Chap004 - CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING...

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CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES: TRANSACTION ACCOUNTING GOVERNMENT-WIDE AND FUNDS OUTLINE Number Topic Type/Task Status (re: 12/e) Questions: 4-1 Dual-track accounting Explain, examples 4-1 revised 4-2 Reservation of fund equity Explain 4-2 revised 4-3 GF Balance Sheet vs. Stmt of Net Assets Discuss 4-4 revised 4-4 Property tax revenue Compute 4-5 revised 4-5 Cash basis budgets and GAAP Explain 4-10 revised 4-6 Liabilities and prior year encumbrances Explain 4-8 4-7 Special revenue funds Explain 4-11 4-8 Interfund transactions and internal exchanges Describe 4-13, 4-15 4-9 Permanent funds Explain 4-16 4-10 Nonexchange and exchange transactions Define; examples 3-1, 3-2 Cases: 14-1 Communication and results of operations Discuss, write New 14-2 Major funds Research, write New Exercises/Problems: 4-1 Examine the CAFR Examine 4-1, revised 4-2 Various Multiple Choice 4-2, 4-3 revised 4-3 Interfund and interactivity transactions JE New 4-4 City of Adams - Closing journal entries Journal Entries 4-6, revised 4-5 Special revenue fund and voluntary nonexchange transactions Explain and JEs New 4-6 Budgetary comparison schedule JE and Statement 4-7 revised 4-7, Part A Operating transactions and interim General Fund balance sheet JEs and Statement 4-8 revised 4-7, Part B Operating transactions and interim General Fund balance sheet and operating statement JEs and Statements 4-9 revised 4-8 Permanent fund and related special revenue fund accounting JEs and Statements New 34
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CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING ACTIVITIES: TRANSACTION ACCOUNTING- GOVERNMENT-WIDE AND FUNDS 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 only recorded 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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Chap004 - CHAPTER 4: ACCOUNTING FOR GOVERNMENTAL OPERATING...

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