Chapter003

Chapter003 - CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING OUTLINE Number Topic Type/Task Status (re: 13/e) Questions: 3-1 GASBS 34 Reporting Model Explain New 3-2 Statement of activities format Describe New 3-3 Direct and indirect expenses Define 3-1 revised 3-4 Program and general revenue Distinguish 3-2 revised 3-5 Fund equity vs. net assets Define and compare Same 3-6 Real accounts and budgetary accounts Distinguish Same 3-7 Expenditure classifications - examples Classify Same 3-8 Revenue classifications Classify Same 3-9 Budgets - GAAP basis Explain Same 3-10 Public school systems Explain Same Cases: 3-1 Revenue and expense/expenditure classification Internet, examine, describe New 3-2 Budgetary comparison schedule Internet, examine, describe New 3-3 Charter schools (public school academies) Internet, explain Same Exercises/Problems: 3-1 CAFR Examine 3-1, revised 3-2 Various Multiple Choice Revised 3-3 Johnson City—budgets Journal Entries 3-3 revised 3-4 Johnson City—appropriations (cont’d) Journal Entries 3-4 revised 3-5 GF trial balance and closing entries Calculate 3-5 revised 3-6 Subsidiary ledgers Calculate 3-6 revised 3-7 Appropriations, encumbrances, expenditures Calculate Same 3-8 Recording budget and operating transactions Journal entries; Calculate New 3-9 Government-wide statement of activities Prepare 3-8 revised 3-1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING Answers to Questions 3-1. Whereas the governmental fund financial statements report current financial resources information intended to help users assess short-term fiscal accountability , the Governmental Activities column of the government-wide financial statements helps users assess long-term operational accountability by reporting financial information using the economic resources measurement focus and accrual basis of accounting—similar to the focus and basis used for business financial statements. The government-wide financial statements are one of the principal innovations of the GASBS 34 reporting model. 3-2. Using the net (expense) or revenue format, sometimes referred to as the “cost of services” approach, identifies the extent to which each function or program is self-supporting from fees and intergovernmental aid, or must be subsidized by general revenues of the government. 3-3. Direct expenses are those specifically associated with a function or program. Indirect expenses are those that are not directly linked to an identifiable function or program. Depreciation expense is reported as a direct expense when it relates to capital assets that are clearly identified with a function or program because it captures a real cost of using capital assets to provide that service function or program. Even depreciation expense for infrastructure assets should be reported as a direct expense of the public works or transportation function, if that is the function responsible for those assets. Interest on
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 16

Chapter003 - CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online