Basic Governmental Accounting concepts
6 important questions on Basic Governmental Accounting concepts
- Reflect changes in the financial resources available in the near future (increase in spendable resources).
- Long-term assets and long-term liabilities not on the balance sheet.
What focus is described above?
What focus is described above?
Presented in their order of liquidity (Assets that can be converted the most readily into cash are reported first). Define assets:
Cash equivalents, Investments & Taxes receivable. Define Investments and Taxes receivable.
- Investments > Stocks, bonds (both reported at fair market value) Changes in the fair market value are reported in the statement of activities > Investment earnings or losses.
- Taxes receivable > Owed to a government, have not been paid on the date of its statement of net assets (real estate taxes, personal or corporate income taxes, sales taxes).
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Provide examples with the grants.
- Funds owed to the governments because of services provided:
Provide examples with the grants.
- Recorded when the revenue is earned, when it provides the service and has the right to collect the revenue:
Provide examples with the grants.
- Allowance for uncollectible receivables an estimate of receivables that will not be collected. This account reduces the overall receivable balance.
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