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ACCY161_Sp11_Notes03 - ACCY 161 I Budgetary Accounting and...

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ACCY 161 – 6SULQJ Budgetary Accounting and Operating Accounts #1 Page 1 of 4 I. Class Notes 1. The page references in the notes when shown as ##/## refer first to the current 15 th edition and the prior 14 th edition for your easy reference. When no second set of page numbers are shown you should look in the second edition to find the relevant pages by going to the library and referring one of the copies of the 15 th edition that is on reserve. 2. Class binder now at bookstore – if you study with someone you should be able to share the binder II. Chapter 3 Comments Chapter 3 discusses the structure of the government-wide statements and the structure of the fund statements including the use of budgetary accounts (pages 75 to 78/68 to 69). It is important that you understand this chapter as it is the foundation for the rest of the governmental material. When you are done with this chapter you should, among other concepts, understand the meanings of: the government-wide medium- to long-term economic resources focus (page 40/36) and the fund statement’s focus on short-term or current financial resources (page 43/41) III. Budgetary Accounts – Very Important A. Budgetary accounts are used to record the legally approved budgets that are legally binding on the administrators of the governmental entity. Remember, there are the primary government, the component units, and the reporting entity. B. Budget amounts (See Illustration 3-5 and financial statements from last Thursday’s class): 1. Original budget 2. Final budget 3. Actual 4. Variance between actual amount and final budget C. Only three budgetary accounts are needed in the general ledger (the rest are in subsidiary ledgers) with the option of two more if needed : 1.
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