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　　Modified Accrual Accounting
　　The similarities of modified accrual accounting with commercial GAAP.
　　Both have equation for statements of financial position/B.S.In modified accrual，“Current assets and deferred outflows of resources=current liabilities and deferred inflows of resources+fund balance”
　　Both producing operating statements.
　　Both use historical cost and comply with most GAAP
　　Both are concerned with safeguarding assets and providing information for internal and external use.
　　Both can use double entry.
　　Terminology is similar.
　　The difference of modified accrual accounting with commercial GAAP
　　三層皮對(duì)一層皮。(“Budgetary accounting+Activity accounting+Encumbrance accounting=government fund accounting” Vs.Commercial accounting)
　　Governmental funds must comply with both legal statutes and GAAP.
　　Because governmental funds have NO profit motive，so there are no income determination.
　　Each fund is a separate entity;a self-balancing set of accounts.
　　Sources of governmental resources
　　1st tier Revenue Vs.Other Financing Sources
　　2nd tier of Revenue include：
　　Taxes-Income and sales
　　Taxes–Property and real estate
　　Fines and penalties
　　2nd tier of Other Financing sources include：
　　Debt proceeds(bonds and notes)
　　Interfund transfers
　　三層皮概攬
　　Budget 預(yù)算+Activity 活動(dòng)+Encumbrance占位
　　預(yù)算定總盤，借貸正相反。
　　訂單要占位，防止沒錢付。
　　現(xiàn)金支出時(shí)，正常記分錄。
　　若是曾占位，要把占位清。
　　年底預(yù)活轉(zhuǎn)，占位可跨年。
　　Budgetary accounting is used to control expenditures and to account for the levy of taxes sufficient to cover estimated expenditures.The major features of budgetary accounting are the use of budgetary accounts and the use of encumbrances.
　　Budgetary accounting is used to control expenditures and to account for the levy of taxes sufficient to cover estimated expenditures.The major features of budgetary accounting are the use of budgetary accounts and the use of encumbrances.
　　Encumbrances. Open purchases orders represent an encumbrance or reduction of the appropriations of a government.In order for governmental managers to effectively monitor the degree to which they have used their budgetary appropriations，governmental accounting systems reflect not only the expenditures but also the obligations to spend (purchase orders)。This is done to prevent overspending of appropriations.
　　Budgetary accounts are “estimated accounts，”which are the opposite (in terms of “natural” debit and credit balances)from “real，”“proprietary，”or “actual” accounts.
　　Budgetary accounts are posted only twice during the year(unless a supplemental appropriation is made)
　　Estimated revenues–appropriations=Budgetary control(an Equity account)
　　At the beginning of the year
　　Dr.Estimated revenue control
　　Dr.Estimated other financing sources
　　Dr./Cr.Budgetary control
　　Cr.Appropriations control
　　Cr.Estimated other financing uses
　　At the end of the year，the budget is reversed and closed.The entry‘s debit and credit are reversed.The accounts and amount are exactly SAME.
　　Governmental fund revenues are recorded when measurable and available.
　　Available means the collection period does NOT exceed 60 days after fiscal year-end.
　　Governmental fund revenues often arise from non-exchange transactions.
　　Non-exchange transaction is a transaction in which a government gives or receives value without directly giving or receiving equal value in return.
　　There are four classifications of non-exchange revenues that serve as the basis for most government fund resources.特點(diǎn)：No underlying exchange transaction for those revenue.
　　Derived Non-exchange Tax Revenue.所得稅與流轉(zhuǎn)稅。Accrued and recognized as revenue if
　　a)measurable，b)due at year end，c)actually received within 60 days of year end.
　　Imposed Non-exchange Revenue. 財(cái)產(chǎn)稅與罰款。Accrued and recognized if a)billed.
　　Government Mandated Non-exchange Transactions.上級(jí)政府專項(xiàng)拔款。類似中央財(cái)政向?qū)幭南掳我S干渠維護(hù)專項(xiàng)資金。條件是干渠日常維護(hù)達(dá)到中央設(shè)定標(biāo)準(zhǔn)。Accrued and recognized as revenue if a)measurable，b) available，c) Eligibility requirements are met.
　　Voluntary Non-exchange Transactions.政府間自愿劃拔。北京市向西藏劃拔資金，支援西藏中學(xué)建設(shè)。Accrued and recognized as revenue if a)restriction are met
　　Governmental funds revenue recognition summary：
　　Billed/Recorded：Imposed non-exchange revenues(Real estate taxes，fines and penalties)
　　Received：Derived tax revenue(income taxes，sales taxes)
　　Earned：Cash have been collected in advance.Or collection is sured.
　　Accrual of real property tax
　　Dr.Real property taxes receivable–current 1800K
　　Cr.Revenues–property taxes 1620K
　　Cr.Allowance for uncollectible taxes receivable–current 180K
　　Collection of real property tax
　　Dr.Cash 1458K
　　Cr.Real property taxes receivable–current 1458K
　　Reclassify receivables to delinquent：
　　Dr.Property taxes receivable–delinquent 342K
　　Cr.Property taxes receivable–current 342K
　　Adjust revenue of real property tax
　　Dr.Revenues–property taxes 162K
　　Dr.Allowance for uncollectible taxes–current 180K
　　Cr.Property taxes receivable–delinquent 342K
　　Expenditures=Operating expenditures+Capital purchase+Debt services payments
　　In governmental fund there is NO matching principle，so all items are expenditures：fixed assets，bond issue costs，and debt payments.
　　Operating expenditures entry
　　Dr.Expenditures–wages
　　Cr.Cash
　　Purchase of a capital item entry
　　Dr.Expenditures–capital outlay
　　Cr.Voucher payable or Cash
　　Principal payment on debt entry
　　Dr.Expenditures–Debt service
　　Cr.Cash
　　Expenditure is recognized when the voucher payable is recorded OR cash is paid，which is earlier.
　　Alternatives for Expenditure Recognition
　　For current assets only，include supplies，prepaid(insurance)，inventory.
　　Purchase Method Vs.Consumption Method
　　Purchase method 1st expenditure current asset when purchase，2nd Set-up current asset for items not used during period(still on hand)
　　Consumption method 1st set up as a current asset when purchased，2nd expenditure items as consumed(by periodic physical count)
　　Purchase method–收貨時(shí)一次記入P&L，年底存貨擠回B/S，同時(shí)調(diào)整Nonspendable FB inventory.
　　Consumption method–收貨時(shí)全記B/S，年底時(shí)，將全年消耗擠入P/L
　　采購(gòu)法(Purchase)與消耗法(Consumption)相比，記入expenditure的金額要多，多出的金額應(yīng)是年底的存貨。此部分通過增加貸方的nonspendable FB inventory來(lái)抵銷。
　　Transfers between Funds represent the use of financial resources.
　　Dr.Other financing uses–transfers out，debt service fund
　　Cr.Cash(from the general fund)
　　Classification of Governmental Expenditures by purpose
　　1st tier by Function or program(Public safety， education，highways，etc.)
　　2nd tier by Organizational unit(police and fire departments combine to form the public safety function)
　　3rd tier Activity(Drug，highway of police)
　　Classification of Governmental Expenditures by benefit period
　　Current expenditures：Benefit current
　　Capital outlays：Benefit both the present and future.
　　Debt service：Benefit past，present，and future，
　　Intergovernmental：one governmental unit transfers resources to another
　　Classification of Governmental Expenditures by object
　　Personnel services
　　Supplies，
　　Principal and interest payments
　　Fixed Assets(purchased，constructed，and leased)
　　In governmental funds，fixed assets do NOT generate revenue，so do NOT capitalized on the funds books.They are expenditures on the funds books.The accounts is “expenditure – capital outlay”
　　Dr.Expenditure–capital outlay
　　Cr.Vouchers payable(or cash)
　　The government-wide F/S adopt accrual accounting.Fixed assets are capitalized from funds‘ “expenditure-capital outlay” to government-wide F/S’ PP&E.
　　In proprietary funds and fiduciary funds，fixed assets do generate revenue，so capitalized on the funds books.
　　Debts(long-term)
　　Proceeds from long-term debts are recorded in the governmental funds as “other financing sources.”
　　Issue bonds
　　Dr.Cash
　　Cr.Other financing sources–bonds issued
　　Repayment of long-term debts
　　Dr.Expenditure–Principal
　　Dr.Expenditure-Interest
　　Cr.Cash
　　Encumbrances(直譯“阻礙”，意譯“占位”)：Commit funds for purchase orders
　　Open purchase orders represent an encumbrance(commitment of the available appropriations of a government.)
　　Spendable fund balance=Budgetary–Activity expenditure–Encumbrance
　　If governmental accounting systems do not adopt the encumbrance concept，the appropriation may be overspending.
　　When order issued，set up encumbrance entry
　　Dr.Encumbrances 90K(45K * 2 truck)
　　Cr.Budgetary control 90K
　　When 1 truck is received，and price is 44K reverse encumbrance entry by original proportion.
　　Dr.Budgetary control 45K
　　Cr.Encumbrances 45K
　　Record the actual expenditures of 44K
　　Dr.Expenditure–capital outlay 44K
　　Cr.Voucher payable 44K
　　If an encumbrance is outstanding at year-end and appropriations do not lapse.Please do two entry.
　　1st to close(reverse)budgetary accounts related to encumbrances
　　Dr.Budgetary control 45K
　　Cr.Encumbrance 45K
　　2nd to reclassification of fund balance relative to outstanding encumbrance of prior year，from unassigned to committed/assigned
　　Dr.Unassigned fund balance 45K
　　Cr.Fund balance，committed 45K
　　In the following year，the spend of prior year‘s outstanding purchase order，will be recorded as an expenditure of prior year.
　　Dr.Expenditure–prior year 45K
　　Cr.Vouchers payable 45K
　　國(guó)會(huì)撥款不容易，形成預(yù)算給政府。
　　預(yù)算千萬(wàn)別花超，花超預(yù)算關(guān)衙門。
　　控制支出大學(xué)問，三層會(huì)計(jì)同管理。
　　預(yù)算分錄借貸反，年頭年尾各一筆。
　　日常支出是活動(dòng)，正常記入損益表。
　　占位會(huì)計(jì)沖兩回，收貨沖完年底沖。
　　預(yù)算活動(dòng)加占位，就是預(yù)算剩余額。
　　政府基金修正法，基金凈額買新車。
　　預(yù)算占位管理用，不會(huì)影響總凈額。
　　期初凈額加活動(dòng)，期末凈額算出來(lái)。
　　如果占位年尾沖，凈額U要變CA。
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