Chapter 17 Flashcards

Feb 8, 2022

the encumbrance account of a governmental unit is debited when

ACCOUNTS PAYABLE – Amounts owed to private persons or organizations for goods and/or services received by the state. Accounts Payable does not include amounts due to other agencies, funds, or other governments. Under modified accrual accounting, property tax revenue should be recognized when measurable and available; available means collected no more than 90 days after year-end. Under GASB Statement 33 requirements for accrual accounting, property tax revenue should be recognized in the period that the tax is collected. Modified accrual accounting is essentially the same as cash basis except that long term assets are not recorded.

This is the measurement focus of government-wide financials. https://online-accounting.net/ Valuing assets at amounts originally paid for them.

CenterPoint Fund Accounting

Refer to PROFESSIONAL SERVICE CONTRACT and SERVICES. PRINTING REQUISITION (A21-A) – A form used by agencies to order, encumber, liquidate, and authorize payment for goods and services from the Department of Enterprise Services. PERPETUAL INVENTORY – An inventory system whereby the encumbrance account of a governmental unit is debited when the inventory quantities and values for all purchases and issues are recorded directly in the inventory system as they occur. PERMANENTLY ASSIGNED VEHICLE – A motor vehicle that has been assigned to a state agency or an individual for a period greater than thirty days.

Upon receiving notification that an account receivable is uncollectible, the county auditor may apply to the board of county commissioners to have the amount of the account receivable and the name of the debtor removed from the records of the county. Application by the county auditor to the board of county commissioners to have the amount of the account receivable and the name of the debtor removed from the records of the county. Encumbrance accounting – under which purchase orders and other commitments of resources are recorded as expenditures of the applicable fund – is utilized in all Governmental Funds of the District. In addition, transfers result in the reduction of a fund’s expendable resources, but they are not classified as expenditures. A transfer is a legally authorized movement of monies between funds in which one fund is responsible for the receipt of funds and another fund is responsible for the actual disbursement.

When should you classify income as unrestricted revenue?

The claim for a refund of money must be presented to the board of county commissioners, or the county treasurer in those cases in which the county treasurer is authorized to make a refund, within 3 years after the time the claim was incurred. A bill for fare actually paid pursuant to the provisions of this section shall be accompanied with a receipt showing the amount paid, and by what conveyance the prisoner or prisoners were conveyed to the county jail. In no case shall a greater sum be allowed for a private conveyance than is usually charged by public conveyance for a similar distance, and such amount shall always be determined by the board of county commissioners in accordance with the best judgment and information of the county commissioners. Reserve Accounts With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash Collateral Account. The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced Whole Loan.

  • It does not include amounts received for provision of vendor services to federal agencies or reimbursements for services rendered directly to individuals.
  • REQUEST FOR PROPOSAL – A written solicitation document which identifies the agency’s need or problem, and consultants are invited to submit proposals which outline their solution to the need or problem, their qualifications and experience to provide the services, and their costs or fees.
  • The modified accrual basis of accounting requires that proper accruals are made for the amount of unpaid salaries and related benefits earned by employees at year-end because these liabilities will be paid early in the next reporting period.
  • ⇒ ⇐ This service will write as best as they can.
  • The board of county commissioners, if it determines that there is clear evidence of misuse or mismanagement of money in any separate account, may order the closing of the account and the return of the money to the county treasury to be administered in accordance with existing provisions of law.
  • Examples of budgetary accounts include Estimated Revenues, Appropriations, and Estimated Other Financing Uses.
  • Examples of past ballot questions for the imposition of an additional property tax.

Payments of interest represent expenses to be accounted for on the accrual basis of accounting. Accrual of interest at year-end is usually necessary to reflect the proper amount of expense for the period.

Quiz 17 :Introduction to Fund Accounting

OPERATING BUDGET – A plan of current expenditures and the proposed means of financing them. The operating budget is the primary means to ensuring that the financing, acquisition, spending, and service delivery activities of the state are controlled. MODIFIED APPROACH TO DEPRECIATION – A method of accounting whereby capital assets that are part of a network or subsystem of a network, i.e. the state highway system, are not required to be depreciated as long as certain requirements are met. Requirements include managing the eligible assets in an asset management system and documenting that these assets are being preserved approximately at or above a condition level established and disclosed. Refer to INFRASTRUCTURE ASSETS. JOURNAL VOUCHER (A7-A) – A form used to generate EFT payments through the Office of the State Treasurer.

the encumbrance account of a governmental unit is debited when

This option is available only if monies are legally required to be set aside in a Debt Service Fund and if used on a consistent basis. If there are no specific provisions of law providing for the disincorporation or dissolution of the local government, by the governing body of that local government. Except as otherwise provided in this subparagraph, any other liabilities and any remaining assets of the local government shall revert to the board of county commissioners of the county in which the local government is located. If the local government is located in more than one county, the governing body of the local government shall apportion the remaining liabilities and assets among the boards of county commissioners of the counties in which the local government is located. MODIFIED ACCRUAL BASIS – The basis of accounting under which expenditures, whether paid or unpaid, are formally recognized when incurred against the account, but revenues are recognized only when they become both measurable and available to finance expenditures of the current accounting period. All governmental funds use the modified accrual basis of accounting. MAJOR FUND – A governmental or enterprise account reported as a separate column in the basic fund financial statements.

Close Encumbrance Periods

The money in the fund at the end of the fiscal year may not revert to any other fund or be a surplus for any purpose other than the purpose specified in this subsection. Publish a summary of the fiscal report, which must contain the information required by the Committee on Local Government Finance pursuant to subsection 2, in a newspaper of general circulation in the county in which the local government is situated. A local government shall not begin the construction of a capital improvement unless the funding for the operation and maintenance of the improvement during the current fiscal year, including personnel, is included in an approved budget. Money transferred from an enterprise fund pursuant to subsection 1 must only be used to pay the capital costs of constructing one or more fire stations.

the encumbrance account of a governmental unit is debited when

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