ACCT 5390 Ch. 1 Lecture Notes WQ2019.docx

All expenditures governed by legislative

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All expenditures governed by legislative appropriations Expenditures cannot exceed appropriations Power to tax, issue tax-exempt debt, and dissolve component units Day-to-day operations controlled by private governing board Net assets divided into those with and without donor
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EXTERNAL REPORTING Basic governmental funds use modified accrual basis of accounting Revenue recognized when measurable and available (cash basis) Expenditures when liability incurred (accrual basis) Government-wide reporting uses accrual basis of accounting Governmental-type funds converted to accrual accounting NFP required by FASB to use accrual basis of accounting NFP may use “funds” internally but not for external reporting Required by GASB Governments must use funds for external reporting but also must report on the government as a whole through CAFR In-class group exercises: E1-20, E1-24 as time permits Both governments and not-for-profits provide services and are tax exempt
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  • Summer '18
  • NFP, Day Operations,  State,  Non-exchange revenue

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