general fund?
acct for all financial resources that are generally not restricted to a specific purpose & not required to be accounted for in another fund.
-established once & remains in use perpetually
special revenue fund?
acct for general govt financial resources that are restricted- by law, contractual agreement, grantor agreement, for specific purposes.
revenue source thats restricted/committed to specific purpose other than capital projects or debt services.
-exist as l
both the general fund & special revenue fund?
replenish their financial resources on an annual basis.
expenditures?
uses of financial resources" measure COGS or services acquired, whether or not paid for during an acct period.
include pmt of LT debt principal & acquisition of cap assets, also current operating expenditures.
expenses?
measures of cost expired or consumed during accounting period.
purchase of a capital asset w/ GF resources is reported as?
expenditure in that fund.
purchase of capital assets w/ GF financial resources...
decreases GF fund balance.
*such purchases reported as expenditures for capital outlay in GF Statement of Revenue, Expenditures, & Changes in FB
revenue subsidiary ledger?
ACTUAL revenues recognized are credited in total to the revenue acct in general ledger.
The "Control" Feature?
sum of the balances of the Revenues Subsidiary Ledger accounts should @ all times equal the balance of the Revenues account in the GL.
sum of the balances of the various Expenditure Subsidiary Ledger accounts should always equal the balance of the Expendi
Expenditures Subsidiary ledger?
debited in total to the Expenditure account in GL and in detail to each of the several "__" accounts affected when expenditures are incurred.
nonspendable fund balance?
amounts that cannot be spent because they are either (1) not in spendable form or (2) legally or contractually required to be maintained intact.
includes items that are not expected to be converted to cash (inventories & prepaid amounts). In the GF also i
restricted fund balance?
Fund balance amounts that are assets restricted for expenditure for a specific purpose.
Fund balance should be reported as restricted when constraints placed on the use of resources are either externally imposed by creditors (such as through debt covenant
committed fund balance?
Fund balance amounts that can only be used for specific purposes
Result of a formal action by government's highest level of decision-making authority to limit the use of assets to a specific purpose.
Results from outstanding contracts or orders that would
assigned fund balance?
Fund balance amounts that are constrained by the government's intent to be used for specific purposes but are neither restricted nor committed.
Intent should be expressed by (1) the governing body itself or (2) a body (a budget or finance committee) or of
unassigned fund balance?
residual FB of the GF after accounting for restricted, committed, & assigned FB. other governmental funds, only is used to report negative amts.
net revenue approach?
used for proprietary fund revenue recognition.
governmental fund accounting does not?
record revenues when earned & expenses when incurred. however but
"available" revenues & expenditures.
LT general government liabilities?
reported as other financing source to distinguish them from revenues.
*ST borrowing creates a fund liability, & Fund balance is not increased.
special item?
event/transaction within mgmts control & either unusual in nature of infrequent in occurence.
aka "one shot" revenues bc they provide revenues that can help finance operations for 1 year or cover other costs/needs for 1 year.
*not an ongoing source of fun
governmental fund revenues?
levied, granted, or earned by taxation, grants, charges for services, etc. that involve non-loan transactions w. organizations or persons external to govt.
governmental fund expenditure?
goods/services provided to the govt by its employees, contractors, creditors, vendors, etc.
nonrevenue financing sources?
include general LT debt proceeds, which are NOT "revenues" since govt. assumes corresponding repayment liability.
nonrevenue financing sources & nonexpenditure financing uses?
are interfund transfers - shifts of financial resources among fund entities within the govt- & proceeds from general capital asset sales.
distinguished from governmental fund revenues bc
1. fundamentally different, & should be distingusihed
2. failure to
Advance to (from) other funds"?
used to denote a "noncurrent" interfund loan, it will not be repaid during current year, or if @ year end, will not be repaid during subsequent fiscal year.
Due from (to) other funds"?
refers normally to an interfund loan that is "current" & will be repaid during current year or shortly thereafter, or if @ year end, one which will be repaid during next fiscal year.
reimbursement?
nonreciprocal transaction. in which govt determines expenditure/expense initially recorded in current year in 1 fund should be accted for & reported as an expenditure/expense in another fund.
interfund loan?
occurs when resources (usually cash) borrowed from 1 fund by another & repayment is expected.
*DO NOT affect fund balance. each fund has either an asset/liability
lending fund would report?
interfund receivable (due from other funds for ST interfund loans & advance to other funds for LT interfund loans rec) as an asset.
borrowing fund would report?
interfund payable (due to other funds for ST interfund loans & an advance from other funds for the LT poriton of an interfund loan payable) as a liability.
all interfund loan transactions are reported as?
fund events, regardless of the term of the loan. total fund balance does not change.
interfund service provided or used?
defined by GASB as "sales & purchase of good/services btw funds for a price approximating their external market value."
"selling" fund reports transactions as revenues.
"buying" fund reports as an expenditure or expense.
transfer?
moving of assets from 1 fund to another w/o a reciprocal transaction.
neither a requirement nor expectation of repayment.
transfers into a governmental fund are reported as?
other financing source
while transfers out are reported as an- other financing use
In proprietary funds transfers in & out are?
differentiated from revenues & expenses and reported separately
most common circumstance to cause deferred inflows to be reported in a governmental fund result from?
deferral of revenue recognition b/c
1. availability criteria is not met b/c revenues are not collected soon enough after year end.
2. property taxes/similar taxes were collected in advance of being imposed
3. time period in which resources can be used is
reverse?
entry that re establishes Encumbrances in the accts @ the beginning of a new year, is the __ of the entry that closes the Encumbrances acct @ the end of the prior year.
debit encumbrances
credit encumbrances O/S