Chapter 2pp 2011

Chapter 2pp 2011 - State and Local Government Accounting...

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State and Local Government Accounting Principles Chapter 2
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Learning Objectives 1.Understand the fundamentals of GASB 34 2. Know the categories and types of governmental funds 3.Know the accounting equation and BOA & MF for each fund 4.Identify in which fund a transaction would be recorded and the effect on the fund’s accounting equation
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GASBS 34: Basis for Financial Reporting Issuance in 1999 marked a major change in governmental financial reporting Created dual perspective reporting: Fund financial statements – detailed presentations Government-wide financial statements – condensed consolidated overview
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Fundamentals of SLG Accounting 2. Fund accounting 3. Fund categories 4. Types of funds 5. Comparative financial statement formats 6. Annual financial reporting
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Categories and Types of Funds GOVERNMENTAL FUNDS General Fund Special Revenue Funds Capital Projects Funds Debt Service Funds Permanent Funds (Fill in your Handout) PROPRIETARY FUNDS Enterprise Funds Internal Service Funds FIDUCIARY FUNDS Pension Trust Funds Investment Trust Funds Agency Funds Private Purpose Trust Funds
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Proprietary Funds Similar to accounting for businesses Accounting measures net assets, changes in net assets, and cash flows Revenues – Expenses = Change in Net Assets Accounting equation: Current Assets + Noncurrent Assets Current + Long-term Liabilities Net Assets =
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Chapter 2pp 2011 - State and Local Government Accounting...

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