Notes from Dr. Borkosky

Modified accrual accounting is an alternative bookkeeping method that combines accrual basis accounting with cash basis accounting. The account "InterFund Transfers In" would be classified in a General Fund Statement of Revenues, expenditures, and changes in fund balance as an: The expenditure classification "City Attorney" is an example of which of the following types of classifications? That means that future obligations or anticipated revenues are not recorded in. Either a debit or credit to Budgetary Fund Balance, as appropriate.

Modified accrual accounting ticks those boxes. It also permits them to divide available funds into separate entities within the organization to ensure that money is being spent where it was intended. Which of the following accounts is a budgetary account of a governmental fund? The sum total of these adjustments is referred to as the modified accrual basis . Modified accrual accounting borrows elements from both cash and accrual accounting, depending on whether assets are long-term, such as fixed assets and long-term debt, or short-term, such as accounts receivable (AR) and inventory. The expenditure classification "Public Safety" is an example of which of the following types of classifications? It is not commonly used by public companies, however, as it does not comply with International Financial Reporting Standards (IFRS), or the Generally Accepted Accounting Principles (GAAP), which outline what procedures companies must follow when preparing their officially reported financial statements. Under accrual accounting, a deferred credit is money that is received by a business, but which is not recognized as income until a later date. Expenses minus program revenues plus general revenues equals change in net position (E-PR+GR=Change). In accounting for state and local governments the modified accrual basis is required for ____________. Economic events expected to impact multiple reporting periods are recorded using rules similar to the accrual method. recognized when they are both measurable and available. Which of the following is true regarding financial reporting for internal service funds? Which of the following depict the typical order of steps in the acquisition of goods and services by an activity accounted for by the General Fund? The accrual basis of accounting applicable to proprietary fund types requires that exchange revenues be recognized when _____________. Extraordinary items and special items are reported on the government-wide statement of activities. The County Commission of Canyon County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. General Fund and major special revenue funds for which a budget is legally adopted. The Encumbrances account is properly termed a. For more information, see Inventories and Prepaid Items. Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? As separate line items below General Revenues in the statement of activities. until the period the inventories and prepaid items are actually consumed or used. Which of the following best describes the recommended format for the government-wide statement of activities? Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the revenue or other financing source is expected to be collected: During the current fiscal period or a reasonable time after year-end defined by each individual government.

The expenditures control account of a government is credited when: Temporary accounts are closed out at the end of the year. Enterprise fund and depreciation on the capital assets should be recorded. The activities of a water utility department, which offers its services to the general public on a user charge basis, should be accounted for in: The measurement focus and basis of accounting that are most unlike those used by business entities are those used by: Which of the following governmental funds must be reported as a major fund? Which of the following would be reported as a non-spendable fund balance? Which of the following is not a budgetary account?

The encumbrances account is properly termed a: Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund.

It recognizes revenues when they … An economic event is recorded in the short-term when the cash balance has been affected. In accounting for state and local governments the modified accrual basis is required for.

A liability is recorded in governmental funds when: Goods or services are received and the invoice is vouchered. Gov't Funds. Seminole County utilizes the budgetary accounts required by GASB standards. The process by which a legal valuation is placed on taxable property is called. Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements. Which of the following is a fiduciary fund? It recognizes revenues when they become available and measurable and, with a few exceptions, records expenditures when liabilities are incurred. The account "Interfund Transfers In" would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an): The process by which a legal valuation is placed on taxable property is called: For what funds do budgetary comparisons need to be presented in connection with the basic financial statements? Permanent Fund. This systematic distribution of expenses or revenues allows future financial statements to have more comparability. Comptroller.Texas.Gov • Accessibility Policy • Privacy and Security Policy • FMX Sitemap • FM Contacts, Contrasts between Modified and Full Accrual, Reporting Equity Interest in Legally Separate Organizations, Program and General Revenue Classification, Categories for Classifying Cash Transactions, Content and Form of the Statement of Cash Flows, Recognition of Accounts Receivable and Revenue, Accounting for Receivables Deemed Uncollectable, Write-off of Proprietary Fund Receivables, Reporting of Medicare Part D Payments from the Federal Government, Sales and Pledges of Receivables, Future Revenues and Collateralized Borrowings, Government Combinations & Disposals of Government Operations, Agencies that do not issue Stand-Alone or Audited AFRs, Agencies that issue Stand-Alone or Audited AFRs, Step 5 – Binding Encumbrance and Payables, Step 8 – Notes to the Financial Statements, Long-Term Liabilities Basis Conversion (FT12) Instructions, Long-Term Liabilities Proprietary Funds (FT05) Instructions, Measurable — the cash flow from the revenue can be reasonably estimated, Available — the revenue is available to finance current expenditures to be paid within 60 days. GAAP provided modifications to the general rule in the areas of inventories and prepaid items. D. Neither of the above. Expenses are not recognized until they are paid, and revenue is not recognized until payment has been received. than capitalized as an asset. If transactions are not a current resource or use, they are not reported in the operating fund of the fund financial statement (for example, capital assets or long-term liabilities).

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