美國CPA《財務(wù)會計與報告》知識點：修正的權(quán)責(zé)發(fā)生制會計

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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(yù)算+Activity 活動+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，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：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. 財產(chǎn)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?qū)幭南掳我S干渠維護專項資金。條件是干渠日常維護達到中央設(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–收貨時一次記入P&L，年底存貨擠回B/S，同時調(diào)整Nonspendable FB inventory.

　　Consumption method–收貨時全記B/S，年底時，將全年消耗擠入P/L

　　采購法（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

　　國會撥款不容易，形成預(yù)算給政府。

　　預(yù)算千萬別花超，花超預(yù)算關(guān)衙門。

　　控制支出大學(xué)問，三層會計同管理。

　　預(yù)算分錄借貸反，年頭年尾各一筆。

　　日常支出是活動，正常記入損益表。

　　占位會計沖兩回，收貨沖完年底沖。

　　預(yù)算活動加占位，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，不會影響總凈額。

　　期初凈額加活動，期末凈額算出來。

　　如果占位年尾沖，凈額U要變CA.

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