ACCT 410 Week 1 Assignment

DOWNLOAD: Read chapter one of Ruppel “New Developments” and select one GASB statement from the list of statements available and do the following – Homeworkmade

ACCT 410 Week 1 Assignment

1. Read chapter one of Ruppel  “New Developments” and select one GASB statement from the list of statements available and do the following: This is due by mid-night Sunday, May 24.

a. Write a brief description of your selection and the impact the new GASB will have on Governmental Accounting.

2. Government-wide statements report on assets and liabilities that are denied recognition on funds statements. Entrepreneurs Consultants, a state agency, was established to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified accrual basis.

During its first month of operations, the association engaged in, or was affected by, the following transactions and events:

4.  It borrowed $24,000 from a bank to enable it to purchase

an automobile. It gave the bank a long-term note.