Formulas Flashcards
What is the basic accounting equation?
Assets = Liabilities + Equity
Everything the entity owns is financed by debt or owner’s equity
What is the equation for Fund Balance in government accounting?
Fund Balance = Assets – Liabilities
Shows the net resources available in the fund
What is the equation for Budgetary Fund Balance?
Budgetary Fund Balance = Estimated Revenues – Appropriations
Reflects the net financial plan for the period
How do you calculate Available Appropriations?
Available Appropriations = Appropriations – (Encumbrances + Expenditures)
Tracks what’s still left to spend
What is Net Position in government-wide statements?
Net Position = (Assets + Deferred Outflows) – (Liabilities + Deferred Inflows)
Like equity in full accrual government-wide reporting.
What is the Budgetary Control Equation?
Available Appropriations = Appropriations – (Encumbrances + Expenditures)
What is a Variance Analysis?
Variance = Actual – Budgeted
What is the Reconciliation Equation?
Ending Balance = Beginning Balance + Additions – Subtractions
What is the forecasting model?
Future Value = Current Value ± (Trend × Time)
