美國CPA《財務會計與報告》例題（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

　　三層皮對一層皮。（“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 預算+Activity 活動+Encumbrance占位

　　預算定總盤，借貸正相反。

　　訂單要占位，防止沒錢付。

　　現金支出時，正常記分錄。

　　若是曾占位，要把占位清。

　　年底預活轉，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：No underlying exchange transaction for those revenue.

　　Derived Non-exchange Tax Revenue.所得稅與流轉稅。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. 財產稅與罰款。Accrued and recognized if a）billed.

　　Government Mandated Non-exchange Transactions.上級政府專項拔款。類似中央財政向寧夏下拔引黃干渠維護專項資金。條件是干渠日常維護達到中央設定標準。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，支援西藏中學建設。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