TAILIEUCHUNG - Lecture Essentials of accounting for governmental and not-for-profit organizations (12/e) – Chapter 3

Chapter 3 - Modified accrual accounting: Including the role of fund balances and budgetary accounting. In this chapter students will be able to: Explain how operating expenses and revenues related to governmental activities are classified and reported in the government-wide financial statements; distinguish, in governmental funds, between revenues and other financing sources and between expenditures and other financing uses; explain how revenues and expenditures are classified in the General Fund. | Essentials of Accounting for Governmental and Not-for-Profit Organizations Chapter 3 Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Accounting Copyright © 2015 McGraw-Hill Education. All rights reserved. Chapter 3 – Learning objectives Describe the basic accounts used by governmental funds Identify the recognition criteria for revenues and expenditures under modified accrual basis Apply fund balance classifications for governmental funds Prepare journal entries for the expenditures cycle using both budgetary and activity accounts Modified Accrual Accounting The modified accrual basis is a distinct system of accounting that contains financial statement elements that appear nowhere else. Among these are expenditures and fund balances. Modified Accrual Accounting Although, revenues appear in the financial statements of accrual and modified accrual funds, revenues follow different recognition criteria between the two bases. Finally, there are no expenses in modified accrual funds Account Structure – Permanent Accounts Accounts that are not closed at year end (Balance Sheet) Assets: Cash and Cash Equivalents Investments Receivables: - Taxes Receivable Accounts Receivable Due from Other Governments Supplies Inventories Restricted Assets (typically cash) Deferred Outflows of Resources Liabilities: Accounts Payable Accrued Liabilities Deferred Inflows of Resources Deferred Revenues Fund Balances: Nonspendable Restricted Committed Assigned Unassigned Account Structure - Nominal Accounts Accounts that are closed at year end Budgetary Accounts Financial Statement Activity Accounts Estimated Revenues Appropriations Estimated Other Financing Sources Estimated Other Financing Uses Encumbrances Budgetary Fund Balance – Reserve for Encumbrances Revenues Tax Revenues Charges for Services Expenditures Current Capital Outlay Debt Service Other Financing Sources Transfers In Debt Proceeds Other Financing Uses Transfers Out Assets and Liabilities .

• Kế toán - Kiểm toán
• Accounting for governmental
• Not for profit organizations
• Financial reporting for governmental
• Budgetary accounting
• Government wide financial statements
• Governmental funds
• Governmental accounting course
• Competencies of recent graduate
• Gap between Theory and Practice
• Governmental accounting education
• Governmental accounting technique
• Nonprofit entities
• Accounting for Nonprofit Entities
• Governmental organizations
• Performance budgeting
• Budgeting governmental
• Governmental operating statement accounts
• Not for profit accounting
• Recognizing revenues
• Recognizing expenditures
• Generally accepted accounting
• Local government financial reporting
• Reporting perspectives
• Financial reporting
• Financial reporting standards
• Tax exempt organizations
• Performance evaluation
• Governmental auditing
• Accounting information
• Fund financial statements
• Governmental financial performance
• Performance measurement
• Accounting for colleges
• Other accounting issues
• Accounting for hospitals
• Health care providers
• Fund accounting
• Revenue funds
• Special revenue funds
• Local governments
• Required financial statements
• Internal financial trend monitoring
• Financial position
• Single audits
• Audit process
• Statement of cash flows
• Performance measures
• Annual compliance reporting
• Operating statements