State and Local Governments - Area 4 Flashcards
1
Q
What are the basic financial statements of a governmental entity?
A
Government-Wide Financial Statements
Fund Financial Statements
Notes to Financial Statements
2
Q
Expenditures vs Other financing uses.
A
Expenditures are payments or purchases of items or to separate entities.
Other Financing Uses are TRANSFERS to other funds. Such as a transfer to a debt service fund.
3
Q
What is the journal entry to record purchase orders or contract commitments?
A
DR - Encdumbrance
CR - Budgetary Control
