ACIS+4124_5124+Chapter+3+PowerPoints

ACIS+4124_5124+Chapter+3+PowerPoints - ACIS 4124/5124...

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1 ACIS 4124/5124 Chapter 3 Governmental Operating Statement Accounts; Budgetary Accounting
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2 Government-wide Statement of Activities Expenses should be reported by function or program Direct expenses - those associated with a function or program Indirect expenses - those that are not directly linked to an identifiable function
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3 Government-wide Statement of Activities Revenues should be distinguished between Program revenues - reported in the program/functions section General revenues - not directly linked to any program/function and reported in the bottom section
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4 Government-wide Statement of Activities Program revenues are reported in three categories: Charges for services Operating grants and contributions Capital grants and contributions A net expense or revenue format is used in the top section of the statement of activities: Expenses - Program revenues = Net (expense) Revenue
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5 Government-wide Statement of Activities Extraordinary items, special items, and transfers - separate line items near the bottom of the statement Extraordinary items—both unusual in nature and infrequent in occurrence; usually beyond the control of management Special items— either unusual or infrequent; must be within the control of management
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6 Purpose Used to account for the general administration and most traditional services of government Examples of traditional services Public safety (e.g., police and fire) Public works (e.g., maintenance of buildings, roads, and bridges) Culture and recreation (e.g., promotion of the arts, parks, and youth activities) Health and welfare (e.g., public health, food facilities inspection, and juvenile counseling) The General Fund
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7 Budgetary Accounts Purpose Used to record the budgetary inflows and outflows estimated or authorized in the annual budget Accounts Estimated Revenues, Estimated Other Financing Sources Appropriations, Estimated Other Financing Uses Encumbrances
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8 Other Financing Sources mainly represent operating transfers in from other funds and proceeds of long-term borrowing Other Financing Uses represent operating transfers out to other funds Operating Statement Accounts
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This note was uploaded on 03/28/2012 for the course ACIS 4124 taught by Professor Dr.easterwood during the Spring '12 term at Virginia Tech.

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ACIS+4124_5124+Chapter+3+PowerPoints - ACIS 4124/5124...

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