FAR Concepts F8,F9 Flashcards
Journal Entries
- Purchase Order
- Activity
- Budget
- Dr Encumbrance
Cr Budgetary Control - Dr Expenditures
Cr Revenues
Cr Unreserved fund balance - Dr Estimated Revenues
Cr Appropriations
Cr Budgetary Control (can be a Dr also)
Cr Transfer (potential for this as well)
Detailed Reporting Requirements Govt
- Govt Wide Statements
- State of net position
- State of activities
- Fund Financial Statements
- BS
- State rev, expenditures, changes in fund balance (IS)
- Rec to govt wide statements
- Proprietary Fund
- State of net position (BS)
- State of rev, expenses, changes in fund NET position
(IS) - State cash flows
- Fiduciary Fund
- State fud net position
- State changes in fud net position
- Required Supp Info
- Further MD and A
- Bud comparison sched
- Pension and infrastructure info
GRaSPP
SE PAPI
Govt Funds
- General
- special Rev
and
- debt Service
- capital Projects
- Permanent
Other Funds
- Service
- Enterprise
- Pension
- Agency
- Private purpose
- Investment trust
Government Cash Flows 1
- Operating
- Receipts customers
- Payments suppliers /employees
- Internal Activity (to and from other funds) - Investing
- Purchase investments
- Interest income and Dividends (typically operating for non govt) - NONCAPITAL financing
- Operating subsidies / grants and transfers to other funds
- Cash from prop taxesCAPITAL financing
- Proceeds capital debt
- Capital contributions
- Purchases of capital assets
- Principal paid on capital debt
- Interest paid on capital debt
- Interest paid (typically operating for non govt if direct method)
** Interest Paid / Taxes Paid Disclosure only for Indirect Method
Govt Revenues / Non Profit
Revenues are accounted for net of the estimated uncollectible amount or bad debt (do not include)
Govt Wide Fin State, interfund receivables and payables between governmental and enterprise funds
Interfund receivables and payables classified as internal balances and aligned so that they sum to zero on the financial statements.
Government Cash Flows 2
- Direct method required
- Rec from opp income (not net income) to cash
- Opps, noncapital financing, capital financing, investing
*** Cash flows only for proprietary funds
Ex: Inflow from bond would go to governmental funds as in inflow (does not prepare cash flow statement
Revenues control account of a government increased when
When property taxes are levied
Dr Property taxes receivable XXX
Cr Allowance for uncollectible property taxes XXX
Cr Revenues XXX
Govt Cash Flows Rec Opp Income
Opp income use to rec to cash flows
Non opp income (revolving debt financing, g / l on sale) excluded from rec
Shared Revenues
Are revenues levied by one govt but shared on a predetermined basis with another govt
Received by a proprietary fund seen as non operating revenues if received for opps or capital expenditures
Nonprofit Expense Classification
- Program Services
- Activities in which organization is chartered - Support Services
- Fund raising
- Admin
- Management and general
- Membership development
- Functional Classifications
- Program Services
- Fund Raising
- Management and General
Non Profit G & L Reported
Statement of Activities as Increases and Decreases in unrestricted net assets
