ACCY161_Notes12_Chpt06_Debt_Srv_Fund_02 - GASB 34 This was...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCY 161 – Fall 2010 Class #12 - Chapter Six Debt Service Fund and Long Term Liabilities ACCY161_Notes12_Chpt06_Debt_Srv_Fund_02 Page 1 of 1 I. Class Notes 1. Exam #1 will be formatted by the end of the week so you can take it as a review exam – no class points but you can test yourself as to how you are progressing in the class. You can do the exam up to three times. 2. Saturday office hours on October 16 th from 10 AM to 2 PM in AIRC 1013 computer lab if you have questions and cannot make the regular office hours. II. Reminder from Last Lecture The flow of the debt service is related to the acquisition of capital projects III. A Few More Points: 1. Since the debt is shown on the government-wide statements and these statements are new, where was the debt shown on the funds statement in prior years? It used to be in the General Long-Term Debt Account Group but that was eliminated with
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: GASB 34. This was done with the disclosure in the government-wide statements being adequate. 2. Debt covenants IV. Journal Entries for Debt Service – Serial Bonds Only #1 – Budget entry #2 – Collection of related tax supported revenue #3 – Transfer of residual equity from Chapter Foive #4 – Interest accruals #5 – Interest payments #6 – Year-end interest accrual for the government-wide accounting but note no fund entry #7 – Skip closing entry #8 – Second year budget entry #9 – Second year cash collections #10 – Principle and interest payment – note the amount of interest is different between the government-wide side and the fund side. #11 – Same at #4 #12 – Same as #5 #13 – Skip Debt Funding Source CIP or Acquisition Governmental Operations A B C Governmental Units Similar to Capital Projects ← Flow of the Debt ←...
View Full Document

This note was uploaded on 12/15/2011 for the course ACCY 161 taught by Professor Staff during the Fall '10 term at CSU San Bernardino.

Ask a homework question - tutors are online