ACCT 5390 Ch. 4 Lecture Notes WQ2019-1.docx

See comment next to property tax je below govt doesnt

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See comment next to Property Tax JE, below Govt. doesn’t know who owes and how much it is going to collect All state and local governments must have a general fund ! Note: Budgetary fund balance is the anticipated change in actual fund balance as a result of adopting the budget Exercise 4-24
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Note: Property taxes receivable is a Balance Sheet account Dr, Property tax receivable Cr, Revenues Property taxes are recorded before cash is received because government knows who you are, how much you are going to pay, and when you are going to pay it Expenditures may be incurred not just for operating purposes as shown in the chart to the left, but also for debt service (short-term financing only) and small capital outlays. Open purchase orders represent a legal commitment to spend available budgetary appropriations; therefore, governmental accounting systems must reflect not only expenditures but also encumbrances to spend. License & Fees, and Fines & Forfeitures – no accrual because Govt. doesn’t know who owes and how much it is going to collect
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In governmental accounting, vouchers payable is used in lieu of accounts payable.
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