Accounting for General and Special Revenue Funds.ppt

Chapter
3
Accounting for General and Special
Revenue Funds

3-2
Government-wide Statement of Activities
Expenses should be reported by
function or program
 Direct expenses - those associated with a
function or program
 Indirect expenses - those that are not
directly linked to an identifiable function

3-3
Revenues should be distinguished
between
 Program revenues - reported in the
program/functions section of the statement
 General revenues - not directly linked to
any program/function and reported in the
bottom section of the statement

3-4
(Cont’d)
 Program revenues are reported in three
categories:
 Charges for services
 Operating grants and contributions
 Capital grants and contributions
 A net expense or revenue format is used in
the top section of the statement of activities:
Expenses - Program revenues = Net
(expense) Revenue

3-5
(Cont’d)
Extraordinary items, special items, and transfers are
reported as separate line items near the bottom of
the government-wide statement of activities
Extraordinary items—both unusual in nature and
infrequent in occurrence; usually beyond the
control of management
 Special items—either unusual or infrequent; must
be within the control of management

3-6
Purpose
 Used to account for the general administration
and most traditional services of government
Examples of traditional services
 Public safety (e.g., police and fire)
 Public works (e.g., maintenance of buildings,
roads, and bridges)
 Culture and recreation (e.g., promotion of the arts,
parks, and youth activities)
 Health and welfare (e.g., public health, food
facilities inspection, and juvenile counseling)
The General Fund

3-7
Purpose
 Used to record the budgetary
inflows and outflows estimated or
authorized in the annual budget
Accounts
 Estimated Revenues, Estimated
Other Financing Sources
 Appropriations, Estimated Other
Financing Uses
 Encumbrances
Budgetary Accounts

3-8
ASSETS = LIABILITIES + FUND BALANCES
Balance
Sheet Reserved Unreserved Budgetary
Accounts Fund Balances Fund Balance Fund Balance
(permanent)
Budgetary/
Operating Operating Statement
Statement Accounts Budgetary Accounts
Accounts
(temporary)
Fund Equation for the General Fund

3-9
 Distinguish between Revenues and Other
Financing Sources and Expenditures and Other
Financing Uses
 Other Financing Sources mainly represent
operating transfers in from other funds and
proceeds of long-term borrowing
 Other Financing Uses represent operating
transfers out to other funds
Operating Statement Accounts

3-10
Revenues and Other Financing Sources
 Increase fund balance when closed
 Recognized on the Modified Accrual basis—when
measurable and available to pay current period
obligations
Expenditures and Other Financing Uses
 Decrease fund balance when closed
 Recognized on the Modified Accrual basis—when
incurred, if expected to be repaid from currently
available resources
Operating Statement Accounts (Cont’d)

3-11
 Periodically compare actual revenues (or
actual other financing sources) to
estimated revenues (or estimated other
financing sources)
 Use a common classification scheme for
revenues and estimated revenues
Budgetary Control—Revenues

3-12
Accounting control over revenues
 Two control accounts (Estimated Revenues
and Revenues) are used to control similarly
named columns in the detail accounts in the
Revenue subsidiary ledger
 The sum of the Estimated Revenues and
Revenues account balances of the subsidiary
ledger must equal the general ledger control
account balances for those accounts
Budgetary Control—Revenues (Cont’d)

3-13
 By Fund
 By Source
 Taxes (ad-valorem and self-assessing)
 Special Assessments
 Licenses and Permits
 Intergovernmental Revenues
 Charges for Services
 Fines and Forfeits
 Miscellaneous Revenues
Classification of Revenues and
Estimated Revenues

3-14
 Ad valorem taxes are assessed on the value
of underlying property—e.g. personal and
real property taxes
 Self-assessing taxes are based on income
or sales. Taxes due on sales or earnings
that have occurred but have not yet been
reported at the end of an accounting period
are usually estimated and accrued
Revenues—Taxes (Ad valorem and
Self-assessing)

3-15
 Levied against certain properties that
receive a particular benefit that not all
taxpayers receive
 Examples include street repair,
street cleaning, or snow plowing
for taxpayers who live
outside the normal service area.
Revenues—Special Assessment Taxes

3-16
 Includes items such as vehicle licenses,
business licenses, liquor licenses,
marriage licenses, animal licenses,
building permits, zoning variances, etc.
 Ordinarily not measurable in advance of
transactions; thus, recorded when
received in cash
Revenues—Licenses and Permits

3-17
Revenues—Intergovernmental
 Includes grants and other financial
assistance from higher levels of
government
 Intergovernmental revenues such as
grants are not recognized until all
time and eligibility requirements have
been met. Expenditure-driven
(reimbursement-type) grants require
qualifying expenditures be made
before recognizing revenues

3-18
 Many governments have shifted
revenues from taxes on all
taxpayers to charges to recipients
of services, including charges for
recreational services, building
inspections, etc.
 Accrue if billings for service occur
before receipt of cash
Revenues—Charges for Services

3-19
 Fines are amounts assessed by the courts
against those guilty of statutory offenses and
neglect of official duties
 Forfeits arise from deposits or bonds made by
contractors, accused felons, and others to
assure performance on contracts or
appearance in court
 Accrue if the amount is known prior to the
receipt of cash
Revenues—Fines and Forfeits

3-20
 These are revenues that do not fall into one of
the other categories, such as:
 proceeds from the sale of government assets
(if immaterially small in amount; other
financing source otherwise)
 investment income
 Accrue if the amount is known prior to the
receipt of cash
Revenues—Miscellaneous

3-21
 An appropriation is a legal authorization
granted by the legislative body to incur
liabilities for purposes specified in the
appropriation act or ordinance
 An encumbrance is an estimated amount
recorded for purchase orders, contracts,
or other expected expenditures
chargeable to an appropriation
Budgetary Control—Expenditures

3-22
 Budgetary control of expenditures is achieved by:
 ensuring that a valid appropriation exists prior to
recording an encumbrance or expenditure, and
 periodically comparing comparing encumbrances
and expenditures to appropriations to prevent
overspending
 Comparison is enhanced by using the same
account classification scheme for appropriations,
encumbrances, and expenditures
Budgetary Control—Expenditures (Cont’d)

3-23
Accounting control over expenditures
 Three control accounts (Appropriations,
Encumbrances, and Expenditures) are used to
control similarly named columns of the detail
budget accounts in the subsidiary ledger
 The detail account totals for Appropriations,
Encumbrances, and Expenditure in the subsidiary
ledger must equal the corresponding general
ledger control account balances
Budgetary Control—Expenditures (Cont’d)

3-24
 Fund
 Function or program
 Organization unit
 Activity
 Character (current, capital, debt
service)
 Object
Classification of Expenditures
and Appropriations

3-25
 Fund—Identifies which fiscal and accounting
entity was affected
 Function or program—Assists in budgeting
resources for carrying out major areas of
service activities or goals
 Organization unit —Assists in enhancing
managerial control over departments and
divisions, and responsibility accounting
Purpose Served by Each Classification

3-26
 Activity—Assists in assessing performance
on specific lines of work and determining cost
of activities
 Character—Assists in evaluating which
period is benefited by an expenditure: past,
current, or future
 Object—Assists in determining how much
was expended for specific things, such as
personnel and equipment
Purpose Served by Each Classification
(Cont’d)

3-27
Budget Approved on 1-1-2011: Dr. Cr.
Estimated Revenues 500,000
Appropriations 450,000
Budgetary Fund Balance 50,000
Estimated Revenues Ledger:
Taxes 300,000
Licenses and Permits 50,000
Intergovernmental Revenues 50,000
Charges for Services 50,000
Fines and Forfeits 25,000
Miscellaneous Revenues 25,000
Appropriations Ledger:
General Government 120,000
Public Safety 150,000
Public Works 100,000
Culture and Recreation 80,000
Examples of Budgetary Journal Entries
Example: City Clerk's estimated its revenue to be 500,000 with its
appropriated expenditures of 450,000.

3-28
Revenue Subsidiary Ledger
Acct No. XXX
Account Name: Charges for Services
Estimated Actual
Revenues Revenues Balance
Date Explanation Folio DR CR DR (CR)
1-1-2011 Budget authority GJ71 50,000 50,000
1-31-2011 Various items CR82 4,000 46,000
2-28-2011 Various items CR87 5,000 41,000
Subsidiary Ledgers for Budgetary Control

3-29
Example: City Clerk's office orders a new printer
on January 2, 2011 which had a list price in the
vendor's catalog of $500.
Entry in the General Fund General Journal:
Dr. Cr.
Encumbrances—2011 500
Reserve for Encumbrances—2011 500
Examples of Budgetary Control

3-30
Printer is received on 1-15-2011, including
shipping charges of $15:
Entry in GF General Journal:
Dr. Cr.
Reserve for Encumbrances—2011 500
Expenditures—2011 515
Encumbrances—2011 500
Vouchers Payable 515
Examples of Budgetary Control

3-31
Appropriations/Encumbrances/Expenditures
Subsidiary Ledger
Acct No. XXX
Account Name: General Government, City Clerk, Equipment
Available
Appropriations Expenditures Encumbrances Balance
Date Explanation CR (DR) DR (CR) DR (CR) CR (DR)
1-1-11 Budget authority 1,500 1,500
1-2-11 P.O. No. 11-41 500 1,000
1-15-11 Voucher No. 1125 515 (500) 985
Subsidiary Ledgers for Budgetary Control

3-32
 Allotments are internal allocations of funds by
executive management to quarters or other time
periods
 Some modification of the appropriations
subsidiary ledger is required to add an
Unallotted Appropriations column in each detail
account
Accounting for Allotments

4-33
 Measurement focus: Governmental funds
focus on the flow of current financial resources
 Includes cash, receivables, marketable
securities, prepaid items, and supplies
inventories
 Capital assets are not recorded in governmental
funds, but are recorded in governmental activities
at the government-wide level
 Basis of accounting: Modified accrual
Governmental Funds

4-34
 Dual-track approach
 Transactions have different effects on
governmental funds and governmental
activities at the government-wide level
because of different measurement focuses
and bases of accounting
 Using the dual-track approach each
transaction is recorded separately in the
general journals for the governmental fund
and governmental activities
Governmental Funds (Cont’d)

4-35
The budget for Clark City authorizes expenditures of
$11,360,000 and forecasts revenues of $10,972,000
for FY 2011. The entry to record the budget
(ignoring subsidiary detail) is:
General Fund: Dr. Cr.
Estimated Revenues 10,972,000
Budgetary Fund Balance 388,000
Appropriations 11,360,000
Recording the Budget
at the Beginning of the Year

4-36
Before a department can order materials and
supplies or equipment, the department
should verify that a sufficient unexpended
appropriation exists to cover the items being
ordered
This process is sometimes referred to as
“preauditing”
Encumbrance Accounting

4-37
Assume that the following departments of Clark
City place purchase orders for supplies totaling
$420,000, the entry would be:
Encumbrances—2011 420,000
Reserve for Encumbrances—2011 420,000
Encumbrances Subsidiary Ledger:
Encumbrance Accounting (Cont’d)

4-38
Clark City recorded expenditures of $432,000 for
goods received that had been ordered in the
preceding transaction
Expenditures—2011 432,000
Vouchers Payable 432,000
See next slide for subsidiary ledger entries
Accounting for Expenditures

4-39
Expenditures Ledger: Dr. Cr.
Encumbrances Ledger:
Accounting for Expenditures (Cont’d)

4-40
Governmental Activities: Dr. Cr.
Expenses—General Government 78,000
Expenses—Public Safety 220,000
Expense—Public Works 134,000
Note that the earlier budgetary entry for
encumbrances has no effect at the government-
wide level
Accounting for Governmental Activity
Expenses

4-41
Payroll accounting is similar for a governmental fund
and a for-profit entity, except Expenditures rather
than Expenses are recorded
 Debit Expenditures for full amount of payroll and credit
liabilities for withholdings from employees’ pay; credit
Cash for the amount paid to employees
 Record Expenditures for the employer’s payroll costs,
including employer’s share of FICA and credit a liability
to federal government
 Encumbrances usually are not recorded for recurring
expenditures such as payroll
Accounting for Payroll

4-42
Clark City recognized its payroll for the most
recent two week pay period for employees paid
from the General Fund
Due to Federal Government 86,000
Due to State Government 49,000
Cash 813,000
Expenditures Subsidiary Ledger:
Accounting for Payroll (Cont’d)

4-43
The journal entry to record the payroll in the
governmental activities journal at the government-
wide level is:
Expenses—Public Works 290,000
Due to State Government 49,000
Cash 813,000

4-44
The employer’s share of FICA is recorded in
the General Fund
Expenditures Ledger:
Public Works 26,920

4-45
The employer’s share of FICA is recorded in the
governmental activities journal
Expenses—Public Works 26,920

4-46
Assume revenues of $495,000 are required and it is
estimated that 1% will be uncollectible:
Levy = $495,000/.99 = $500,000.
(ignore subsidiary ledger entry)
Taxes Receivable—Current 500,000
Est. Uncollectible Current Taxes 5,000
Revenues 495,000
Accounting for Property Tax
Revenue (Cont’d)

4-47
The required entry at the government-wide level is
similar except for that the credit is to General
Revenues as follows:
Est. Uncollectible Current Taxes
5,000
General Revenues—
Property Taxes 495,000
Revenue (Cont’d)

4-48
Assume by the end of year $450,000 of current taxes
have been collected, the entry is:
General Fund and Governmental Activities: Dr. Cr.
Cash 450,000
Revenue (Cont’d)

4-49
The entry to reclassify uncollected current taxes to
delinquent status at year-end:
Taxes Receivable—Delinquent 50,000
Estimated Uncollectible Current Taxes 5,000
Estimated Uncollectible Delinquent Taxes 5,000
Revenue (Cont’d)

4-50
Interest and penalties of $500 are accrued on
delinquent taxes, of which 10% is estimated to be
uncollectible.
Interest and Penalties Receivable on Taxes 500
Estimated Uncollectible Interest and Penalties 50
Revenues 450
Revenues Subsidiary Ledger:
Interest and Penalties on Delinquent Taxes 450
Revenue (Cont’d)

4-51
The required entry to accrue interest and penalties at
the government-wide level is similar, except for the
revenues account:
Estimated Uncollectible Interest and Penalties 50
General Revenues—Interest and Penalties
on Delinquent Taxes 450
Revenue (Cont’d)

4-52
Write-off of uncollectible taxes. Assume
property taxes of $500 are written off, on
which accumulated interest and penalties
amount to $80. The required journal entry is:
Estimated Uncollectible Delinquent Taxes 500
Estimated Uncollectible Interest & Penalties 80
Taxes Receivable—Delinquent 500
Revenue (Cont’d)

4-53
 Revenues from property taxes are often
collected during one or two months of the year
 Expenditure demands may occur more or less
uniformly during the year
 A local bank may extend a line of credit in the
form of TANs to meet short-term cash needs
since the notes will be backed by the power of
lien over taxable properties
Issuance of Tax Anticipation Notes (TANs)

4-54
Assume on April 1, 2011, Clark City signs a 60-day
$300,000 tax anticipation note, discounted at 6
percent per annum.
Cash 297,000
Tax Anticipation Notes Payable 300,000
Note: 0.06 X 60/360 X $300,000 = $3,000. The entry at the
government-wide level would be the same, except the debit is
to Expense—Interest on Tax Anticipation Notes instead of
Expenditures
Tax Anticipation Notes - TANs (Cont’d)

4-55
Clark City repaid the 60-day $300,000 tax anticipation
note on the due date.
Tax Anticipation Notes Payable 300,000
Cash 300,000
Tax Anticipation Notes - TANs (Cont’d)

4-56
 Interim financial reporting is used for internal
management purposes; it is not required for
external financial reporting
 At a minimum, interim budgetary comparison
schedules should be prepared
Interim Financial Reporting

4-57
Question: Why might a government need to
revise its legally adopted budget during the
year?
Discuss.
Revision of the Budget During the Year

4-58
Answer: An error may have been made in
estimating revenues or expenditures, or
changed conditions may have altered estimated
revenues or caused unforeseen expenditure
needs. Also, because the budget is legally
binding on managers, it is important that the
budget be revised to reflect changed conditions
Q. Why Might a Government Need to Revise its
Legally Adopted Budget During the Year?

4-59
Answer: If estimated revenues is increased,
debit Estimated Revenues and credit
Budgetary Fund Balance. If appropriations are
increased, debit Budgetary Fund Balance and
credit Appropriations
 A decrease in either item would result in the
reverse of the above entry
 Subsidiary ledger detail accounts would be
adjusted accordingly
Q: How are Budget Revisions Recorded?

4-60
Accounting for encumbrances depends on the
budget laws of a particular state or other
government
 In some jurisdictions, appropriations do not expire at
year-end
 In other jurisdictions, appropriations lapse and
encumbrances for goods on order at year-end
require a new appropriation in the next fiscal year
 We examine the most common situation:
Appropriations lapse, but the government will honor
encumbrances for goods still on order at year-end
Encumbrances of a Prior Year

4-61
Assume at the end of FY 2010, a Reserve for
Encumbrances was reported for $8,300. Early in FY
2011, the goods are received at an actual cost of
$8,500. First, the Encumbrances—2010 account
balance is reestablished, as follows:
Fund Balance 8,300
Encumbrances of a Prior Year (Cont’d)

4-62
After the $8,300 encumbrance has been re-
established, the following entry records the receipt of
the goods early in FY 2011 at an actual cost of
$8,500.
Expenditures—2011 200
Note that only $200 is charged to the FY 2011 appropriation

4-63
In the preceding example, what if the actual cost of
the goods received had been only $8,100? How
would this affect the journal entries?

4-64
Assume now that the actual cost of the goods
received in early FY 2011 is only $8,100 rather than
$8,500.
Note that the FY 2011 appropriation is unaffected since the
carryover 2010 encumbrance was more than adequate to cover
the expenditure.

4-65
 Two methods of inventory accounting: purchases
method and consumption method
 The purchases method is consistent with the modified
accrual basis of accounting since it reports total
expenditures for supplies purchased during the year.
The purchases method has traditionally been used by
governmental funds
 The consumption method is consistent with the accrual
basis of accounting since it reports the amount of
supplies consumed. It must be used at the government-
wide level and by proprietary funds
Accounting for Inventories

4-66
 Specific journal entries during the year and
adjusting entries at year-end depend on whether
periodic or perpetual inventory procedures are
used
 If, as is usually the case, the government uses
periodic inventory procedures, and makes
adjustments based on a year-end physical count,
the entries in the journals for the General Fund and
governmental activities at the government-wide
level are as shown in the following slides
Accounting for Inventories (Cont’d)

4-67
Purchases method, with periodic inventory procedures:
Using periodic inventory procedures, as is usual with the
purchases method, purchases of inventory during the year are
recorded as:
Expenditures 100,000
Cash 100,000
The adjusting entry at year-end accounts for the increase in
inventory:
Inventory of Supplies 5,000
Reserve for Inventory of Supplies 5,000

4-68
Consumption method, with periodic inventory procedures:
Although perpetual inventory procedures are preferred when using
the consumption method, many governments use periodic
inventory procedures, consistent with the purchases method.
Purchases of inventory during the year are recorded as:
Expenses (detail omitted) 100,000
Cash 100,000
The adjusting entry at year-end accounts for the increase in
inventory and adjusts the expense to the amount consumed:
Inventory of Supplies 5,000
Expenses (detail omitted) 5,000

4-69
 The authors anticipate that many governments
will shift to the consumption method for
governmental fund accounting since only the
consumption method is acceptable for use at the
government-wide level

4-70
The authors recommend the following process:
 Reverse the original and revised budgetary entries
(Estimated Revenues, Estimated Other Financing
Sources, Appropriations, Estimated Other Financing
Uses, and Budgetary Fund Balance) (See Entry 25a in
the text)
 Close operating statement accounts (Revenues, Other
Financing Sources, Expenditures, and Other Financing
Uses) in a second entry, debiting or crediting Fund
Balance as necessary to balance the entry (See Entry
25b)
 Close Encumbrances to Fund Balance (See Entry 25c)
Closing Journal Entries

4-71
Purpose: Created when revenues are received that
must be expended for a specific operating purpose
Examples:
 Motor fuel taxes earmarked for streets, roads, and
bridges and
 Federal grant to operate a counseling program for
troubled youths
Accounting, budgeting, and financial reporting are essentially the
same as for the General Fund
Special Revenue Fund Accounting

4-72
Assume a grant of $100,000 is received at the
beginning of the fiscal year from the federal
government to operate a counseling program for
troubled youths. Until the grant has been “earned” by
meeting eligibility requirements related to service
recipients, it is reported as “Deferred Revenue”—a
liability. The entry in the special revenue fund is:
Special Revenue Fund: Dr. Cr.
Cash 100,000
Deferred Revenue 100,000
Accounting for Operating Grants

4-73
Assume that during the year the Counseling Program
expended $75,000 for costs related to youth
counseling, while meeting eligibility requirements, the
entries would be:
Special Revenue Fund: Dr. Cr.
Expenditures 75,000
Deferred Revenues 75,000
Revenues 75,000
This amount would also be recorded in the Revenue detail
account in the Revenues subsidiary ledger
Accounting for Operating Grants (Cont’d)

4-74
 Report special revenue fund activity in the
Governmental Activities column of the
government-wide financial statements
 Provide a column in the governmental funds
balance sheet and statement of revenues,
expenditures, and changes in fund balances, for
the special revenue fund financial information if
the fund meets the definition of a major fund (see
Ch. 2 and the Glossary); otherwise report the
fund’s financial information in the “Other
Governmental Funds” column
SRF - Required Financial Statements

4-75
Internal Exchange Transactions
 Transactions between two funds that are similar
to those involving the government and an
external entity
Example: Billing from a City’s water utility
fund (an enterprise fund) to the City’s
General Fund for the Fire Department
 The two funds recognize a revenue and
expenditure, respectively, rather than interfund
transfers in and out

4-76
Interfund Activity
Interfund loans
 Loans made from one fund to another with the intent that
they be repaid
 Classified as “Interfund Loans Receivable—Current (or
Payable—Current)”, if the intent is to repay during the
current year; otherwise “Noncurrent”
Interfund transfers
 Nonreciprocal activity in which financial resources are
transferred between funds with no intention of repayment
 The receiving fund records Other Financing Sources—
Interfund Transfers In; the giving fund records Other
Financing Uses—Interfund Transfers Out

4-77
Intra- versus Inter-Activity Transactions
Intra-activity transaction
 A transaction between two governmental funds (including an
internal service fund) or between two enterprise funds
 Neither governmental activities nor business-type activities is
affected at the government-wide level
Inter-activity transaction
 Interfund loans or transfers between a governmental fund
(including internal service fund) and an enterprise fund
 Report these as “Internal Balances” on the government-wide
statement of net assets and “Transfers” on the statement of
activities

4-78
Intra-Entity Transactions
 Exchange or nonexchange transactions between
the primary government and its blended or
discretely presented component units
 Receivables and payables from these transactions
are reported on a separate line in the statement of
net assets

4-79
Permanent Funds
 To account for contributions received under trust
agreements in which the principal amount is not
expendable, but earnings can be expended for a
specified purpose
 Specifically intended for a public purpose (i.e., to
benefit a government program or function, or the
citizenry, rather than individuals, private
organizations, or other governments)

4-80
Exchange Transactions
 Transactions in which each party receives value
essentially equal to the value given
e.g., one party sells goods or services and the
other buys
 Recognize the revenue when it is earned, and
the expense/expenditure when it is incurred
 Exchange-like transactions are those in which
the values exchanged may be related but not
quite equal

4-81
Nonexchange Transactions
 External events in which a government gives/
receives value without directly receiving/giving
equal value in exchange
 Revenue recognition depends on time requirements—
the period in which the resources are required to be (or
may be) used
 In some cases, revenue recognition may be delayed
until program eligibility requirements are met
 Purpose restrictions are reported as restricted net
assets or reserved fund balance, but do not delay
revenue recognition

4-82
Classes of Nonexchange Transactions
 Derived tax revenues
e.g., income and sales taxes
 Imposed nonexchange revenues
e.g., property taxes and fines and penalties
 Government-mandated nonexchange transactions
e.g., certain services funded by a higher level of
government
 Voluntary nonexchange transactions
e.g., grants and entitlements from higher levels of
government and certain private donations

4-83
Revenue Recognition Criteria for
Nonexchange Transactions
 Derived tax revenues
Recognize in the period in which the underlying exchange
occurs (sale occurs or income is earned)
 Imposed nonexchange revenues
Recognize when there is an enforceable legal claim or in
the period for which levied in the case of property taxes
 Government-mandated nonexchange transactions
Recognize when all eligibility requirements have been
met. If cash is received before eligibility requirements
have been met, Deferred Revenues is credited
 Voluntary nonexchange transactions
Same as above

4-84
 Mastery of the revenue and expenditure/expense
accounting principles covered in Chapter 4 is
essential to a sound understanding of
governmental fund accounting, as well as
understanding accounting and financial reporting
for the other governmental funds discussed in the
following chapters
 The General Fund and special revenue funds
encompass most of the operating activities of the
typical government
END
Concluding Comments

Accounting for General and Special Revenue Funds.ppt

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Accounting for General and Special Revenue Funds.ppt