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Unformatted text preview: Chapter 04 - Accounting for Governmental Operating ActivitiesIllustrative Transactions and Financial Statements 4-1 CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES ILLUSTRATIVE TRANSACTIONS AND FINANCIAL STATEMENTS OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 4-1 Dual effects of transactions Explain, examples Revised 4-2 Statement of net assets vs. governmental fund balance sheet Explain 4-3 revised 4-3 Benefits of encumbrance procedure Explain 4-6 4-4 Property tax revenue Compute 4-4 revised 4-5 Cash basis budgets and GAAP Explain 4-5 revised 4-6 Expenditures vs. expenses for supplies Explain 4-7 revised 4-7 Contrast and compare ad valorem and derived tax revenues Explain 4-8 4-8 Utilization of interim financial reports Explain 4-9 4-9 Permanent funds Describe 4-10 4-10 Classes of nonexchange transactions Describe New Cases: 4-1 Analyzing results of operations Analyze, write Same 4-2 Policy issues relating to property taxes Analyze, write Same 4-3 Reporting internal service fund information Explain, write Same 4-4 Recognition and reporting of a multipurpose reimbursement grant Analyze, explain New Exercises/Problems: 4-1 Examine the CAFR Examine Same 4-2 Various Multiple Choice Revised 4-3 Calculation of required tax anticipation financing and recording issuance of TANs Calculate, JEs New 4-4 Property tax calculations and journal entries Calculate, JE 4-3 4-5 Adjusting entries for inventories of supplies Analyze and JEs New 4-6 Special revenue fund and voluntary nonexchange transactions Analyze and JEs New 4-7 Dade City - Closing journal entries Journal Entries 4-5 Revised 4-8 Interfund and interactivity transactions JE 4-6 Revised 4-9 Transactions and budgetary comparison schedule JE and Statement 4-7 Revised 4-10 Operating transactions and General Fund balance sheet JEs and Statement 4-8, Parts A and B Revised 4-11 Permanent fund accounting JEs and Statements 4-9 Chapter 04 - Accounting for Governmental Operating ActivitiesIllustrative Transactions and Financial Statements 4-2 CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIESILLUSTRATIVE TRANSACTIONS AND FINANCIAL STATEMENTS Answers to Questions 4-1. Under the GASB financial reporting model, governmental activities are reported on a long-term perspective at the government-wide level using the economic resources measurement focus and the accrual basis of accounting, similar to business accounting. This means that both current and noncurrent assets and liabilities are reported on the statement of net assets. Revenues and expenses, recognized on the accrual basis, are reported on the statement of activities. Conversely, the General Fund reports on a budget year perspective using the current financial resources measurement focus and the modified accrual basis of accounting. Therefore, the General Fund reports only current assets and liabilities. Revenues and expenditures and other financing sources and uses, recognized on the modified accrual basis, are reported on the statement of revenues,...
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- Fall '08