Governmental shit I keep forgeting Flashcards
Recording a Budget
Dr. Estimated Revenues
Cr. Appropriations
then debit for credit budgetary control
Lease entry for government funds when it leases equipment and ownership is being transferred
Dr. Capital outlay expenditures
Cr. Other financing sources
If city leases and there is no transfer of ownership
Dr. Lease receivable
Cr. Deferred inflows
Nonspendable fund balance
Shit like prepaid expenditures or inventory that are not in the form to be spendable
Restricted fund balance
Assets restricted by external authorities like legislation, creditors, and grantors
Committed fund balance
Assets obligated by formal action of the highest level of authority like resolutions of city council or some shit like that
Assigned fund balance
Not formally obligated like committed fund balance
Reciprocal activity
Interfund loans or interfund service provided
Encumbrance entries
To record order
Dr. Encumbrance control
Cr. Budgetary control
Reverse when order comes in
To record actual expenditure
Dr. Expenditures
Cr. Vouchers payable
Other financial uses and sources
Transfers received are sources, transfers you give are uses
CAFR Sections
- Introductory
- Basic Financial Statements & Required Supplementary Information
- Statistical Section
CAFR - Intro
- Letter of Transmittal
- Organizational Chart
- List of Principal Officers
CAFR - Basic Financial Statements & Supp Info
- Management Discussion & Analysis
- Government-wide Financial Statements
- Fund financial Statements
- Notes
- Required Supplementary info
Audited
CAFR - Statistical
- 10 years of select financial data
- 10 years of economic data
- other
Unaudited
Government wide financial statements: Program revenues
- Charges for services
- Operating grants & contributions
- Capital grants & contributions
Government wide financial statements
- Statement of net position
- Statement of activities
Government wide financial statements - Statement of Net position
Assets & deferred outflows or resources minus liabilities & deferred inflows of resources
General revenues for government wide financial statements
Include taxes, interest earnings, and other revenues that are not specifically associated with a functional expense
Noncapital financing activities
- Cash flows from issuing debt for noncapital purposes including interest expense
- Cash receipts from grants and subsidies
- Cash received from property tax that is not restricted
- Operating transfers
Operating activities
- Inflows from sales of goods and services
- outflows to suppliers or employees
- inflows from interfund reimbursements and exchanges including payments in lieu of taxes
Investing activities
- Inflows and outflows associated with loans to others including interest income
- Inflows and outflows associated with equity transactions
Capital Financing activities
- cash flows from issuing debt associated with capital assets
- inflows from capital grants
- inflows from contribution activity associated with capital activity
- special assessments associated with capital assets
