高级会计学（第10版）习题答案 ch19-Beams10e-sm

Chapter19

ACCOUNTINGFORSTATEANDLOCALGOVERNMENTALUNITS—

GOVERNMENTALFUNDS

Questions

1Thegovernmentalfundaccountingequationis:

CurrentAssets-CurrentLiabilities=FundBalance

2Taxpayersarebilledthefull$200,000.TheamountrecordedasRevenuewouldbe$194,000with$6,000

recordedasAllowanceforUncollectibleTaxes.

3Encumbrancemeans“commitment,“andencumbranceaccountingrecordscommitmentsmadeforgoods

onorderandforunperformedcontractsinordertoprovideadditionalcontroloverexpenditures.

4Therequiredgovernmentalfundfinancialstatementsincludeastatementofnetassetsorbalancesheetand

astatementofrevenues,expenditures,andchangesinfundbalance.Thefundfinancialstatementsforthe

governmentalfundsarepreparedonthemodifiedaccrualbasisofaccounting.

5Capitalprojectsfundsareusedtoaccountforthefinancingandacquisitionofmajorgeneralgovernment

capitalfacilities(generalfixedassets)ofagovernmentalunit.Theyarenotusedtoaccountforthe

acquisitionofcapitalfacilitiesfinancedthroughinternalserviceorenterprisefunds.Generalfixedassets

maybepurchasedthroughthegeneralfundorspecialrevenuefunds.Generalfixedassetsmaybeacquired

bydonationinwhichcasethecapitalprojectsfundwouldnotlikelybeinvolved.

6Capitalprojectsfundsmayreceiveresourcesfromnumeroussourcessuchastheproceedsofgeneral

obligationbondissues,stateandfederalgrants,sharedrevenues,andtransfersfromotherfunds.ACPFis

terminatedwhenthecapitalfacilitieshavebeenacquiredandprojectliabilitiessettled.Thismayinvolvea

shortperiodoftimeinthecaseofassetsacquiredbypurchaseandseveralyearsinthecaseofassets

acquiredbyconstruction.Assetsremainingafteracapitalprojecthasbeencompletedandpaidforare

ordinarilytransferredtothegeneralfundortothedebtservicefundwithresponsibilityforservicingthe

debtissuedtofinancetheproject.

7Agovernmentmaytreatsupplyacquisitionsasexpenditureseitherwhenpurchased(purchasesmethod)or

whenused(consumptionmethod),aslongasitreportssignificantamountsofinventoryinthebalance

sheet.Whiletheconsumptionmethodissimilartothemannerinwhichcommercialbusinessesrecord

supplies,thepurchasesmethodbetterallowsforcomparisonofexpendituresandappropriations.Underthe

purchasesmethod,agovernmentwithsignificantinventorybalancesatyearendwillrecognizethebalances

asassetsinthefundbalancesheetandestablishanaccompanyingreservationoffundbalancetoreflectthe

factthatthesupplyamountisnotanavailablefinancialasset.Thisreservationoffundbalanceisoptional

undertheconsumptionmethod.

8Debtservicefundsmaybeusedtoaccountfordebtserviceonanylong-term,generalgovernmentliabilities

includingdebtserviceonspecialassessmentdebtforwhichthegovernmentisobligatedinsomemanner.

Debtissuedforandintendedtoberepaidfromresourcesofenteiprise,internalservice,ortrustfundsis

accountedforinthosefunds.

©2009PearsonEducation,Inc.publishingasPrenticeHall

19-1

9Atransferofresourcesbythegeneralfundtothedebtservicefundtobeusedtoretirealloraportionofthe

generallong-termdebtwouldaffectthegeneralfundandthedebtservicefundatthesametime.Assuming

thattheamountofthetransferis$10,000,theentrieswouldbe:

GF

Nonreciprocaloperatingtransfertodebtservicefund10,000

Cash10,000

DSF

Cash10,000

Nonreciprocaloperatingtransferfromgeneralfund10,000

10Specialassessmentleviesarechargesmadeagainstspecificpropertyowners(orcitizens)topayfbr

improvements(orservices)thatprovidespecialbenefitstothepropertyowners.Suchimprovementsare

usuallyrequestedbythosewhoreceivethebenefitsandagreetopaytheirshareofthecost.

Generaltaxleviesareleviedagainstallcitizensofthegovernmentalunitonauniformbasisto

financethegeneralcostofgovernment.Generaltaxleviesaredeterminedbyelectedofficials,applytoall

(orvirtuallyall)propertyinthejurisdiction,andmayhavelittleornorelationshiptotheactualbenefits

receivedbyindividualtaxpayers.

Afinaldifferenceisthatpropertytaxesareleviedeachyearforthatyear(orsometimesthe

followingyear).Specialassessmentleviesoftenareforamountstobecollectedoverseveralyears.

11Capitalprojectfundsareusedtoaccountfbrtheconstructionactivitiesofgeneralgovernmentspecial

assessmentprojectsandthedebtservicefundisusedtoaccounttherelateddebtserviceifthegovernment

isobligatedinsomemanner.Debtserviceforspecialassessmentliabilitiesfbrwhichthegovernmentisnot

obligatedinanymannerisaccountedforinagencyfunds,withthespecialassessmentobligationbeing

disclosedinnotestothefinancialstatements.

12Whengovernmentsenterintocapitalleaseagreements,thegovernmentalfundacquiringthegeneralfixed

assetrecordsanexpenditureandotherfinancingsource,asiflong-termdebthadbeenissued.Atthesame

time,thetownnotesaliability(capitalleasepayable)inthegenerallong-termdebtaccountrecordsforthe

amountremainingdueandaddsanassettothegeneralfixedassetaccountrecordsatthepresentvalueof

theminimumleasepaymentsdetenninedbyFASB13criteria.Theassetandliability,aswellasassociated

depreciation,willappearinthegovernmerit-widefinancialstatements;however,onlyanexpenditureand

otherfinancingsourceappearinthegovernmentalfundstatements.Thetownmayrecordfuturecapital

leasepaymentsasexpendituresofprincipalandinterestinthegeneralfundortransferresourcestothedebt

servicefund,whichwillrecognizetheexpenditures.Thenotestothefinancialstatementsdisclose

minimumleasepaymentsforeachofthefollowingfiveyearsandinfive-yearincrementsthereafter.

13

Expenditures20,000

SuppliesInventory20,000

Toadjustthesuppliesinventoryandsuppliesexpendituresaccounts.

14Governmentsrecorddetailsoftheplannedrevenues(suchaspropertytaxes,salestaxes,andlicense

revenue)andappropriations(suchaspolicesupplies,mayor'sofficeexpenses,andmaintenanceofthe

townhall)insubsidiaryrevenueandexpenditureledgers.Thedetailallowsfbrbettercontrolover

expenditures,asappropriationscanbecomparedtoexpendituresandencumbrancesatanytime.

15Theamountthatcityofficialscanorderpriortoyearendis$75,000($250,000—$175,000).Iftheyhave

notspentthefull$250,000inappropriationspriortoyearend,dependingonthelawsoftheVillageof

Lester,allappropriationslapseattheendoftheyearfbrwhichtheyaremade,withtheexceptionof

committedappropriations(encumbrancesoutstanding),whichcancontinuetoserveasauthorizationsfbr

itemsonorderorundercontract.Sincetotalexpenditureandencumbranceamountsareclosedtofund

balanceatyearend,reserveforencumbrancecreditsremainintheaccountingrecordsasreservationsof

fundbalancewithinthegovernmentalfundstatements.

16Reserveforencumbrances60,000

Reserveforencumbrances-prioryear60,000

Toreclassifyencumbrancesfromtheprioryear

Expenditures-prioryear59,800

VouchersPayable59,800

Torecordexpendituresforprioryear

Reserveforencumbrances-prioryear60,000

Expenditures-prioryear59,80()

Unreservedfundbalance200

Tocloseexcessreservetofundbalance.

17Permanentfunds(PF)accountforcontributionsforwhichthegrantorspecifiesthataprincipalamount

mustbemaintainedbutfbrwhichinterestaccumulationorassetappreciation,orboth,aretobeusedfora

specifiedpurpose.Fundsthatareexpendableareaccountedforinaspecialrevenuefund.Ifcontributions

benefitpartiesexternaltothegovernment,theyareaccountedforinprivatepurposetrustfunds.

18Thegeneralfundisalwaysamajorfund.Otherfundsareconsideredmajorfundsiftheymeetbothofthe

followingcriteria:

1.Totalassets,liabilities,revenues,orexpenditures/expenses(excludingextraordinaryitems)ofthat

individualgovernmentalorenterprisefundareatleast10%ofthecorrespondingtotal(assets,

liabilities,etc.)forallfundsofthatcategoryortype.

2.Totalassets,liabilities,revenues,orexpenditures/expenses(excludingextraordinaryitems)ofthat

individualgovernmentalorenterprisefundareatleast5%ofthecorrespondingtotalforall

governmentalandenterprisefundscombined.

19Abudgetarycomparisonschedule,whichisrequiredsupplementaryinformationforthegeneralfundand

forallspecialrevenuefundswithlegallyadoptedbudgets,includescolumnsfbrtheoriginalbudget,the

finalbudget,actualbalances(onthebudgetarybasis)andvariances(optional).Thebudgetarycomparison

scheduleincludesthesameclassificationsastheGAAPoperatingstatement,however,theamounts

reportedforrevenues,expenditures,andfundbalancesoftendifferbetweenthetwostatements.Differences

existwhenagovernmentusesanon-GAAPbasisofaccountingforbudgetingpurposes.

20Sincethegovernment-widestatementsarepreparedontheaccrualbasisofaccountingwhilethefund

financialstatementsforthegovernmentalfundsarepreparedonthemodifiedaccrualbasisofaccounting,

governmentsmustconvertgovernmentalfundfinancialinformationtotheaccrualbasisofaccountingfor

inclusioninthegovernment-widestatementsofactivitiesandnetassets.Aconversionworksheetisan

optionaltoolthatfacilitatesreconciliationofthetwostatements.

21Examplesofitemsthatmightappearonthereconciliationbetweenthegovernmentalfundbalancesheet

andthegovernment-widestatementofnetassetsinclude:

1.Governmentalfundfixedassetsarerecordedasexpendituresinthefundstatementsandmustbe

recordedatcostinthegovernment-widestatements.

2.Thedepreciationassociatedwiththegovernmentalfixedassetsmustberecordedinthe

government-widestatements.

3.Capitalprojectfundconstructionexpendituresshouldberecordedas"constructioninprogress”in

thegovernment-widestatements.

Examplesofitemsthatmightappearonthereconciliationbetweenthegovernmentalfundoperating

statementandthegovernment-widestatementofactivitiesinclude:

1.Governmentsmustalsoadjustforinstanceswhererevenuerecognitiondiffersbetweenthe

modifiedaccrualandaccrualbasesofaccounting.

2.Itisnecessarytoeliminateinterfundbalanceswithinthegovernmentalfunds.

3.Bondproceedsprovidecurrentfinancialresourcesinthefundstatement,butissuingdebtincreases

long-termliabilitiesinthestatementofnetassets.

EXERCISES

E19-1E19-2E19-3

[AICPAadapted]

1a1c

2b2d1b

3b3a2d

4a4a3d

5c5b4d

5a

E19-4E19-5E19-6

[AICPAadapted][AICPAadapted]

1a1c1c

2c2c2b

3d3b3c,ifu/crelatesto2009&10

4a4c4b

5a5c5b

E19-7

1Journalentriestoaccountforpropertytaxesinthegeneralfund

March21,2008

Taxesreceivable-current2,500,000

Allowanceforuncollectiblecurrenttaxes50,000

Revenue2,450,000

Torecordthepropertytaxlevy.

May4、2008

Cash1,900,000

Taxesreceivable—current1,900,000

Torecordcollectionofpropertytaxes.

Taxesreceivable-delinquent600,000

Allowanceforuncollectiblecurrenttaxes50,000

Taxesreceivable-current600,000

Allowanceforuncollectibledelinquenttaxes50,000

Toreclassifyuncollectedtaxesasdelinquent.

May5-December31,2008

Cash150,000

Taxesreceivable—delinquent150,000

Torecordcollectionofpropertytaxes.

November1,2008

Allowanceforuncollectibletaxes—delinquent5,000

Taxesreceivable-delinquent5,000

Towriteofftaxreceivabledeterminedtobeuncollectible.

AdjustingEntry

Revenue312,250

Deferredrevenue312,250

Torecorddeferredrevenuesfortaxesnotcollectedwithin60daysafteryearend.($2,500,000-

$1,900,000-$150,000-$5,000-$45,000-$87,750)

January1,2008一February^28,2008

Cash87,750

Taxesreceivable-delinquent87,750

Torecordcollectionof2006taxes.

2JedvilleTownship

PartialBalanceSheet

December31,2008

Assets

Taxesreceivable一delinquent(netof$45,000

estimateduncollectibletaxes)$400,000

Liabilities

Deferredtaxrevenues$312,250

3Revenuewouldequaltaxlevylessuncollectibleamountslessamountsnotcollectedwithin60dayperiod.

Sincegovernmentalunitsrarelycompletetheclosingprocesswithin60daysofyearend,theamounts

collectedwithin60daysofyearendwillbeknown.

($2,500,000-$50,000-$312,250=$2,137,750)

E19-8

Closingentries:

Unreservedfundbalance500

Appropriations17,500

Estimatedrevenues18,000

Toreverseentrytorecordbudget.

Reserveforencumbrances—prioryear2,000

Revenues17,380

Nonreciprocaltransferin3,200

Expenditures—currentyear16,450

Expenditures—prioryear1,900

Encumbrances1,000

Unreservedfundbalance3,230

Tocloseaccounts,includingtheprioryear'sreservefbrencumbrances.

E19-9

MillarCity

GeneralFund

BalanceSheet

June30,2008

Assets

Cash$12,000

Taxesreceivable$30,000

Less:Allowanceforuncollectible

Accounts2,00028,000

Duefromotherfunds3,000

Suppliesinventory4.000

Totalassets$47.000

LiabilitiesandFundBalance

Liabilities:

Voucherspayable$15,000

Duetootherfunds5,000

Totalliabilities$20.000

Fundbalance:

Reservedfor:

Encumbrances$6,000

Inventoryofsupplies4,00010,000

Unreservedfundbalance17,000

Totalfundbalance27,000

Totalliabilitiesandfundbalance$47,000

Check:

UnreservedFundBalance

Estimatedrevenues$300,0()0$10JXX)Preclosingbalance

Encumbrances6,000300,000Appropriations

Expenditures290XXX)5,00()Reserveforencumbrances—prioryear

Expenditures-prioryear5,000305,000Revenues

Adjust-Reserveforinventoryofsupplies

2,000

Endingbalance17,000

$620.0()0$620,000

E19-10

McGwireCityGeneralFund

StatementofRevenues,Expenditures,andChangesinFundBalance

fortheyearendedDecember31,2008

Revenues$101,000

Expenditures9&800

Excessofrevenuesoverexpenditures2,200

Otherfinancingsources(uses):

Reciprocaltransfersin27,000

Nonreciprocaltransfersout(18,000)

Excessofrevenuesandotherfinancingsourcesover

(under)expendituresandotherfinancinguses$11,200

Totalfundbalance,January1,200825000

Totalfundbalance,December31,2008$36.200

UnreservedFundBalance

Estimatedrevenues$100,000$25,000Preclosingbalance

Encumbrances4,00095,000Appropriations

Expenditures94,0005,000Reserveforencumbrances-prioryear

Expenditures—prioryear4,800101,000Revenues

Nonreciprocaltransfersout18,00027,000Reciprocaltransfersin

Endingbalance32,200

$253.500$253,000

Totalendingfundbalance=$32,200+$4,000(Reserveforencumbrances)=$36,200.

E19-11

Journalentriesinthegeneralfund:

1Estimatedrevenues250,000

Appropriations248,000

Unreservedfundbalance2,000

Torecordtheannualbudget.

2Taxesreceivable-current200,000

Revenues198,000

Allowanceforuncollectibletaxes-Current2,000

Torecordtaxlevyfbrtheyear(1%estimateduncollectible).

3Cash150,000

Taxesreceivable—current150,000

Torecordtaxcollections.

4Duefromspecialrevenuefund15,000

Cash15,000

TorecordloantoSRF.

5Encumbrances18,000

Reserveforencumbninces18,000

Toencumberordersfbrsupplies.

6Reserveforencumbrances18,000

Encumbrances18,000

Toreverseencumbranceentryonreceiptofsuppliesordered.

Expenditures18,150

Voucherspayable18,150

Torecordpurchaseofsupplies.

7Expenditures800

Duetostoresfund(ISF)800

Torecordmaterialsacquiredfromthestoresfund.

8Operatingtransfertodebtservicefund5,000

Cash5,000

TorecordpaymenttoDSFfordebtservice.

9Expenditures15,000

Cash15,000

Torecordpurchaseofequipment.

10Cash3,000

Revenues3,000

Torecordcollectionoflicenserevenue.

11Taxesreceivable-delinquent50,000

Allowanceforuncollectibletaxes-current2,000

Taxesreceivable-current50,000

Allowanceforuncollectibletaxes-delinquent2,000

Toreclassifyuncollectedcurrenttaxesasdelinquent.

E19-11(continued)

12Cash30,000

Taxesreceivable-delinquent30,000

Torecordcollectionofdelinquenttaxes.

Revenues($20,000-$2,000)/29,000

Deferredrevenues9,000

Todeferrevenuerecognitionontaxesexpectedtobecollectedafterthe60dayrevenue

recognitioncutoff.

E19-12

1Cash75,000

Taxanticipationnotespayable75,000

Torecordissuanceofshort-termnotes.

2Encumbrances33,000

Reservefbrencumbrances33,000

Torecordorderofequipment.

3Reserveforencumbrances33,000

Expenditures33,250

Encumbrances33,000

Voucherspayable33,250

Torecordreceiptofequipment.

4OperatingtransfertoDSF200,000

Cash200,000

Torecordtransfertodebtservicefund.

5Propertyt