美国CPA《财务会计与报告》例题（5）

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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

　　三层皮对一层皮。（“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

　　三层皮概揽

　　Budget 预算+Activity 活动+Encumbrance占位

　　预算定总盘，借贷正相反。

　　订单要占位，防止没钱付。

　　现金支出时，正常记分录。

　　若是曾占位，要把占位清。

　　年底预活转，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.特点：No underlying exchange transaction for those revenue.

　　Derived Non-exchange Tax Revenue.所得税与流转税。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. 财产税与罚款。Accrued and recognized if a）billed.

　　Government Mandated Non-exchange Transactions.上级政府专项拔款。类似中央财政向宁夏下拔引黄干渠维护专项资金。条件是干渠日常维护达到中央设定标准。Accrued and recognized as revenue if a）measurable，b）available，c） Eligibility requirements are met.

　　Voluntary Non-exchange Transactions.政府间自愿划拔。北京市向西藏划拔资金，支援西藏中学建设。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