federal government accounting
TRANSCRIPT
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Federal Government
AccountingChapter 19
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Learning Objectives Understand federal financial management
environment, including the roles and responsibilities
of various federal organizations
Identify sources of GAAP for the federal
government financial report
Understand the federal accounting model
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Learning Objectives(continued)
Explain basic budgetary process & terminology used
by the federal government
Prepare basic budgetary accounting entries and basicproprietary entries for a federal agency
Understand the financial statement requirements for
federal agencies
Understand the financial statements presented for theU.S. Government as a whole
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Federal vs. SLG Accounting Like SLG accounting
Heavily influenced by law and regulation
Major tool of fund and appropriation control
Unlike SLG accounting
Agency, not the fund, is the primary accounting entity
Provides dual track systemsbudgetary andproprietary
accounting & reporting
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Financial Accounting Responsibilities Oversight agencies
Department of the Treasury
Office of Management and Budget (OMB)
Government Accountability office (GAO)
Federal Accounting Standards Advisory Board
(FASAB)
Individual agencies
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Department of the Treasury Acts as chief accountant and banker
Primary functions Central accounting & reporting, including developing
government-wide consolidated financial statements Cash receipt & disbursement management
Management of the public debt
Supervision of agency borrowing from the Treasury
Maintenance of government-wide Standard GeneralLedger (SGL)
Issue Treasury Financial Manual which contains agencyproprietary reporting requirements and requirements toimplement the SGL
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Office of Management & Budget Broad financial management powers, including
preparing executive budget
Primary duties: Apportion enacted appropriations among agencies and
establish reserves in anticipation of cost savings,contingencies, etc.
Set requirements for accounting & reporting on budget
execution Prescribe form & content of financial statements
Provide guidance on all matters related to budgetpreparation & execution
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Government Accountability Office Headed by Comptroller General of US
Primary duties
Serves Congress in the general oversight of the executivebranch
Independent legislative auditor of federal government
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GAO Accounting & Reporting
Responsibilities Prescribe principles & standards for federal agency
accounting & financial reporting, internal control,
accounting systems, & auditing
Auditing financial statements of federal agencies
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Financial Accounting Standards
Advisory Board Created jointly by Treasury, OMB, and GAO in
1991
Promulgates accounting principles and standards tobe followed by federal agencies
9 member board, including 3 non-federal members,
one of which serves as Chairman
More information available at www.fasab.gov
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Federal Agencies responsibilities
Prepare agency budget requests for submission to
President through OMB
Establish & maintain effective accounting &financial reporting systems and internal control in
compliance with GAO requirements
Implement and operate SGL
Prepare and submit proprietary reports and budgetexecution reports
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Oversight Overview
Oversight
Agencies
Cash receipts/disbursements;central proprietary accounting& reporting; SGL, prepare &present (with OMBcoordination) audited,government-wide financial
statements; debt management.
Treasury Department
Prescribe accounting &auditing standards and auditagency financial statements.
Government
Accountability Office
Budget preparation;apportionment; centralbudgetary accounting &reporting; form and content offinancial statements.
Office of
Management & Budget
Develop & recommendaccounting and finanicalreporting principles, standards,and related requirements.
Federal Accounting
Standards Advisory Board
Maintain adequate accounting systems; implement andoperate the SGL; prepare and submit proprietary andbudget execution reports required by oversight agencies.
Federal Agencies
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Overview of Accounting & Reporting
Congress establishes guidelines for accounting &
reporting through legislation
Treasury, OMB, and GAO responsible for settingprinciples, standards, & requirements (PSR) in two
major categories
Budgetary PSR
Proprietary PSR
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Budgetary PSR
Budgetary requirements set by OMB
Requirements for reporting certain budgetary
amounts included in standards from FASAB
Implementation mandates set by OMB, but agencies
must implement them
Treasury sets requirements to help implement fiscal
reporting and management
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Proprietary PSR
By law, are responsibility of the GAO
Current practice has principles and standards set by
FASAB
GAO sets requirements for accounting systems and
internal control
OMB has legal authority to set requirements for
form and content of financial statements
Treasury implements PSR by requiring periodic
reports
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Federal GAAP Hierarchy
A. FASAB statements & interpretations and AICPA &
FASB pronouncements made applicable by FASAB
statements & interpretations
B. FASAB Technical Bulletins and AICPA Industry
Audit and Accounting Guides and SoPs (if made
applicable by AICPA to federal entities and cleared
by the FASAB)
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Federal GAAP Hierarchy (continued)
C. AICPA AcSEC Practice Bulletins if made
applicable to Federal entities and cleared by the
FASAB, and Technical Releases of the Accounting
& Auditing Policy Committee of the FASAB
D. Implementation guides published by the FASAB
staff and widely recognized and prevalent practices
in federal governmentIn absence of everything else, may consider other
accounting literature relevant to the circumstances
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Budgetary Process: Complicating factors
Agency authority to incur obligations for futuredisbursement not based on revenue estimates
Budget authority to incur obligations is granted by
Congress under three types Appropriations1-year, multi-year, no-year, or
permanent
Contract authority
Borrowing authority
Process of spending budget authority has fivedistinct steps: apportionment, allotment,commitment, obligation, & expended appropriations
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Budget Cycle
Preparation
Approval
Execution Reporting
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Preparation & Approval
Preparation begins in executive branch and endswhen presented to Congresslong and continuousprocess
Budget approval rests with Congress, which is a longprocess in itself Starts with a concurrent resolution to establish spending
limits
Ends with appropriations1,200 to 1,400 individual bills
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Execution
Based on appropriation approval, Treasury givesagency appropriation warrant
Agency submits request for apportionment to OMB
OMB makes apportionments to the agency (holdingsome back for contingencies, savings, timing orpolicy reasons)
Agency carries on activities with apportionmentsthrough allotments for programs & activities
Programs commit, obligate and expend money toacquire goods & services
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Warrants
Document that verifies an appropriation amount
contained in public law
Signed by Treasury Secretary
Contains amount of appropriation for the agency
Treasury uses warrant to monitor agency to ensure
amount is not exceeded
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Apportionment
Divisions of appropriations granted by OMB to
agencies based on their warrants
Used to allocate appropriations on a quarterly basis
While agencies record entire amount of
appropriation in records, it can only spend the
amount of the apportionment
Apportionment control maintained by OMB
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Allotments
Budgetary authority passed from agency to
subordinate managers for use
Suballotments allocate authority still further
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Commitment
Administrative reservation of budgetary authority for
goods and services
Charge to allotment based on preliminary estimate
Useful planning tool to initiate spending process
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Obligation
Legal (formal) reservation of budget authority
Based on latest estimate of cost of goods and
services
Recorded when the goods and services are ordered
Very similar to an encumbrance in SLG accounting
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Expended Appropriation
Amount of goods and services received and accepted
Formal use of budgetary authority
Equivalent to expenditures in SLG accounting
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Expired Authority
Unexpended, unobligated appropriation authorityfrom prior years
Used for variations when prior year orders are filled
in current year Lapses 5 years after appropriation became expired
FY 2005 appropriation becomes expired at start of FY2006
FY 2005 lapses at end of FY 2010
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Reporting
Budget execution reported periodically and annually
to OMBagencies report amount(s) of
Authority
Expended appropriations
Obligations
Unobligated apportionment
Disbursement incurred OMB reports centrally for governmentforms basis
for next years budget from President to Congress
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Exceeding Budget Authority:
Conditions causing problems
Apportionment exceeds appropriation
Allotment exceeds appropriation or apportionment
Obligation exceeds allotment, apportionment, orappropriation
Expended appropriation exceeds appropriation,
apportionment, or allotment
There are criminal penalties for those who exceed budget authority.
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Budgetary Equation
Budgetary Resources
Appropriations
+ Borrowing Authority
+ Contract Authority
+ Reimbursement Authority
+Collections from Other
Sources
Status of Authority
Unapportioned Appropriations
+ Apportionments
+ Allotments
+ Commitments
+ Obligations
+ Expended Appropriations
+ Expired Authority
=
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Proprietary Equation
Variations that cause differences with private sectormodel
Cash account and disbursements
Net position accounts Unique nature of and interrelationships between the
components of Net Position
Assets = Liabilities + Net Position
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Cash & Disbursements
Most agencies have very little cash except for
imprest funds
Predominant amounts represented by line-of-credit
with the Treasury in amount of warrants received
Known as Fund Balance with the Treasury
Handled similar to a bank account balance for a business
Request for payment creates a liability,Disbursements in Transit When agency is notified by Treasury payment has been made,
Disbursements in Transit and Fund Balance with Treasury are
both reduced
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Components of Net Position
Cumulative results of operations
Unexpended appropriations
Trust Fund balances
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Cumulative Results of Operations
Net difference between
Expenses and losses from the inception of an agency or
activity and
Financing sources (appropriations used and revenues) andgains from inception of an agency or activity to the
reporting date
For revolving fund or business-type activity,
essentially the same as total equityUnexpendedappropriations would be zero
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Unexpended Appropriations
Budgetary fund balance of an agency
Amounts of obligation authority that have neither
been expended or withdrawn as of the reporting date
Equal to the sum of unapportioned appropriations,
unallotted apportionments, unobligated allotments,
obligations at the reporting date, and expired
authority For agency operating on business-type basis and
receives no appropriations, component equals zero
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Changes in Net Position components
Enacting Appropriations
Incurring Expended Appropriations
Incurring Unfunded Expenses
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Enacting Appropriations
Most difficult aspect of federal agency accounting is
interrelationship among appropriations and
components of net position
Effect of appropriation on net position components
Receipt of appropriation increases Unexpended
Appropriation (and net position of agency)
Appropriation withdrawn by OMB or Congress beforeused, Unexpended Appropriation decreases by this
amount
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Effect of Incurring Expended
Appropriations on Proprietary Accounts
Unexpended appropriations account is reduced
Appropriations used increased by same amount
Either Fixed asset, inventory, or other assets acquired are
capitalized, or
Expenses incurred are recorded in amount of expended
appropriations
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Incurring Unfunded Expenses
Agencies may incur some expenses to be funded in
future years
Pension costs
Contingent liabilities
Employees annual leave earned but not taken
In proprietary accounts, expense and liability are
recognized
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Standard General Ledger
Developed in 1986 and implemented in 1988
Integration of budgetary and proprietary accounts
requiredsame transaction will require entries in
both sets of accounts
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Federal Fund Structure
Government-Owned or Federal Funds
General Fund
Special Funds
Revolving Funds
Management Funds
Trust & Agency Funds
Trust Funds Deposit Funds
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Effect of Fund Structure
Different influence than with SLGs
Budgetary reporting
Appropriations are the basis of accounting
Each appropriation for each year has a complete SGL
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Effect of Fund Structure (continued)
Proprietary entity is broader, but may still use
appropriations
Treasury requires 650-750 sets of proprietary
financial statements which are consolidated to form
agency- and department-wide statements
SGL maintains two proprietary accounts on an
appropriation basis by year Fund Balance with the Treasury
Unexpended Appropriations
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Financial Reporting
Includes both agency-level and government-wide
statements
Major agency reports due by March 1 of the
following year
Government-wide statements due to Congress from
President within one year (i.e., FY 2004 reports
would be due by 3/1/2006)
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Agency Year-end Financial Statements
Balance Sheet
Statement of Net Cost
Statement of Operations and Changes in NetPosition
Statement of Budgetary Resources
Statement of Financing
Statement of Custodial Activity
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Government-Wide Statements
Balance Sheet
Statement of Net Cost
Statement of Operations and Changes in NetPosition
Reconciliation of Net Operating Revenue (or Cost)
and Unified Budget Surplus (or Deficit)
Statement of Changes in Cash Balance from UnifiedBudget and Other Activities
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Preparation requirements
Includes all the federal governments departments,
agencies, and other units
All interdepartmental and interagency balances and
transactions are eliminated
Depreciation recorded, as required
Other adjustments, as necessary, to get a
consolidated statement
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Case Illustration
Prepared for fiscal year 20X1
Activities financed with single-year appropriation
Simplifications for examples Assume general ledger control accounts are employed
Presentation is only general ledger entries
Summary entries presented
Closing entries not shown on overheads
Effects of transactions on budgetary and proprietary
accounts x
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Congress enacted appropriation (763)[Entry 1]
Proprietary Entry
Fund Balance with the Treasury20X1
Unexpended Appropriations20X1
Budgetary Entry
Appropriations Realized
Unapportioned Authority
225,000
225,000
225,000
225,000
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OMB apportionment (764)[Entry 2]
Proprietary Entrynone
Budgetary Entry1st Quarter entry
Unapportioned Authority
Appropriations
68,000
68,000
Similar budgetary entries would be made each quarter. By the end of the year,a total of $220,000 will have been recorded in these accounts [$225,000
appropriation less the $5,000 holdback by OMB].
Further illustrative entries will assume the entire $220,000 has beenapportioned.
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Agency administrative allotments (765)[Entry 3]
Proprietary EntryNone
Budgetary Entry
Appropriations
AllotmentsRealized Resources
214,000
214,000
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Preliminary requests (765)[Entry 4]
Proprietary EntryNone
Budgetary Entry
AllotmentsRealized Resources
Commitments
48,000
48,000
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Purchase orders for supplies approved(765)[Entry 5]
Proprietary EntryNone
Budgetary Entry
Commitments
Undelivered Orders
37,000
37,000
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Received supplies (766)[Entry 6]
Proprietary Entries
Inventory of Materials & Supplies
Accounts Payable
Unexpended Appropriations20X1
Appropriations Used
Budgetary Entry
Undelivered Orders
AllotmentsRealized Resources
Expended Appropriations
30,500
30,500
30,000
500
30,500
30,500
30,500
Estimated cost was $30,000; $7,000 still outstanding; invoice was for $30,500.
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Used supplies (766)[Entry 7]
Proprietary Entry
Operating/Program ExpensesMaterials
and Supplies
Inventory of Materials & Supplies
Budgetary EntryNone
25,000
25,000
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$12,000 in checks ordered in 20X0,
issued in 2X01 (763) [Entry 8]
Proprietary Entry
Deposits in Transit
Fund Balance with Treasury20X0
Budgetary EntryNone
12,000
12,000
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Travel orders issued (766)[Entry 9]
Proprietary Entry -- None
Budgetary Entry
AllotmentsRealized Resources
Undelivered Orders
1,200
1,200
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Travel vouchers received (767)[Entry 11]
Proprietary Entry
Operating/Program ExpensesTravel
Advances to Others
Accounts Payable
Budgetary Entry
Unexpended Appropriations20X1
Appropriations Used
1,050
1,050
880
170
1,050
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Travel checks ordered (767)[Entry 12]
Proprietary Entry
Accounts Payable
Disbursements in Transit
Budgetary EntryNone
170
170
Since travel advances of $880 had already been paid, the travelers only needanother $170 to complete the reimbursements.
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Collected prior year travel advances(767) [Entry 13]
Proprietary Entry
Fund Balance with the Treasury20X0
Advances to Others
Budgetary EntryNone
800
800
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Checks ordered issued by Treasury (767)[Entry 14]
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury20X1
Budgetary EntryNone
1,170
1,170
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Expenses not previous accrued (767)[Entry 15]
Proprietary Entries
Operating/Program ExpensesRent
Operating/Program ExpensesUtilities
Operating/Program ExpensesMisc
Accounts Payable
Unexpended Appropriations20X1
Appropriations Used
13,000
8,200
3,500
24,700
24,700
24,700
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Expenses not previous accrued (768)[Entry 15] (continued)
Budgetary Entry
AllotmentsRealized Resources
Expended Appropriations
24,700
24,700
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Purchase orders approved & placed (768)[Entry 16]
Proprietary EntryNone
Budgetary Entry
CommitmentsAllotmentsRealized Resources
Undelivered Orders
10,500300
10,200
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Equipment received (768)[Entry 17]
Proprietary Entries
Equipment
Accounts Payable
Unexpended Appropriations20X1Appropriations Used
Budgetary Entry
Undelivered Orders
AllotmentsRealized Resources
Expended Appropriations
10,000
10,000
10,200
10,000
10,000
200
10,000
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Salaries & wages paid (768)[Entry 18]
Proprietary Entries
Accrued Funded Payroll & Benefits
Operating/Program ExpensesSalaries &
BenefitsFund Balance with Treasury20X0
Fund Balance with Treasury20X1
Unexpended Appropriations20X1
Appropriations Used
8,000
126,000
126,000
8,000
126,000
126,000
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Salaries & wages paid (768)[Entry 18]
Budgetary Entry
AllotmentsRealized Resources
Expended Appropriations
126,000
126,000
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Commitments placed for services (768)[Entry 19]
Proprietary EntryNone
Budgetary Entry
AllotmentsRealized ResourcesCommitments
3,0003,000
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Services contract approved (769)[Entry 20]
Proprietary EntryNone
Budgetary Entry
CommitmentsUndelivered Orders
3,0003,000
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Received contracted services (769)[Entry 21]
Proprietary Entries
Operating/Program Expenses
Contractual Services
Accounts PayableUnexpended Appropriations20X1
Appropriations Used
Budgetary Entry
Undelivered Orders
Expended Appropriations
3,000
3,000
3,000
3,000
3,000
3,000
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Checks requested from Treasury (769)[Entry 22]
Proprietary Entry
Accounts Payable
Disbursements in Transit
Budgetary EntryNone
95,200
95,200
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Checks issued by Treasury (769)[Entry 23]
Proprietary Entry
Disbursements in Transit
Fund Balance with Treasury20X0
Fund Balance with Treasury20X1
Budgetary EntryNone
85,000
30,000
55,000
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Depreciation recorded (769)[Entry 24]
Proprietary Entry
Operating/Program Expenses
Depreciation
Accumulated Depreciation
Budgetary EntryNone
2,500
2,500
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Accrual of salaries & benefits (769-770)[Entry 25]
Proprietary Entries
Operating/Program ExpensesSalaries &
Benefits
Accrued Funded Payroll & BenefitsUnexpended Appropriations20X1
Appropriations Used
Budgetary Entry
AllotmentsRealized Resources
Expended Appropriations
7,000
7,000
7,000
7,000
7,000
7,000
I d li bilit f d l
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Increased liability for accrued annual
leave (763) [Entry 26]
Proprietary Entry
Operating/Program ExpensesSalaries &
Benefits
Accrued Unfunded Annual Leave
Budgetary EntryNone
10,000
10,000
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Agency Financial Statements
Based on case study, the statements are:
Balance Sheet
Statement of Net Cost
Statement of Operations and Changes in Net
Position
Statement of Budgetary Resources
Statement of Financing (not shown)
Statement of Custodial Activity (not shown)
1
2
3
4
Go ernment Wide Financial Statement
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Government-Wide Financial Statement
Examples
Statements of Net Costs
Statements of Operations and Changes in Net
Position
A
B
https://mail.ttu.edu/exchange/george.l.hunt/Inbox/Emailing:%20Ch14DerivingGWS,%20Ch14GAWSAdjustments,%20Ch14GFvsGA,%20Ch14NACalculations,.EML/1_multipart_xF8FF_76_Chapter19.ppt/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Ch%2019%20USG%20BS.pdfhttps://mail.ttu.edu/exchange/george.l.hunt/Inbox/Emailing:%20Ch14DerivingGWS,%20Ch14GAWSAdjustments,%20Ch14GFvsGA,%20Ch14NACalculations,.EML/1_multipart_xF8FF_76_Chapter19.ppt/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Ch%2019%20USG%20SoNC.pdfhttps://mail.ttu.edu/exchange/george.l.hunt/Inbox/Emailing:%20Ch14DerivingGWS,%20Ch14GAWSAdjustments,%20Ch14GFvsGA,%20Ch14NACalculations,.EML/1_multipart_xF8FF_76_Chapter19.ppt/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Ch%2019%20USG%20SoNC.pdfhttps://mail.ttu.edu/exchange/george.l.hunt/Inbox/Emailing:%20Ch14DerivingGWS,%20Ch14GAWSAdjustments,%20Ch14GFvsGA,%20Ch14NACalculations,.EML/1_multipart_xF8FF_76_Chapter19.ppt/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Ch%2019%20USG%20BS.pdf