Superficial Drill Down on Governmental Accounting Sheet Two

Superficial Drill Down on Governmental Accounting Sheet Two: 
​

• ​Enterprise fund receiving interest on long-term investments - Investing activities
• Encumbrances outstanding at year end most likely will represent budgetary control for the general fund. 
• Non-major funds should be aggregated (not individually) in a separate column. 
• Normally a governmental organization if the controlling majority of the members (of the governing board) are appointed by state government officials. 
• Remaining fund balances, that show a deficit amount would be labeled unassigned. 
• If determining the actual historical cost of general infrastructure assets is not practical because of inadequate records then estimated historical cost. 
• Primary characteristics of governmental structures includes representative form of government and the separation of powers, the federal system of government and the prevalence of intergovernmental revenues, and the relationship of taxpayers to services received. 
• Governmental activities portion of the government-wide statement of net position, recs should tie with the fund balances of all governmental and internal service funds (that provide service to governmental functions).
• Grants from state government is an example of revenues where proceed from general obligations and/or transfers from inter-fund transfers would be other financing sources. 
• Property taxes, licenses and permits, and intergovernmental revenues will all be represented in the budget - estimated revenues.
• Cash receipts from grants and subsidies to decrease operating deficits - Non-capital financing. 
• Permanent fund (governmental fund–type) used when resources are restricted such that principal must be maintained indefinitely but earnings may be used to support the reporting government's own programs.
• Credit tax anticipation notes payable - secured by a taxing power, municipality that uses modified accrual and encumbrance accounting to record  short-term financing received from a bank
• GASB 2200.211 - Narrative explanations of combining individual fund statements should be presented on divider pages, on the statements and schedules, or in a separate section. 
• The government-wide financial statements consist of a statement of net position and a statement of activities.

​cc: Reporting