See comment next to Property Tax JE, belowGovt. doesn’t know who owes and how much it is going to collectAll state and local governments must have a general fund!Note: Budgetary fund balance is the anticipatedchange in actual fund balance as a result of adopting the budgetExercise 4-24
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Note: Property taxes receivable is a Balance Sheet account Dr, Property tax receivableCr, RevenuesProperty taxes are recordedbefore cash is received because government knows who you are, how much you are going to pay, and when you are going to pay itExpenditures 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 commitmentto 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
In governmental accounting, vouchers payable is used in lieu of accounts payable.
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