar,spelling, syntax, andorganization and is presented ina professional and easy-to-readformatSubmission has no major errorsrelated to citations, grammar,spelling, syntax, or organizationSubmission has major errorsrelated to citations, grammar,spelling, syntax, or organizationthat negatively impactreadability and articulation ofmain ideasSubmission has critical errorsrelated to citations, grammar,spelling, syntax, or organizationthat prevent understanding ofideas10Earned Total 100%

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