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Learning Objectives
General Fund
MFBA
Related
Fund
Assets
Liabilities
Balance
Illustrative Entries
200,000
3,000
197,000
Other Revenues
36,000
1,000
35,000
29,900
29,900
GCA-GLTL Accounts
GCA (Equipment)
+$6,100
GLTL
Net Assets
+$6,100
29,900
29,900
Salary Expenditures
Interfund Activity
Nonreciprocal transactions
Interfund reimbursements
Interfund transfers
Reciprocal transactions
Interfund Reimbursements
Underlying event:
#6 Interfund Reimbursement
Receiving fund [Page 75]
Due from SRF
Expenditures
1,500
1,500
1,500
1,500
Interfund Transfers
Common examples
5,000
5,000
Effect on DSF
Financial
Assets
+$5,000
Related
Liabilities
Fund
Balance
+$5,000 (OFS)
10,000
10,000
Effect on SRF
Financial
Assets
Related
Liabilities
+$10,000
Fund
Balance
+$10,000 (OFU)
6,000
6,000
Effect on EF
Assets
+$6,000
Liabilities
Net Assets
+$6,000 (Transfer)
Interfund Services
30,000
30,000
Assets
+$30,000
Liabilities
Net Assets
+$30,000 (Revenues)
Interfund Loans
Lender Fund
Receiving Fund
1,250
1,250
Effect on SRF
Financial
Assets
Related
Liabilities
+$1,250
+$1,250
Fund
Balance
1,250
1,250
Effect on SRF
Financial
Assets
$1,250
Related
Liabilities
$1,250
Fund
Balance
20,000
20,000
5,000
600
5,600
Extraordinary item
Special Item
Unique to GASB
Event is under control of management and is
either unusual or infrequent
8,000
8,000
GCA
(Land)
$2,000
GLTL
Net Assets
$2,000
5,750
5,750
GCA
(Land)
$6,000
GLTL
Net Assets
$6,000
175,000
160,000
15,000
40,000
40,000
3,000
3,000
205,000
205,000
[Page 82]
20,200
20,000
200
10,000
10,000
The GASB has issued two standards in the last few years addressing
accounting for investments: #31 and #40. #31 addresses marking investments
to fair value. #40 addresses risk issues related to the investment. These and
related issues are discussed in Chapter 5.
[Page 82]
300,000
300,000
Effect on GCA
GCA
(Equipment)
$23,000
GLTL
Net Assets
$23,000
360,000
360,000
22,500
22,500
13,000
13,000
400
400
300
300
Year-End Adjustments
Revenue Adjustments
Expenditure Adjustments
550
50
500
[Page 84]
400
400
250
250
438,100
10,000
8,000
5,750
51,300
399,250
5,000
6,000
300
20,000
20,000
Balance Sheet
Statement of Revenues, Expenditures, and
Changes in Fund Balance
___ Revenues, Expenditures, and Changes
in Fund Balance Budget-to-Actual
Balance Sheet
Encumbrances
Petty Cash
Inventories
Advances
5,000
5,000
The Reserve
Unreserved Fund Balance
Reserve for Advance to SRF
5,000
5,000
Classification of Expenditures
Function
Organizational Unit (including Department
and Subunit)
Activity
Object Class
Character