Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
Which of the following statements is false?
A) Debt service funds are required to report accrued
interest payable as current liabilities.
B) All of the governmental funds use the modified accrual
basis of accounting
C) General fixed assets that are acquir
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
Which of the following statements is true regarding
proprietary funds?
A) Accruals and deferrals common to business accounting
are recorded in proprietary funds.
B) Proprietary funds use the modified accrual basis of
accounting
C) GASB standards require b
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
City of Northern Pines
Statement of Activities
For the year ended June 30, 2015
Program Revenues
Functions/Programs
Governmental Activities:
General Government
Public Safety
Public Works
Health and Sanitation
Culture and recreation
Interest on Long-Term D
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
Chapter 1-a
The inclusive dates of the fiscal year are January to December.
Chapter 1-b
The GASB is audited by MC Gladrey LLP. It is located in New Haven Connecticut.
The auditors have given unqualified opinion.
The opinion has been given on combining and
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
JOURNAL ENTRIES
State Government
Capital Project Fund Journal Entries
December 31, 2015
1
2
3
4
5
Account Title
encumbrance control
BFB - Reserve for encumbrance
Debits
1,700,000
Credits
1,700,000
cash
fuel tax receivables
fuel tax receivables
revenue con
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
CITY OF SALEM
Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual: General Fund
For The Year Ended December 31, 2015
Budgeted Amounts
REVENUES
Property Taxes
Other Local Taxes
Charges for Services
Intergovernmental
Miscellaneo
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
Jefferson County - journal entries and General ledger
Internal Service Fund
Jefferson County
Internal Service Fund Journal Entries
December 31, 2015
1
2
3
4
Account Title
inventory supplies
accounts payable
due from general fund
due from enterprise fund
o
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
This is the key financial highlights for Lima, Ohio in 2014
General Revenues accounted for $20.2 million in revenue or 29 percent of all revenues. Program specific
revenues in the form of charges for services and sales, grants, contributions and interest
Accounting for governmental and not-for-profit organizations
ACCOUNTING 445
-
Winter 2016
OPEB TRUST FUND GENERAL LEDGER
Solution
Hamilton County
OPEB Trust Fund
31-Dec-2015
1
2
bb
Account Title
additions to contribution
cash
Debits
9,000,000
cash
account receivable
addition to member contributuion
4,020,000
20,000
Credits
9,000,000
CASH
16,00
