Last Modified: 2011-12-07
Modified accrued accounting
fixed assets and long-term debt are not reported on the fund statements.
Capital assets are not included. Equity accounts are fund balances
- general fund
- Permanent fund
FULL accruded accounting. Have long-term debt. Pay their own principal and interest on all debt. They depreciate and have capital assets. Equity accounts are "net asset" accounts
act as trustee or agent-- serve as a collection point, not the owner or end point of the money. Use full accrued accounting
- agency funds
- employee pension trust funds
- private purpose trust funds
records most taxes
operating expenditures: admin, public safety, cultural, health, transportation
receipts and disbursements of resources dedicated for a specific governmental purpose
Must use all money
i.e. gifts, grants, taxes
resources used for building capital assets for governmental activities only (ps, health, admin)
i.e. city hall, library, police station
legally restricted trust fund
all the earnings must be spent for purpose
water, sewer, landfill, and electric
later called "business-like" activities
One fund records a expense, the other a revenue. Provide a service, receive the revenue. Receive a service, pay the bill
One fund gives money to the other with no expectation of repayment
- an ofs/ofu transfer
income tax, sales tax, gas tax.
taxes from an underlining transaction
fines and forfeitures
when the claim is established, revenue is recorded
what has to be paid
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