Chapter004

Chapter004 - CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL...

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CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES ILLUSTRATIVE TRANSACTIONS AND FINANCIAL STATEMENTS OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 4-1 Dual-track accounting Explain, examples Same 4-2 Reservation of fund equity Explain Same 4-3 GF Balance Sheet vs. Stmt of Net Assets Discuss Same 4-4 Property tax revenue Compute Same 4-5 Cash basis budgets and GAAP Explain Same 4-6 Benefits of encumbrance procedure Explain New 4-7 Expenditures vs. expenses Explain New 4-8 Contrast and compare ad valorem and derived tax revenues Describe New 4-9 Utilization of interim financial reports Explain New 4-10 Permanent funds Describe New Cases: 4-1 Analyzing results of operations Analyze, write Revised 4-2 Policy issues relating to property taxes Analyze, write New 4-3 Reporting internal service fund information Explain, write New Exercises/Problems: 4-1 Examine the CAFR Examine Same 4-2 Various Multiple Choice Revised 4-3 Property tax calculations and journal entries Calculate, JE New 4-4 Special revenue fund and voluntary nonexchange transactions Explain and JEs Revised 4-5 Jane City - Closing journal entries Journal Entries 4-4 4-6 Interfund and interactivity transactions JE 4-3 Revised 4-7 Transactions and budgetary comparison schedule JE and Statement 4-6 4-8, Part A Operating transactions and interim General Fund balance sheet JEs and Statement 4-7, Part A Revised 4-8, Part B Operating transactions and interim General Fund balance sheet and operating statement JEs and Statements 4-7, Part B Revised 4-9 Permanent fund and related special revenue fund accounting JEs and Statements 4-8 4-1
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CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES—ILLUSTRATIVE TRANSACTIONS AND FINANCIAL STATEMENTS Answers to Questions 4.1. Under the GASBS 34 financial reporting model, some transactions affect the government- wide statements only, some affect the fund financial statements only, and others affect both. We use “dual-track accounting” to record each transaction in the general journal of the governmental activities and the general journal of the General Fund, if appropriate, because a different measurement focus and basis of accounting is used in each. For example, salaries and wages are recorded as expenses (and payables) in the governmental activities general journal, and as expenditures (and payables) in the General Fund general journal. On the other hand, the initial budget and any encumbrance transactions are recorded only in the General Fund general journal. Depreciation expense on capital assets is recorded only in the governmental activities journal. Governments will likely recognize the effect of transactions on the government-wide statements at year-end through a worksheet conversion until they make changes in their accounting information systems that allow more frequent government-wide financial reporting.
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This note was uploaded on 04/06/2010 for the course ACCT 100 taught by Professor Smith during the Spring '10 term at Harvard.

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Chapter004 - CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL...

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