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Unformatted text preview: Chapter 03 - Governmental Operating Statement Accounts; Budgetary Accounting CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 3-1 GASBS 34 reporting model Explain New 3-2 Statement of activities format Describe Same 3-3 Depreciation expense/direct expenses Define 3-3 revised 3-4 Program and general revenue Distinguish Same 3-5 Extraordinary compared with special items Define and compare New 3-6 Expenditure classifications - examples Classify 3-7 3-7 Temporary and permanent accounts Distinguish 3-6 3-8 Revenue classifications Classify Same 3-9 Budgetary comparison schedules/statements Explain New 3-10 Public school systems Explain Same Cases: 3-1 Revenue and expense/expenditure classification Internet, examine, describe Same 3-2 Budgetary comparison schedule Internet, examine, describe Same 3-3 Charter schools (public school academies) Internet, explain Same Exercises/Problems: 3-1 CAFR Examine Same 3-2 Various Multiple Choice Some new items; rest are revised 3-3 Village of Wymette Explain and calculate New 3-4 City of Marionrecording budget Journal Entries 3-3 revised 3-5 City of Marionrecording encumbrances Journal Entries 3-4 revised 3-5 GF trial balance and closing entries Calculate 3-5 revised 3-6 Subsidiary ledgers Calculate Same 3-7 Appropriations, encumbrances, expenditures Calculate Same 3-8 Computerized accounting systemdepart- mental budgetary comparison report Analyze and explain New 3-9 Recording budget and operating transactions Journal entries; Calculate 3-8 3-10 Government-wide statement of activities Prepare 3-9 revised 3-1 Chapter 03 - Governmental Operating Statement Accounts; Budgetary Accounting CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING Answers to Questions 3-1. The governmental fund financial statements report current financial resources information intended to help users assess current period fiscal accountability whether revenues were raised only from authorized sources and expended for authorized purposes. As such, the governmental fund statements lack the mid- to long-term focus on economic resources and cost of services needed to assess operational accountability. 3-2. Using the net (expense) or revenue format, sometimes referred to as the cost of services approach, identifies the extent to which each function or program is self-supporting from fees and intergovernmental aid, or must be subsidized by general revenues of the government. 3-3. Depreciation expense is reported as a direct expense when it relates to capital assets that are clearly identified with a function or program because it captures a real cost of using capital assets to provide that service function or program. Even depreciation expense for infrastructure assets should be reported as a direct expense of the public works or transportation function, if that is the function responsible for those assets....
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- Fall '08