ACCY161Fa10_Notes05

ACCY161Fa10_Notes05 - ACCY 161 Fall 2010 I. Class Session...

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ACCY 161 – Fall 2010 Class Session #5 – Chapter 4 Operating Accounts #1 ACCY161Fa10_Notes05 Page 1 of 5 I. Class Notes 1. Join the listserv: ACCY161-L http://www.csus.edu/IRT/web/listserv/subscribe.html 2. Practice Exam #1 – learn how to use the lockdown browser and the SacCT exams – no points for the exam for you grade, but it will show up on the SacCT grade book. You can take this exam as many times as you want. 3. Practice Exam #2 – this exam has Chapters 1 – 3 content so you can see how well you know the material. You can take this exam as many times as you want and your highest score will show up on the SacCT grade book but it will not be part of your grade. Note on Chapter 4: The main topic of Chapter 4 is to introduce you to the operating accounts for a governmental entity on both the fund track and the government-wide track. This results in a lot of information in this chapter so we will spend three class sessions on this chapter. The authors’ approach is to introduce this topic – the operating accounts and dual tracking – is to use the journal entries related to each track. So, you need to be familiar with making journal entries, to know the account names, and to have a grasp of the measurement focus used for each track o Fund track: current financial resources measurement focus o Government-wide track: economic resources measurement focus You will see that the authors repeat themselves quite a bit in this chapter from comments made in prior chapters. For example, at the start of Chapter 4 in the section on “Measurement Focus and Basis of Accounting” – that is by the way, an important section – the authors discuss again economic resources measurement focus and the current financial resources measurement focus. So Lets Make Sure We Understand Measurement Focus and Dual Tracking Before We Proceed 1 In “Chapter 1” of the current intermediate text – Spiceland 5ed 2 - on pages 27-28 the topics of “measurement” and “recognition” are covered. These comments, paraphrased here, are from the professional pronouncements for public accounting: Recognition is the process by which we “admit” information into the basics financial statements by way of the general ledger. This was seen earlier in our notes by economic events making their way thru the “opaque
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ACCY161Fa10_Notes05 - ACCY 161 Fall 2010 I. Class Session...

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