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16 Cards in this Set
- Front
- Back
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Routine Capital Expenditures: Operating Expenditures (Treatment) |
Accounted for in: 1. General Fund; or 2. Special Revenue Fund. Current Operating Purposes |
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Routine Capital Expenditures: Non-Operating Expenditures (Treatment) |
Accounted for in: 1. Capital Projects Fund; or 2. Debt Service Fund. Non-Operating Purposes Ex: significant capital outlay/debt service |
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Encumberances |
Outstanding orders or contracts, estimated costs for goods/services before payment is due. To prevent overspending. |
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Fund Balance (Equation) |
FB = (FA + DO) - (RL +DI) |
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Naming of Fund Balances (Categories) |
Financial Assets Classified as _______ Related Liabilities Classified as _______ FB = (FA + DO) - (RL +DI) [still applies] |
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Unassigned Fund Balance (Equation) |
Total FB (-) Nonspendable FB (-) Restricted FB (-) Committed FB (-) Assigned FB (=) Unassigned Fund Balance |
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Nonspendable Fund Balance (Definition) |
Assets that cannot in spendable form, may also be legally/contractually required to remain intact. Ex: Inventory, Prepaid Assets, "Advances to", and property held for sale. |
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Restricted Fund Balance (Definition) |
Restrictions are imposed externally and are externally enforceable. Restrictions are placed by creditors, grantors, contributors, laws, or regulations. Ex: Drug enforcement funds |
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Committed Fund Balances (Definition) |
Constrained by a formal act of government. Ex: Assets committed to fund flu vaccines. |
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Unassigned Fund Balances (Definition) |
Net governmental fund assets without constraints on their use. Total fund balance less all other funds. Balance can be positive or negative. |
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Unassigned Fund Balance (Treatment) |
Appears in the General Fund Balance "in excess of other fund balance classifications." |
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Long-Term Debt Governmental Funds (JE) |
Governmental Fund: (Dr.) Cash 100 (Cr.) OFS - Bond Proceeds 100 Non-Fund Account: Records GLTL, no interest is accrued GCA = GLTL + NP |
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Short-Term Debt Governmental Funds (Definition) |
When State and Local Governments borrow from external entities to meet short-term cash needs. Current liability (within year) recorded in Governmental Fund. Interest is accrued at Year End. |
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Short-Term Debt Governmental Funds (JE) |
Governmental Fund: (Dr.) Cash 100 (Cr.) Short-Term Note Payable 100 [Year End] (Dr.) Expenditures - Interest 5 (Cr.) Accrued Interest Payable 5 |
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Stores Internal Service Fund (Definition) |
Central purchasing agency that serves only the government. |
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Restatements (Definition) |
When an error is discovered that affects a prior year's financials a restatement must be in the year of discovery. Similar to Prior Period Adjustments. |
