Lecture Advanced accounting (6th Edition): Chapter 17 - Jeter, Chaney

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Lecture Advanced accounting (6th Edition): Chapter 17 - Jeter, Chaney. Chapter 17 - Introduction to fund accounting. The goal is for you to learn: Distinguish between a nonbusiness organization and a profit-oriented enterprise; explain the role of fund accounting; distinguish among the concepts of revenues, expenses, and expenditures as used in profit-oriented entities and as used for expendable fund entities;...
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Lecture Advanced accounting (6th Edition): Chapter 17 - Jeter, Chaney. Chapter 17 - Introduction to fund accounting. The goal is for you to learn: Distinguish between a nonbusiness organization and a profit-oriented enterprise; explain the role of fund accounting; distinguish among the concepts of revenues, expenses, and expenditures as used in profit-oriented entities and as used for expendable fund entities;....

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Advanced Accounting Jeter Chaney Introduction to Fund Accounting 1 Prepared by Sheila Ammons, Austin Community College Learning Objectives • Distinguish between a nonbusiness organization and a profit­oriented enterprise. • Explain the role of fund accounting. • Distinguish among the concepts of revenues, expenses, and expenditures as used in profit­oriented entities and as used for expendable fund entities. • Understand the classification of revenues and other resource inflows for fund accounting. • Understand the classification of expenditures and other resource outflows for fund accounting. 2 Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Learning Objectives • Describe the critical events in the use of financial resources of an expendable fund. • Explain how capital expenditures are recorded in an expendable fund. • Understand the role of a general fund. • Contrast the consumption and the purchases methods of accounting for inventories (and other prepaid items). 3 Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Fund Accounting Accounting for nonbusiness organizations. Nonbusiness Organizations Business Enterprises Economic Entities Provide socially desirable service without regard to financial gain. Earn a return on investment. Operate in a competitive market. Face liquidity concerns. 4 Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Classification of Nonbusiness Organizations Five Major Classifications – Governmental units. – Hospitals and other health care providers. – Colleges and universities. – Voluntary health and welfare organizations. – Other nonbusiness organizations (trade associations, professional associations, museums, religious organizations, etc.) 5 Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Distinctions between Nonbusiness Organizations and Profit­Oriented Enterprises • Distinctions – Absence of primary goal to earn a profit. – No equity interests. – Seldom finance through charges to individuals who benefit from the service. – Rely on political action or fund­raising campaigns. – Income determination model generally not applicable. – Restrictions orLO 1 Nonbusiness organizations versus profit­oriented enterprises. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Standards for Nonbusiness Organizations LO 1 Nonbusiness organizations versus profit­oriented enterprises. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Standards for Nonbusiness Organizations GASB Conceptual Framework: Concept Statements Number Title 1 Objectives of Financial Reporting 2 Service Efforts and Accomplishments 3 Communication Methods 4 Elements of Financial Statements 5 Amendment of Statement Number 2 6 Measurement of Elements of Financial Statements LO 1 Nonbusiness organizations versus profit­oriented enterprises. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting •Fund Accounting –Designed primarily to meet internal reporting and control objectives. –Provides a basis for determining the fiscal responsibility and status of the organization. •Fund Entity Classification – Expendable – Basic fund accounting concepts. – Proprietary – Business type activity. – Fiduciary ­ Agent or trustee. LO 2 The role of fund accounting. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Expendable Fund Entities Financial resources dedicated to a specified use. Examples ­ Capital Projects or Debt Service fund. Resources consist of cash and claims to cash. Resources ­ Claims against resources = Fund balance. Measurement focus is on flow of current financial resources. Accounting Model LO 3 Differences in applications of revenue, expense, and expenditures. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Restricted and Unrestricted Fund Entities • Classification usually applicable to nonbusiness organizations other than governmental units. • “Restricted” refers to resources that bear a legal restriction as to use imposed by parties outside the organization. • “Unrestricted” refers to current financial resources that are available to carry out the primary or general activities of the organization at the discretion of the governing board. LO 3 Differences in applications of revenue, expense, and expenditures. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Proprietary Fund Entities • Activities that are similar to business enterprises. • Examples: – Electric or water utility by a municipality – Rental of real estate by religious organization. • Focus on determination of net income, financial position, and cash flows. LO 3 Differences in applications of revenue, expense, and expenditures. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Fiduciary Fund Entities Trust and Agency funds: • Trust Fund – The government acts as trustee for an individual or organization. – Pension trust fund. • Agency Fund – Accounts for resources of taxes, bonds, and other receipts held for individuals, outside organizations, and/or other funds. LO 3 Differences in applications of revenue, expense, and expenditures. Copyright © 2015. John Wiley & Sons, Inc. All rights reserved. Fund Accounting Budgetary Fund Entities (Governmental Funds) • Approved resource flows are incorporated into annual budgets. • Budgeted expenditures (that are enacted into law) are referred to as appropriations. • Approved budget may be recorded in the accounting records. • Budgetary account integration is useful in the control and administration of fund resources.