Miss Essay

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1. Government-wide statement of activities a) Expenses should be reported by function or program i. Direct Expense – generally reported by function or program expenses can be directly linked with functions or programs. ii. Indirect Expenses – are not directly to a function or program b) Revenues should be distinguished between iii. Program revenues – reported in three categories 1. Charges for services 2. Operating grants and contributions 3. Capital grants and contributions iv. General revenues – NOT direct link to a program or a function (Ex: taxes, property taxes) c) A net expenses or revenues format is used in the top section of the statement of activities. Expenses – Program Revenues = Net Expenses (revenues) d) Extraordinary items, special items, and transfers are reported as separate line items near the bottom of the government-wide statement of activities v. Extraordinary items – both unusual and infrequent vi. Special items – either unusual or infrequent (within medicine’s control) 2. General Fund Balance Sheet and Operating Accounts e) Non-spendable; Restricted; Committed; Assigned; Unassigned Non-spendable; Restricted; Committed; Assigned; Unassigned General Fund Equation Assets = Liabilities + Fund Balance f) Balance Sheet Accounts vii. Assets (Primarily Current Assets) Cash, DUE FROM other funds, DUE FROM other Government, Taxes Receivable, Investments, Prepaid items (supplies inventory) viii. Liabilities (Primarily Current Liabilities) DUE TO other funds, DUE TO other governments, Vouchers Payable, Accrual Liabilities, Deferred revenues ix. Fund Equity – consist of 4. Non-spendable

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