Chap017-baker 10

Chap017-baker 10 - Chapter 17 - Governmental Entities:...

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Chapter 17 - Governmental Entities: Introduction and General Fund Accounting 17-10 C17-5 (continued) a. The budgetary comparison schedules for the general fund are reported as other required supplementary information. This schedule for the general fund should be used to answer questions a and b . These schedules disclose the amounts budgeted for each item of revenue, appropriations for the various functions of government, and for estimated transfers in from other funds and estimated transfers out to other funds in the government. b. See the response to question a . c. The notes to the basic financial statements should disclose the encumbrance policy— whether the government has a policy in which the outstanding encumbrances lapse at year- end or do not lapse at year-end. d. This question reinforces the student’s understanding of the balance sheet equation for the general fund: Assets = Liabilities + Fund Balance. This question also makes students aware of the two forms of fund balance — reserved and unreserved. e.
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.

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