THEBASICSOFFUNDACCOUNTING

Presentedby:

DarlaErickson
LocalGovernmentServicesBureau
StateAccountingDivision,DepartmentofAdministration

THEBASICSOFFUNDACCOUNTING
Topicscoveredinthispresentation:
OverviewofGovernmentalAccountingBasics
Overview of Governmental Accounting Basics
Principles
FundamentalsofDebitsandCredits
FundAccounting/BasisofAccounting

UsingtheBARSChartofAccounts
Funds
Accounts
Objects

THEBASICSOFFUNDACCOUNTING
SOMEOFTHEACRONYMSCOMMON
TO GOVERNMENTAL ACCOUNTING
TOGOVERNMENTALACCOUNTING
CAFR

Comprehensive Annual Financial Report

GASB

Governmental Accounting Standards Board

GAAFR

Governmental Accounting, Auditing,

and Financial Reporting

GAAP

Generally Accepted Accounting Principles

3

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING

AccountingandReportingCapabilities

ChartofAccounts:
http://doa.mt.gov/lgsb/Forms/AccountingSystemsProgram/1_AccountingM
anuals/01_BARSChartofAccount

Updates:http://doa.mt.gov/lgsb/bars_memos

FundAccountingSystems

Accountingsystemsshouldbemaintainedinaccordancewithgenerally
acceptedaccountingprinciples(GAAP)anduniforminMTbyusingtheBARS
ChartofAccountsasprescribedbytheLocalGovernmentServicesBureau

Accountingsystemsshouldbeorganizedandoperatedonafundbasis

FundTypes
Fundfinancialstatementsshouldreportgovernmental,proprietary
andfiduciaryfundtypesifapplicable

NumberofFunds
Onlymaintainthosefundsrequiredbylawandsoundfinancialmanagement
4

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING

SpecialRevenueFunds(*recentchange)
p
(
g )
SpecialRevenueFundsmustmeetthenewdefinitionofaspecial
revenuefundaccordingtoGASB54:
Usedtoaccountforproceedsofspecificrevenuesources thatare
committedorrestricted toexpendituresforspecificpurposesother
thandebtserviceorcapitalprojects.
Balanceswillbe
Nonspendable
Restricted
Committed
Assigned(butnotonlyassignedfundbalance)
NegativeUnassignedFundBalance
*Existingfundsthatdonotmeetthisfundbalancetypewillreporttheirbalanceinthe
GeneralFundatyearendforreportingpurposes.
*OrCommitRevenuesorFundBalancetoamajorpurposebyyearendbytakingthe
highestactionoflocalgovernmentbyyearend.
5

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING

ReportingCapitalAssets
p
g p
Acleardistinctionshouldbemadebetweengeneralcapitalassetsand
thoseoftheproprietaryandfiduciaryfunds.
CapitalAssetsaredifferent thananassetinventorylisting
ThresholdPolicyshouldbedeterminedbycostandusefullife

ValuationofCapitalAssets
Assetsshouldbereportedathistoriccost
Donatedassetsattheestimatedfairmarketvalueatthetimeofacquisition

DepreciationofCapitalAssets
Capitalassetsshouldbedepreciatedovertheirestimatedusefullives
Useyourentityshistoricalinformationtodeterminetheusefullife thelifewill
varyaccordingtouseoftheasset
6

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING
ReportingLongtermLiabilities
Reporting Longterm Liabilities
Acleardistinctionshouldbemadebetweenbusinesstypelongterm
liabilitiesandgenerallongtermliabilities

MeasurementFocus/BasisofAccountingintheBFS
Thebasicfinancialstatementsshoulddisplaythegovernmentwide
financialstatements(fullaccrual)andthefundfinancialstatements
(modifiedaccrual)

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING
Budgeting,BudgetaryControl/Reporting
Budgetsshouldbeadopted,controlledthroughmonitoringand
comparisonstatementsincludedinreporting.
Thebudgetarystatementsshouldpresentoriginalbudget,final
budget,actualamountsandacomparisonwithactualtofinal
Datechange:Approvedbudget duetoCountybythelaterof30daysafterreceipt
ofthecertifiedtaxablevaluationorfirstThursdayinSept
DuetoLGSB60daysafterreceiptofthecertifiedtaxablevaluationorOct1
LocalBudgetAct:7640MCA

Transfer,Revenue,Expenditure/ExpenseClassifications
Revenuesshouldbemaintainedbyfund,majorsourceandother
financingsources
Expendituresofgovernmentalfundsbyfund,function/activityand
otherfinancinguses(transfers,etc)
Expensesofproprietaryfundsbyfund/activity/object
8

THEBASICSOFFUNDACCOUNTING
PRINCIPLESOFGOVERNMENTALACCOUNTING
CommonTerminologyandClassification
gy
f
Acommonterminologyandclassificationshouldbeused
consistentlythroughouttheaccountingsoftware,budget,and
financialreportofeachfund

AnnualFinancialReports
Preparationoffinancialreportsforthebenefitofmanagement
shouldbeprepared
AnAnnualFinancialReportshouldbepreparedandmadeavailable
An Annual Financial Report should be prepared and made available
tothepublicandtheLocalGovernmentServicesBureau
DuetoLGSBbyDec31

THEBASICSOFFUNDACCOUNTING
FinancialStatements:
BalanceSheet(GovernmentalFunds)or
StatementofNetAssets(EnterpriseFunds)
Consistsof:

Assets debit balance

Liabilities credit balance
Liabilities
FundBalance(GovernmentalFunds)orNet
Assets(EnterpriseFunds)
FundBalance/NetAssets=Assets Liabilities
OrAssets Liabilities=FundBal/NetAssets 10

THEBASICSOFFUNDACCOUNTING
Assets
HaveaDebitBalance
Ifanassethasacredit balance the
accounthasanegativebalance
Thisisnotnormal
hi i
l

11

THEBASICSOFFUNDACCOUNTING
To increase an asset account you
debit the account

To decrease an asset account

you credit the account
12

THEBASICSOFFUNDACCOUNTING
Liabilities
HaveaCreditBalance
Ifaliabilityhasadebit balance
theaccounthasanegative
balance
Thisisnotnormal
13

THEBASICSOFFUNDACCOUNTING
To increase a liability account
you credit the account

To decrease a liability account

you debit the account
14

THEBASICSOFFUNDACCOUNTING
Fund Balance/Net Assets has a credit balance
If it has a debit balance that is negative
negative and isnt
isn t
normal.
Entries should rarely if ever debit or credit fund bal or
net assets

When you post a debit to an asset or

liability account fund balance/net assets will
automatically increase
When you post a credit to an asset or liability
account fund balance/net assets will
automatically decrease
15

THEBASICSOFFUNDACCOUNTING
FinancialStatements:
StatementofRevenues,ExpendituresandChangesin
, p
g
FundBalances(GovernmentalFunds)
orStatementofRevenue,ExpensesandChangesinNet
Assets(EnterpriseFunds)
Consistsof:

Revenues credit balance

Expenditures/Expenses debit balance
OtherFinancingSources(Uses)orNonOperating
Revenue/Expense
16

THEBASICSOFFUNDACCOUNTING
Revenues
HaveaCreditBalance
Ifarevenuehasadebit balance
theaccounthasanegative
balance
Thisisnotnormal
17

THEBASICSOFFUNDACCOUNTING
To increase a revenue account
you credit the account

To decrease a revenue account

you debit the account
18

THEBASICSOFFUNDACCOUNTING
Expenditures/Expenses
HaveaDebit Balance
Ifanexpenditure/expenseaccount
hasacredit balance theaccount
has a negative balance
hasanegativebalance
Thisisnotnormal
19

THEBASICSOFFUNDACCOUNTING
To increase an expense/expenditure
account you debit the account

To decrease an expense/expenditure
account you credit the account
20

10

FUNDAMENTALSOFDEBITS&CREDITS
BASIC ACCOUNTING FORMULA

DR

CR

Example: You receive $10 for a dog license

$10
=
$10
Cash (Asset)
=
Revenue (Pet Lic)
101000
=
323030
21

FUNDAMENTALSOFDEBITS&CREDITS
BASIC ACCOUNTING
FORMULA
EXPENSES/
EXPENDITURES +

ASSETS

DR

REVENUES +

LIABILITIES + EQUITY

CR
22

11

FUNDAMENTALSOFDEBITS&CREDITS
ACCOUNTING FORMULA

EXPENSES/
ASSETS + EXPENDITURES = REVENUES + LIABILITIES + EQUITY

ASSETS = LIABILITIES + EQUITY

DR

CR
23

FUNDAMENTALSOFDEBITS&CREDITS
SELF-BALANCING SET OF ACCOUNTS

ACCOUNTING FORMULA
ASSETS + EXPENSE = REVENUES + LIABILITIES + EQUITY

DR

CR
24

12

FUNDAMENTALSOFDEBITS&CREDITS
RECAP
Debitsmustequalcredits
Anentrymadewithinafundshouldhaveequaldebits
andcredits

Alldebitsandcreditsshouldbemadetoasset,
liability,revenue,expenditure/expense,other
financingsources/usesorrestatementaccounts
Rarely,ifever,shouldfundbalance/netassets
accountsbedebitedorcredited
25

Testourknowledge
1. Assets have a normal __________ balance:
1 Credit
1.
C dit
2. Debit
2. Liabilities have a normal ______ balance:
1. Debit
2. Credit
3. Debits should equal:
1. Revenues
2. Credits
26

13

TYPESOFFUNDS
GOVERNMENTAL FUNDS
1000 ~ General
2000 ~ Special Revenue
3000 ~ Debt Service
4000 ~ Capital Projects
8000 ~ Permanent

27

TYPESOFFUNDS

PROPRIETARY FUNDS
5000 ~ Enterprise

6000 ~ Internal Service

28

14

TYPESOFFUNDS

FIDUCIARY FUNDS
7000 ~ Pension Trust
~ Investment Trust
~ Private Purpose Trusts
~ Agency
29

TYPESOFFUNDS
9000 ACCOUNT GROUPS - For Governmental Funds!
General Capital Assets ~ 9000
General Long-Term Debt ~ 9500
No longer required to be reported
Can keep updated for your records
30

15

THEBASICSOFFUNDACCOUNTING
BASIS OF ACCOUNTING
Deals with the timing and recognition of
transactions and events
When recognized:

Full Accrual Basis

Modified Accrual Basis
Cash Basis
31

THEBASICSOFFUNDACCOUNTING
BACKTOTHEBASICS
Full Accrual Basis of Accounting
Recognizes increases and decreases in economic
resources (Net Assets) as soon as the
underlying event or transaction occurs
Revenues are recognized as soon as they are
earned
Expenses are recognized as soon as the liability
is incurred
Regardless of the time of related cash inflow
and outflows
32

16

THEBASICSOFFUNDACCOUNTING
BACKTOTHEBASICS
Modified Accrual Basis of Accounting
Recognizes
g
increases and decreases in financial
spendable resources only to the extent that
they reflect near-term inflows and outflows of
cash
Amounts are recognized as revenues when earned,
only so long as they are collectible within the
period or soon enough thereafter to be used to
pay liabilities of the current period. (60 days)
In other words, when they are available to pay
expenditures of the current period.
33

BACKTOTHEBASICS
The Cash Basis of Accounting
Is
I th
the simplest
i l t to
t achieve
hi
and
d provides
id th
the lleastt
disclosure
Only revenues received and expenses or expenditures
disbursed are recognized
The Balance Sheet of the Governmental Unit
displays only a balance in cash and the fund
balance accounts.
The Operating Statement presents results of only the
cash transactions for the reporting fund.
34

17

Testourknowledge
Governmental Funds are reported using
which Basis of Accounting:
1. Full Accrual Basis
2. Modified Basis
3. Cash Basis
Enterprise Funds are reported using
which Basis of Accounting:
1. Full Accrual Basis
2. Modified Basis
3. Cash Basis

35

BASIS&MEASUREMENTFOCUS
PRACTICAL DIFFERENCES:
Receipt of long-term debt proceeds
Repayment of the principal of long-term
debt
Capital acquisition (outlay)
Depreciation of capital assets
Deferrals and amortizations
36

18

BACKTOTHEBASICS
ILLUSTRATIVE ENTRIES
RECEIPT OF LONG
LONG-TERM
TERM DEBT PROCEEDS
PROCEEDS:
PROPRIETARY FUNDS:
Cash

DR

CR

$20,000

Bonds Payable

$20,000

GOVERNMENTAL FUNDS:
Cash

$20,000

Other Financing Sources

$20,000

(Proceeds of General Long-Term Debt)

37

BACKTOTHEBASICS
ILLUSTRATIVE ENTRIES
REPAYMENT OF THE PRINCIPAL OF LONG-TERM DEBT:
PROPRIETARY FUNDS:
Bonds Payable
Interest Expense

DR

CR

$5,000
300

Cash

$5,300

GOVERNMENTAL FUNDS:
Expenditure- Bond Principal
Expenditure-bond Interest
Cash

$5,000
300
$5,300
38

19

BACKTOTHEBASICS
ILLUSTRATIVE ENTRIES
CAPITAL ACQUISITION:

DR

CR

PROPRIETARY FUNDS:
Equipment

$20,000

Cash

$20,000

*If expense/capital outlay was used reverse as part of closing entries

GOVERNMENTAL FUNDS:
Expenditure-capital Outlay

$20,000

Cash

$20,000

39

BACKTOTHEBASICS
ILLUSTRATIVE ENTRIES

PROPRIETARY FUNDS:
Depreciation Expense

DR

CR

$2,000

Accumulated Depreciation

$2,000

GOVERNMENTAL FUNDS:
Depreciation may be Recorded in the General Capital Asset
Account Group
*****Not in the Governmental Fund Itself!
40

20

41

BARSCHARTOFACCOUNTS
ChartofAccountsistheframeworkofan
accountingsystem
IsauniformsystemforLocalGovernments
Providestheinformationneededfor
administration&reportingpurposes
Allowsforcomparisons
ll
f
i
Fundshaveof4digits
Accountshave6digits
Objectshave3digits
42

21

BARS FUNDCLASSIFICATIONS
1000 - General Fund
2000 - Special Revenue Funds
3000 - Debt Service Funds
4000 - Capital Projects Funds
5000 - Enterprise Funds
6000 - Internal Service Funds
7000 - Fiduciary Funds (Trust & Agency)
8000 - Permanent Funds
9000 - General Capital Asset/Long-Term Debt
43

BARSFUNDCLASSIFICATIONCONT.
Exampleoffurtherbreakdownoffunds:

5000 5999 EnterpriseFunds

p
5010 Golf
5110 Hospital/NursingHome
5210 Water
5310 Sewer
5410 SolidWaste
5415 Landfill

5510 Ambulance

44

22

BARSBALANCESHEETACCOUNTS
100000

Assets and Other Debits

200000

Liabilities, Equity and

Other Credits

Within these two groups, assets and liabilities are

f th defined
further
d fi d into
i t other
th logical
l i l categories
t
i
depending upon the nature of the particular asset
or liability.
45

BALANCESHEETACCOUNTS
Principalgroupsofasset&otherdebitnumbers:
100000 Cash/Investments
/
110000 Taxes/AssessmentsReceivable
120000 OtherReceivables
130000 Duefromandadvancefrom
140000 PrepaidExpenses
150000 Inventories
160000 RestrictedAssets
170000 OtherDebits
46

23

BALANCESHEETACCOUNTS
Exampleoffurtherbreakdownofanasset
account:
t

110000 TaxesReceivable
111000 MobileHomeTaxesReceivable
113000 RealTaxesReceivable
115000 PersonalTaxesReceivable
116000 ProtestedTaxesReceivable
118000 SpecialAssessmentsReceivable

47

BALANCESHEETACCOUNTS
Liabilities,equity&othercreditsnumbers:

200000
0000 ShorttermPayables
Sh t t
P bl
210000 OtherShorttermPayables/Dueto
220000 DeferredCredits
230000 LongtermLiabilities
240000 Othercredits
250000 270000 FundBalance/NetAssets
280000 InvestmentinCapitalAssets(Fund9500)
48

24

BARS REVENUEACCOUNTS
BARS
310000
320000
330000
340000
350000
360000
370000
380000
390000

Taxes
Licenses and Permits
Intergovernmental Revenues
Charges for Services
Fines and Forfeitures
Miscellaneous Revenues
Investment Earnings
Other Financing Sources
Internal Services
49

BARS EXPENDITUREACCOUNTS
BARS
410000
420000
430000
440000
450000
460000
470000
480000
490000

- General Government
- Public Safety
- Public Works
- Public Health
- Social/Economic Services
- Culture and Recreation
- Housing and Community Dev.
- Conversation of Natural Resources
- Debt Service
50

25

BARS EXPENDITUREACCOUNTS
BARS
EXPENDITUREACCOUNTS
CONT.

500000
510000
520000

- Internal Services
- Miscellaneous
- Other Financing Uses

51

BARS OBJECT
BARS
EXPENDITURECLASSIFICATIONS
100
200
300
400
500
600
700
800
900

- Personal Services
- Supplies
S
i
- Purchased Services
- Building Materials
- Fixed Charges (Insurance, rent)
- Debt Service
- Grants, Contributions, Indemnities
- Other Objects, Transfers, Depreciation
- Capital Outlay
52

26

BARS OBJECT
BARS
EXPENDITURECLASSIFICATIONS

Exampleoffurtherbreakdownofobjectcodes:

200
00 Supplies
210 OfficesSupplies
220 OperatingSupplies
230 Repair&MaintenanceSupplies
231 Fuel
Fuel Gas,Oil,Diesel
Gas Oil Diesel
232 Motorvehicleparts
233 Machinery&equipmentparts

240 OtherRepair&MaintenanceSupplies
250 SuppliesforResale
53

BACKTOTHEBASICS
BUDGETARY, ACCOUNTING AND REPORTING SYSTEM (BARS) FOR
MONTANA, CITIES, TOWNS AND COUNTIES

BARS ACCOUNT STRUCTURE

Asset & Liability Accounts - (Illustration 1)

1st Digit 1 = Assets & Other Debits

1st Digit 2 = Liabilities& Other Credits
Fund

Account

Number

Number

XXXX

XXXXXX
54

27

BACKTOTHEBASICS
BARS ACCOUNT STRUCTURE
Asset & Liability Accounts - (Illustration 1)

1st Digit 1 = Assets & Other Debits

1st Digit 2 = Liabilities& Other Credits
Fund

Account

Number

Number

1000

101000

GENERAL

55

CASH

BACKTOTHEBASICS
BARS ACCOUNT STRUCTURE - CONT.
Revenue Accounts - (Illustration 2)

1st Digit 3= Revenue

Organization

Fund
Program
g
X

Job
XXX

Optional

Code

Major

Code ((Department
p
) Source
1000
GENERAL

XXX
Optional

Sub-Source

Detail

31

010

TAXES

GENERAL
PROPERTY
TAXES

REAL
ESTATE
TAXES

56

28

BACKTOTHEBASICS
BARS ACCOUNT STRUCTURE - CONT.
Expenditure Accounts - (Illustration 3)

1st Digit 4 & 5 - Expenditures

Organization
Fund

Code

Program Job

Code

(Department)

1000

Optional

XXX

GENERAL

XXX
Optional

Sub

Major

Function Activity Activity Object

42

01

40

PUBLIC
SAFETY

LAW
ENFORCEMENT
SERVICES

2
SUPPLIES

CRIME
CONTROL &
INVESTIGATION

SubObject

Detail

Optional
UNIFORMS

OPERATING
SUPPLIES
57

58

29

BACKTOTHEBASICS

59

BACKTOTHEBASICS

60

30

REVENUEQUIZ
Identifytheappropriaterevenuecodenumberforthefollowingrevenueitems:
Fund#
Account#
1.Accruingmonthlyfeesforgarbagecollectionsservices _____________________________
2.Thereceiptofrealestatetaxesinthegeneralfund
_____________________________
3.Thereceiptofpersonalpropertytaxesingeneralfund _____________________________
4.ThereceiptofmoneyfromtheMontanaTreasureState
Endowmentprogramforawaterproject
_____________________________
5.Thereceiptofinterestonacapitalprojectsfund_____________________________
6.Thereceiptofmoneyfromthestateasanallocationfrom
taxesonfuel
_____________________________
7.ThereceiptofafederalCommunityDevelopmentBlock
Grant
_____________________________
8.ThereceiptofmoneyfromtheCityJudgeforfines_____________________________
9.Thereceiptofproceedsfromswimmingpoolcollections______________________________
10.Thereceiptoffeescollectedbytheclerkforcopies
______________________________
61

EXPENDITUREQUIZ
Identifytheappropriateexpenditure/expensecodenumberforthefollowingitems:
FundAccountObject
1.PaymentofwagestotheFinancialClerk
_____________________
2.Thepurchaseoftiresforadumptruckintheroad
andstreetdepartment_____________________
3.Thepurchaseofagarbagetruckforuseincollection______________________
4.ThepurchaseofenvelopesfortheCityJudge______________________
5.Paymentforelectricityforabuildingatthewaterplant______________________
6.Paymentsfortherentalofabackhoepaidforwith
gas tax monies
gastaxmonies
_____________________
7.Thepurchaseofaridinglawnmowerforthepark
_____________________
8.Recordingthedepreciationofgarbageequipment_____________________
9.Paymentoftheemployer'scontributiontoPoliceChiefs
retirement_____________________
10.PaymentforthecostoftheauditoftheCity
_____________________
62

31

Questions

63

Local Government Services Bureau

Website: http://doa.mt.gov/lgsb
Address: 301 S Park Ave ~ Room 340
PO B
Box 200547 ~ Helena,
H l
MT 59620-0547
59620 0547
Phone: 841-2909

64

32

Daniels

Lincoln
Glacier

Toole

Blaine

Flathead

Lake

Sherida
n

Hill

Roosevelt

Valley

Phillips

Richland

Chouteau

Teton

McCone
Cascade

Fergus

Dawson

Garfield

Judit
h
Basin

Missoula

Musselshell

Meagher

Rosebud
Fallon
Custer

Sweet
Grass

Gallati
n

Big Horn
Madison

Kalispell
Magda Nelson
(406)257-5245
mmnelson@bresnan.net

Helena
Jamie Cain
(406)841-2902
Jcain@MT.Gov

Park

Powder
River

Carter

Carbon

Billings
Darla Erickson
(406)371-5627
Derickson@MT.Gov

Circle
Tod Kasten
(406) 974-3377
Tkasten@MT.Gov

Jamie Cain
Area 1 Helena
Phone: 841-2902
Jcain@mt.gov

Darla Erickson
Area 2 Billings
Phone: 371-5627
derickson@mt.gov

Area 1 Helena
Anaconda Deer Lodge
Anaconda-Deer
Beaverhead
Blaine
Broadwater
Butte-Silver Bow
Cascade
Chouteau
Gallatin
Granite
Hill
Jefferson
ff
Lewis & Clark
Madison
Meagher
Powell
Teton

Area 2 Billings
Big Horn
Carbon
Fergus
Golden Valley
Musselshell
Park
Petroleum
Rosebud
Stillwater
Sweet Grass
Treasure
Wheatland
Yellowstone

65

66

33

Tod Kasten
Area 3 Circle
Phone: 974-3377
TKasten@mt.gov
Area 3 Miles City
Carter
Custer
Daniels
Dawson
Fallon
McCone
Phillips
Powder River
P i i
Prairie
Richland
Roosevelt
Sheridan
Valley
Wibaux

Magda Nelson
Area 4 Kalispell
Phone: 257-5245
mmnelson@bresnan.net
Area 4 Kalispell
Flathead
Glacier
Lake
Liberty
Lincoln
Mineral
Missoula
Pondera
R
Ravalli
lli
Sanders
Toole

67

68

34

THEBASICSOFFUNDACCOUNTING
Q
QUIZ#1 AccountType&NormalBalance
yp
Accountstouse:
*Asset
*Liability
*Equity
*Revenue
*Expenditure/Expense
*Contraasset(use2times)

NormalBalances:
*Debit
*Credit

69

THEBASICSOFFUNDACCOUNTING
QUIZ #1 Account Type & Normal Balance
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Depreciation

__________

_________

Accounts Payable

__________

_________

Deferred Revenue

__________

_________

Interest Receivable

__________ ________

Assigned Fund Balance

__________ _________
70

35

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Cash

__________

_________

Amount To Be Provided

__________

_________

g
Interest Earnings

__________

_________

Allowance For Depreciation

__________ ________

City Court Fines (Collected)

__________ _________
71

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Real Estate Taxes (Collected)

__________

_________

Capital Outlay

__________

_________

Warrants Payable
y

__________

_________

Inventories

__________

________

Net Assets

__________ _________
72

36

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Due To Other Governments

__________

_________

Accounts Receivable

__________

_________

Debt Service Interest

__________

_________

Judgments & Losses

__________ ________

Prepaid Expense

__________ _________
73

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Bonds Payable

__________

_________

Taxes Receivable

__________

_________

Gas Tax Apportionment

pp

__________

_________

Deposits Payable

__________

________

Animal Licenses

__________ _________
74

37

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Supplies purchased

_________

_________

Sale of Capital Assets

__________

_________

Allowance For Uncollectible Accounts

__________

_________

County Option Tax

__________ ________

Federal Disaster Aid

__________ _________
75

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Street & Road Maintenance

_________

_________

Due From Other Funds

__________

_________

Machineryy & Equipment

q p

__________

_________

Fund Balance

__________

________

Charge for Copying Services (collected) __________ _________

76

38

THEBASICSOFFUNDACCOUNTING
QUIZ #1 - CONT.
TYPE OF

NORMAL

ACCOUNT NAME

ACCOUNT BALANCE

Jury Services

_________

_________

Penalty & Interest on Delinq. Taxes

__________

_________

Restricted for Revenue Bond

__________

_________

Advance to other Funds

__________

________

77

78

39

79

80

40

THEBASICSOFFUNDACCOUNTING
Quiz#2 Commonentries
Accountstouseforthisquiz:

Cash
Supplies
GasTaxApportionment
TaxesReceivable
AccountsReceivable
AccountsPayable
InterestReceivable
InterestRevenue
PrepaidExpense
Expense(EnterpriseFunds)/Expenditure(GovernmentalFunds)
Depreciation
AllowanceforDepreciation
DeferredRevenue
TaxRevenue
81

THEBASICSOFFUNDACCOUNTING
QUIZ #2 ENTRIES
DEBIT

CREDIT

Record Receipt of Gas Tax Apportionment from State

______________________________

$______

___________________________

$_______

Record Purchase of Supplies

______________________________
___________________________

$______
$_______
82

41

THEBASICSOFFUNDACCOUNTING
QUIZ #2 ENTRIES CONT.
DEBIT

CREDIT

Record the Receipt of Taxes

______________________________

$______

___________________________

$_______

R
Record
d th
the A
Accruall off E
Expenditures
dit
______________________________

$______

___________________________

$_______
83

THEBASICSOFFUNDACCOUNTING
QUIZ #2 ENTRIES CONT.
DEBIT

CREDIT

Record the Payment of the Expenditure Accrual

______________________________

$______

___________________________

$_______

Record the Accrual of Interest Revenue

______________________________
___________________________

$______
$_______
84

42

THEBASICSOFFUNDACCOUNTING
QUIZ #2 ENTRIES CONT.
DEBIT

CREDIT

Record the Receipt of the Interest Revenue

______________________________

$______

___________________________

$_______

Record Annual Depreciation Expense

______________________________
___________________________

$______
$_______
85

86

43

87

44