Chapter 4. Accounting for Governmental Operating Activities---- Illustrative Transactions & Financial Statements
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1 Chapter 4 Accounting for Governmental Operating Activities---- Illustrative Transactions & Financial Statements 1
2 Govt l Funds Review! Spending Focus! Current Financial Resources! Modified Accrual! Revenues & Expenditures! No Fixed Assets! No Long Term (LT) Debt 2
3 Budgetary Accounting! Journal Entries: Estimated Revenues Est. Other Financing Source Appropriations Est. Other Financing Use Fund Balance 3
4 Revisions to Budget! Evaluate Inflows & Outflows! Adjust Budget through Journal Entry 4
5 Encumbrance Accounting! Additional Appropriation Control! Issuance of Purchase Order Key Event! Journal Entry: Encumbrance (Est.) Reserve for Encumbrance 5
6 Encumbrance Accounting! Goods Received / Payment Approved! Journal Entries: Res. For Encumb. (Est.) Encumb. (Est.) Expenditure (Actual) Vouchers Payable (Actual) GA: Expense-Program 6
7 Encumbrance Accounting! Payroll Accounting! Encumbrances closed! Reserved Encumbrances 7
8 Encumbrance Accounting! Order Received in Ensuing Fiscal Period " Journal Entry: Expenditure (x1) Expenditure (x2) Vouchers Payable GA: Expense-Program 8
9 Encumbrance Accounting! Closing Journal Entry: Reserved for Encumbrances Expenditure (x1) 9
10 Alternate Encumbrance Treatment! Close Encumbrances & Reserve for Encumbrances! Re-Appropriate! Continue with Usual Journal Entries 10
11 Property Tax Accounting! Journal Entry: Taxes Receivable-Current Estimated Uncoll.-Current Property Tax Revenue GA: Property Tax revenue - General 11
12 Property Tax Accounting! Short-Term Cash Disbursement Needs! Tax Anticipation Notes! Journal Entries: Cash Tax Anticipation N / P N / P Expenditure Cash GA: Expense-Interest 12
13 Property Tax Accounting! Delinquent Taxes " Journal Entries: Taxes Receivable-Delinquent Taxes Receivable-Current Est. Uncoll.-Current Est. Uncoll.-Delinquent GA: Same 13
14 Property Tax Accounting! Penalties & Interest May be Accrued! Write-off Uncollectibles " Journal Entry: Est. Uncoll.. Taxes - Delinquent GA: Same Taxes Rec. Delinquent 14
15 Additional General Fund Entries! Cash Basis Revenues Cash " Journal Entry: Revenue GA: Allocate revenue between programs and general 15
16 General Concept! General Fund Expenditures become Expense for governmental activities " Allocated between programs 16
17 Additional General Fund Entries! Interfund Transactions " Internal Exchange Transaction " Journal Entry: Due from Fund Revenue GA: Due from Business Activities General Revenues 17
18 Additional General Fund Entries! Supplies Inventory " Two Methods #Consumption Method $Purchases Method 18
19 Consumption Method! Purchase of Supplies " Journal Entry: Supplies Inventory V/P! Use of Inventory " Journal Entry: Expenditure GA: Expenses Supplies Inventory 19
20 Consumption Method! Year-End Inventory " Journal Entry: F.B. - Unreserved F.B. - Reserved Inventory GA: Not Applicable 20
21 Purchase Method! Purchase of Supplies " Journal Entry: Expenditure V/P GA: Expense 21
22 Purchase Method cont d! Physical Count Year-End " Journal Entry: Supplies Inventory F.B.-Reserved Inventory GA: Inventory Expenses 22
23 Closing Entries! Reverse Nominal Accounts! Reverse Budgetary Accounts! Fund Balance Available for Appropriation 23
24 Financial Statements! Interim Financial Statements! Annual Financial Statements! Reconciliation Between Budget Basis & GAAP 24
25 Special Revenue Funds! Legal Compliance! GF Accounting and Reporting Applicable! Operating Grants! Reimbursement 25
26 Special Revenue Funds! Granted Award (Reimbursement Grant): " No Entry 26
27 Special Revenue Funds! Expenditure Made: " Journal Entries: Expenditure Vouchers Payable Cash Revenues GA: Expenses & Program Revenue 27
28 Special Revenue Funds! No Reimbursement-Recognize Recognize Receivable & Revenue! No Reimbursement & Granted for Future Period-Recognize Receivable & Deferred Revenue 28
29 Interfund Transactions! Interfund Exchange Transactions " DueTo/DueFrom DueFrom! Interfund Loans " Recble/Pble (Noncurrent Reserve Fund balance " None in Gov t-wide if both gov t activities 29
30 Interfund Transfers Cont d Interfund Transfers Other Financing Source/Use Recurring/Nonrecurring Reimbursements Reduction of Expenditures/Expense 30
31 General Concept-Gov t Gov t-wide F/S s! Eliminate if between same activity " Internal Service is Governmental! Report if between Governmental & Business 31
32 Permanent Funds! Public Purpose Trusts " Principal Nonexpendable- Permanent Fund " Earnings Expendable-Special Revenue Fund 32
33 Permanent Funds cont d! Receipt of Assets-recognize as revenue! Interfund Transfers for earnings! End of Period Fair Value Adjustments " Increase or Decrease asset Account " Recognize Revenue-Changes in Fair Value 33
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