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24 Cards in this Set
- Front
- Back
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The following use Modified Accrual:
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Governmental Funds
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What funds are considered governmental funds?
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General
Special Revenue Capital Projects Debt Service Permanent |
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Which funds use the full accrual basis of accounting?
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Proprietary funds, Fiduciary Funds, and Government-wide statements
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What are included in proprietary funds?
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Internal Service Fund
Enterprise Fund |
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Which funds are Fiduciary Funds?
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Agency
Private-purpose Trust Investment Trust Pension |
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In Funds which use the accrual basis and economic resources measurement focus, you DO / DO NOT have Fixed Assets, Long-Term Debt, and certain revenue accruals that you DO / DO NOT have in the modified accrual basis.
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DO
DO NOT |
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These funds do NOT appear on the G-Wide Statements.
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Fiduciary funds
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Cash Flow statements are required by GASB to use the .....
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Direct Method
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These funds are usually classified as government-type activities on Government wide statements
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Internal Service Fund
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These funds are usually classified as business-type activities on G-Wide Statements
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Enterprise Funds
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In funds which use the modified accrual basis and current financial resources focus, you DO / DO NOT have fixed Assets, Long Term Debt, and certain revenue Accruals.
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DO NOT
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the equivalent of an "equity" account for Governmental funds
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Budgetary fund balance
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These funds report financial resources that are legall restricted so only earnings, not principal, my be expended, for purposes to benefit the government and its citizenry.
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Permanent fund_Governmental
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Which funds have Cash Flow Statements?
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Proprietary
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Fiduciary funds include which fund-basis financial statements?
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Statement of Fiduciary Net Assets
Statement of Changes in Fiduciary Net Assets |
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Proprietary funds include which fund-basis financial Statements?
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Statement of Net assets
Statement of Revenues, Expenses, and changes in net assets Statement of Cash Flows |
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Governmental funds include which fund-basis financial statements?
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Balance Sheet
Statement of Revenues, Expenditures, and changes in Fund balances |
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Taxes and other assessments that do not result from an underlying transaction. Examples include property taxes and special assessments imposed on property owners. Also includes fines and forfeits.
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Imposed Nonexchange Revenues
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How are imposed nonexchange revenues recorded using modified accrual basis?
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Record the receivable (and an allowance for uncollectibles) when an enforceable claim exists.
Revenues should be recognized in the period for which the taxes are levied (i.e., budgeted), but are also subject to the 60 day rule. Revenues expected to be collected > 60 days after year-end are deferred. |
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These are taxes assessed on exchange transactions conducted by businesses or citizens. Examples include sales, income, and exise taxes
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Derived Tax Revenues
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What are the journal entries for when Imposed Nonexchange Revenues are:
1)property taxes are levied 2)Deferral of portion expected to be collected > 60 days after year-end |
1) Taxes Receivable.....DR
Estimated uncollectible taxes.....CR Revenues control....Cr 2) Revenues control.....DR Deferred Revenues_property taxes CR |
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How are Derived tax revenues recorded under the modified accrual basis of accounting?
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Record the receivable when the taxpayer's underlying transaction takes place
Revenues should be recognized when available and measurable. Revenues not expected to be collected in time to settle current liabilities are deferred (i.e., available and measurable criteria). |
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Derived Tax Revenues:
What are the journal entries for the following transactions: 1) income tax withholdings are received. 2)Additional income taxes are expected to be received after year-end. Part of this will not be received in time to be available to settle current liabilities. |
1)cash....DR
Estimated Uncollectible taxes....CR 2) Taxes Receivable....DR Revenues conrol.......CR Deferred Revenues_income taxes .....CR |
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Grants from highter levels of government (federal or state) given to support a program. since the program is required, the lowerlevel government has no choice but to accept. for example, a state may require schools to mainstream certain students and provide funds to carry out this mandate.
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Government mandated nonexchange transactions
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