TAILIEUCHUNG - Lecture Accounting for Governmental & nonprofit entities (16/e): Chapter 6 - Jacqueline, Suzanne, Earl

Chapter 6 - Accounting for general long-term liabilities and debt service. After studying Chapter 6, you should be able to: Explain what types of liabilities are classified as general long-term liabilities, make journal entries in the governmental activities general journal to record the issuance and repayment of general long-term debt, prepare note disclosures for general long-term debt, | Chapter 6 Accounting for General Long-term Liabilities and Debt Service Learning Objectives After studying Chapter 6, you should be able to: Explain what types of liabilities are classified as general long-term liabilities Make journal entries in the governmental activities general journal to record the issuance and repayment of general long-term debt Prepare note disclosures for general long-term debt 1 Learning Objectives (Cont’d) After studying Chapter 6, you should be able to: Describe the reasons for statutory debt limits and explain the terms debt margin and overlapping debt Explain the purpose and types of debt service funds Describe budgeting for debt service funds and make appropriate journal entries to account for activities of debt service funds 1 Answer: Debt and other long-term liabilities that arise from the activities of governmental funds that are not accounted for as liabilities of a proprietary or fiduciary fund If debt reported in a proprietary or fiduciary fund also has general obligation (“full faith and credit”) backing the contingent liability should be disclosed in the notes to the financial statements What Are General Long-term Liabilities? 3 Tax-supported bonds Long-term warrants Long-term notes Capital lease obligations Unfunded compensated absences (vacation and sick leave) Unfunded pension obligations Long-term portion of judgments and claims Pollution remediation obligations Examples of General Long-term Liabilities 3 Pollution Remediation Obligation Addressed by GASB Codification Sec. P40 Relates to liabilities arising from the clean-up of hazardous waste or hazardous substances resulting from existing pollution Recognize if the liability is reasonably estimable and an obligating event (as defined by GASB) has occurred The liability is measured using expected cash flows Accounting for General Long-term Liabilities All general long-term liabilities are reported in the Governmental Activities column of the .

• Kế toán - Kiểm toán
• Accounting for Governmental
• Nonprofit entities
• Long term liabilities
• Debt service
• Direct debt
• Overlapping debt
• 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
• 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