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Ch a03 - Chapter 03 Modified Accrual Accounting CHAPTER 3...

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Chapter 03 – Modified Accrual Accounting C HAPTER 3: Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority 3-1. T HE SOLUTION TO THIS AND THE FIRST EXERCISE OF C HAPTERS 1 AND 2 AND 4 THROUGH 9 WILL DIFFER FROM STUDENT TO STUDENT ASSUMING EACH HAS A DIFFERENT CAFR. 3-2. 3-3. R AINY DAY FUNDS ARE CLASSIFIED AS COMMITTED ONLY IF THEY ARE CREATED BY A RESOLUTION OR ORDINANCE THAT IDENTIFIES THE SPECIFIC CIRCUMSTANCES UNDER WHICH THE RESOURCES MAY BE EXPENDED . R AINY DAY AMOUNTS THAT ARE AVAILABLE IN EMERGENCIES OR IN PERIODS OF REVENUE SHORTFALLS WOULD NOT BE CLASSIFIED AS COMMITTED UNLESS THE EMERGENCY OR SHORTFALL CONDITION IS SPECIFIED AND OF A MAGNITUDE TO DISTINGUISH IT FROM EVENTS THAT OCCUR ROUTINELY . R AINY DAY FUNDS NOT MEETING THESE CONDITIONS ARE REPORTED AS UNASSIGNED FUND BALANCE IN THE G ENERAL F UND . 3-1 C ITY OF O XBOW P ARTIAL B ALANCE S HEET – G ENERAL F UND A S OF D ECEMBER 31, 2012 FUND BALANCES N ONSPENDABLE - P REPAID I NSURANCE 15,000 R ESTRICTED - I NTERGOVERNMENTAL GRANTS 100,000 - E MERGENCY SERVICES 50,000 C OMMITTED - R AINY DAY FUND 500,000 - C APITAL PROJECTS 25,000 A SSIGNED - U NASSIGNED 550,000 TOTAL FUND BALANCE $ 1,240,000
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Chapter 03 – Modified Accrual Accounting 3-4. D EBITS C REDITS A. E STIMATED R EVENUES C ONTROL A PPROPRIATIONS C ONTROL B UDGETARY F UND B ALANCE 10,000,000 9,800,000 200,000 B. E STIMATED R EVENUES C ONTROL B UDGETARY F UND B ALANCE A PPROPRIATIONS C ONTROL 9,800,000 200,000 10,000,000 C. E STIMATED R EVENUES C ONTROL E STIMATED O THER F INANCING S OURCES C ONTROL A PPROPRIATIONS C ONTROL E STIMATED O THER F INANCING U SES C ONTROL B UDGETARY F UND B ALANCE 10,000,000 1,300,000 9,800,000 1,200,000 300,000 D. E STIMATED R EVENUES C ONTROL E STIMATED O THER F INANCING S OURCES C ONTROL B UDGETARY F UND B ALANCE A PPROPRIATIONS C ONTROL E STIMATED O THER F INANCING U SES C ONTROL 9,800,000 1,200,000 300,000 10,000,000 1,300,000 3-2
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Chapter 03 – Modified Accrual Accounting 3-5. VILLAGE OF SYCAMORE GENERAL JOURNAL YEAR ENDED DECEMBER 31, 2012 D EBITS C REDITS A. E STIMATED R EVENUES C ONTROL A PPROPRIATIONS C ONTROL B UDGETARY F UND B ALANCE 1,000,000 980,000 20,000 B. C ASH R EVENUES C ONTROL 1,010,000 1,010,000 C. E NCUMBRANCES C ONTROL BUDGETARY F UND B ALANCE - R ESERVE FOR E NCUMBRANCES 500,000 500,000 D. B UDGETARY F UND B ALANCE - R ESERVE FOR E NCUMBRANCES E NCUMBRANCES C ONTROL E XPENDITURES C ONTROL A CCOUNTS P AYABLE 490,000 480,000 490,000 480,000 E. E XPENDITURES C ONTROL A CCOUNTS P AYABLE 460,000 460,000 F. A CCOUNTS P AYABLE C ASH 940,000 940,000 3-3
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Chapter 03 – Modified Accrual Accounting 3-6. A. (1) E XCHANGE TRANSACTIONS ARE TRANSACTIONS IN WHICH EACH PARTY RECEIVES AND GIVES UP ESSENTIALLY EQUAL VALUES .” (2) NONEXCHANGE TRANSACTIONS ARE TRANSACTIONS IN WHICH A GOVERNMENT GIVES ( OR RECEIVES ) VALUE WITHOUT DIRECTLY RECEIVING ( OR GIVING ) EQUAL VALUE IN EXCHANGE .” B. T HE FOUR ELIGIBILITY REQUIREMENTS ARE (1) REQUIRED CHARACTERISTICS OF RECIPIENTS : REQUIRED CHARACTERISTICS OF RECIPIENTS MEANS THAT RECIPIENTS MUST BE THE TYPE SPECIFIED IN THE LEGISLATION OR GRANT AGREEMENTS .
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