journal entry in year two to record DO NOT LAPSE encumbrance
Give this one a try later!
DEBIT Fund Balance Assigned
CREDIT Reserve for Encumbrances
DEBIT Expenditure Year 1 Prior Year
CREDIT Cash/Voucher Payable
DEBIT Reserve for Encumbrance
CREDIT Expenditure Year 1 Prior Year
when are voluntary non exchange transaction?
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, -revenues recognized when all eligibility requirements between two willing
parties including time requirements have been met and when resources are
measurable and available
-commitments to purchase goods or services
-what we committed to spend, already signed the purchase order and contract
cannot get out of it, work has not been done but have committed so the cash is still in
the account
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encumbrance
when the district is receiving a state grant that is restricted
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DEBIT Cash
CREDIT Grant Revenue
how to treat land held for sale in the government wide statements?
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, DEBIT Land Held for Sale
CREDIT Donation Revenue
*do not care about the availability period if you sell the asset*
this fund involves expenditures made by the city's street department
Give this one a try later!
capital project
types of items purchased or obtained, most commonly used because it is traditional
and facilitates control, follows chart of accounts, budget for every line item
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object
-holding money on behalf of another person
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investment
fiscal period presumed to benefit from the money
-includes current (look at current year); capital (buying long term assets may pay this
, year and benefit in future and current benefit); debt service (borrowed money in the
past and paying for it now benefits past current and future periods)
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character
journal entry to record capital asset held for use ONLY IN GOVERNMENT WIDE
STATEMENT
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DEBIT Land
CREDIT Donation Revenue
journal entry to close the budget
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DEBIT Appropriations
DEBIT Budgetary Control
CREDIT Estimated Revenues
two types of government organization included in GASB (Governmental Accounting
Standards Board)
Give this one a try later!
Give this one a try later!
DEBIT Fund Balance Assigned
CREDIT Reserve for Encumbrances
DEBIT Expenditure Year 1 Prior Year
CREDIT Cash/Voucher Payable
DEBIT Reserve for Encumbrance
CREDIT Expenditure Year 1 Prior Year
when are voluntary non exchange transaction?
Give this one a try later!
, -revenues recognized when all eligibility requirements between two willing
parties including time requirements have been met and when resources are
measurable and available
-commitments to purchase goods or services
-what we committed to spend, already signed the purchase order and contract
cannot get out of it, work has not been done but have committed so the cash is still in
the account
Give this one a try later!
encumbrance
when the district is receiving a state grant that is restricted
Give this one a try later!
DEBIT Cash
CREDIT Grant Revenue
how to treat land held for sale in the government wide statements?
Give this one a try later!
, DEBIT Land Held for Sale
CREDIT Donation Revenue
*do not care about the availability period if you sell the asset*
this fund involves expenditures made by the city's street department
Give this one a try later!
capital project
types of items purchased or obtained, most commonly used because it is traditional
and facilitates control, follows chart of accounts, budget for every line item
Give this one a try later!
object
-holding money on behalf of another person
Give this one a try later!
investment
fiscal period presumed to benefit from the money
-includes current (look at current year); capital (buying long term assets may pay this
, year and benefit in future and current benefit); debt service (borrowed money in the
past and paying for it now benefits past current and future periods)
Give this one a try later!
character
journal entry to record capital asset held for use ONLY IN GOVERNMENT WIDE
STATEMENT
Give this one a try later!
DEBIT Land
CREDIT Donation Revenue
journal entry to close the budget
Give this one a try later!
DEBIT Appropriations
DEBIT Budgetary Control
CREDIT Estimated Revenues
two types of government organization included in GASB (Governmental Accounting
Standards Board)
Give this one a try later!
