Governmental_Handout_II

Governmental_Handout_II - Governmental Handout II –...

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Unformatted text preview: Governmental Handout II – Summary of Funds & Fund-Based Statements • Differences in types of fin’l statements for different funds - distinction between accrual and modified accrual helps with fund-based fin’l statements needed Balance Sheet Equation Bal. Sheet Statement of Revenues, Expenditures, & Changes in Fund Bal. Statement of Revenues, Expenditures, & Changes in Fund Bal. - Budget vs. Actual Statement of Revenues, Expenses, & Changes in Net Assets (or Fund Equity) Stat. of Cash Flows Stat. of Fiduc. Net Assets # & Stat. of Changes in Fiduc. Net Assets Governmental Funds General Fund MF MA A - L = FB E X* X** X Special Revenue Funds MF MA A - L = FB E X* X** X Capital Projects Funds MF MA A - L = FB E X* X** (1) Debt Service Funds MF MA A - L = FB X* X** (1) Permanent Funds MF MA A - L = FB (1) Fiduciary Funds Agency Funds FT A A = L #only Trust Funds Private Purpose FT A A-L = Net Assets D&F X Pension Trusts FT A A-L = Net Assets D&F X Investment Trusts FT A A-L = Net Assets NA X Proprietary Funds Internal Service Funds*** Exempt A A-L = Net Assets D&F X X X Enterprise Funds**** MF A A-L = Net Assets D&F X X X Govt-Wide G/L NA A-L = Net Assets (not a fund) (1) depends on whether govt unit has a legally adopted budget for this fund E = Encumbrance accounting used; D&F = have long-term liabilities on balance sheet & fixed assets which are depreciated are on balance sheet *Reconciliation of fund balances of governmental funds to net assets of governmental activities on govt-wide statement is required with fund-based statement **Reconciliation of net changes in fund balances to changed in net assets for governmental activities is required with fund-based statement ***Are included in the governmental activities category on the govt-wide Statement of Net Assets ****No reconciling items to “Business-Type Activities” on govt-wide statements since accrual basis used on fund-based statements MF: Fund-based statements reported by MAJOR FUND FT: Fund-based statements reported by FUND TYPE 2 ACC 308 - Governmental Accounting Fund Type Description Revenue & Other Sources Expenditures/Expense GOVERNMENTAL MA General A - L = fund bal. MA leftovers Revenue measurable & available Other Financing Sources Proceeds from bond issue Proceeds from sale of fixed Asset/capital leases Oper. Tran. In Expenditures – recognized when a liability exists Other Fin Use: Oper Trans Out Special Revenue A - L = fund bal. MA for revenue from specific sources (other than cap. projects & expendable trusts ) legally restricted to expenditure for specific purposes • NOT from specific charges to users • opposite of most Enterprise Funds • revenue sources: specified property tax levies, state gas tax, licenses, grants, shared taxes from other govt. funds activities A/C'd for: off-street parking, transportation system, turnpikes, golf courses, swimming pools, libraries, auditoriums Capital Projects A - L = fund bal....
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This note was uploaded on 01/27/2012 for the course ACC 545 taught by Professor Murphy during the Winter '11 term at DePaul.

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Governmental_Handout_II - Governmental Handout II –...

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