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Lecture Accounting for Governmental and Nonprofit Entities (16/e): Chapter 4 - Jacqueline L. Reck, Suzanne L. Lowensohn

Chapter 4 - Accounting for governmental operating activities - Illustrative transactions and financial statements. After studying Chapter 4, you should be able to: Analyze typical operating transactions for governmental activities and prepare appropriate journal entries at both the government-wide and fund levels, prepare adjusting entries at year-end and a pre-closing trial balance, prepare closing journal entries and year-end General Fund financial statements. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Governmental Operating Activities – Illustrative Transactions and Financial Statements C H A P T E R 4 2 Learning Objectives 4-1 Analyze typical operating transactions for governmental activities and prepare appropriate journal entries at both the government-wide and fund levels. 4-2 Prepare adjusting entries and a pre-closing trial balance. 4-3 Prepare closing journal entries and year-end General Fund financial statements. 3 1 Learning Objectives 4-4 Account for interfund and intra- and inter- activity transactions. 4-5 Account for transactions of a permanent fund. 4-6 Distinguish between exchange and nonexchange transactions, and define the classifications used for nonexchange transactions. 4 2 The Town of Brighton Illustration 4-1 in the text presents the partial government-wide statement of net position, showing only governmental activities, and its General Fund balance sheet, both at the end of the 2016 fiscal year. Common transactions and events, as well as related recognition and measurement issues, arising from the operating activities of this hypothetical government are discussed in this chapter, and appropriate accounting entries and financial statements are illustrated. Town of Brighton Measurement Focus and Basis of Accounting Government-wide Statement of Net Position Economic resources measurement focus Accrual basis Current and noncurrent assets and liabilities All governmental activities Net position format Governmental Fund Balance Sheets Current financial resources measurement focus Modified accrual basis Current assets and liabilities Governmental funds only Balance sheet format Dual-Track Accounting Approach Operating activities and transactions have different effects on the Town of . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Governmental Operating Activities – Illustrative Transactions and Financial Statements C H A P T E R 4 2 Learning Objectives 4-1 Analyze typical operating transactions for governmental activities and prepare appropriate journal entries at both the government-wide and fund levels. 4-2 Prepare adjusting entries and a pre-closing trial balance. 4-3 Prepare closing journal entries and year-end General Fund financial statements. 3 1 Learning Objectives 4-4 Account for interfund and intra- and inter- activity transactions. 4-5 Account for transactions of a permanent fund. 4-6 Distinguish between exchange and nonexchange transactions, and define the classifications used for nonexchange transactions. 4 2 The Town of Brighton .