Solution Manual Chapter 9 - Government Accounting: Fund-Based Financial Statements

Solution Manual
Chapter 9 Government Accounting: Fund-Based Financial Statements

1. Some of the questions we have about the financial affairs of a government are the
following: Is it efficient in delivering the services that we expect? Is it financially solvent?
Can we account for all of the funds that have been entrusted it? The GASB identifies the
following three groups as the primary users of governmental financial statements in its
Concept Statement 1: citizens, regulators and investors. Further, it confirms that these
financial reports are used, primarily, to compare actual financial results with the legally
adopted budget; to assess financial condition and results of operations; to assist in
determining compliance with finance-related laws, rules, and regulations; and to assist in
evaluating efficiency and effectiveness (GASB CS1, Summary).
2. The cornerstone of governmental financial reporting is the concept of accountability which

the GASB defines as follows: Governmental accountability is based on the belief that the
citizenry has a right to know, a right to receive openly declared facts that may lead to
public debate by the citizens and their elected representatives. Financial reporting plays a
major role in fulfilling government's duty to be publicly accountable in a democratic society
(GASB CS1, 56).
3. GASB 34 requires governments to issue Fund financial statements and Government-Wide

financial statements. Fund financial statements are prepared using a modified accrual basis
of accounting and focus on the sources, uses and balances of the net assets that have been
entrusted to governmental officials. A significant use of fund financial statements is to
ensure that the assets entrusted to the government by its citizens have been used as they
have directed and that the government has operated within the budget set for it by its
citizenry. Government-Wide financial statements provide information about the
government on an accrual basis and are similar to the types of financial reports we have
used to describe the financial activities of businesses. These statements allow users to
better assess the financial condition of the government in their investment decisions.
4. The Fund accounting system organizes the government into discrete categories, called
Funds, each of which is accounted for separately. The primary purpose of fund accounting is
to segregate the accounting for these activities so that they can be monitored. Fund
accounting is designed to provide the control mechanism necessary to ensure that cash is
spent as appropriated in the budget.
Cambridge Business Publishers, 2014

Solutions Manual, Chapter 9 9-1
5. Fund accounting focuses primarily on cash inflows and outflows and the current years
budget. Long-term assets (like infrastructure) and long-term liabilities (like bonds, leases
and other long-term liabilities) are not reported on the Fund balance sheet. The absence of
this information makes it difficult to effectively analyze the financial condition of the
government. In contrast, Government-Wide financial statements are prepared under
accrual accounting and, as a result, include these long-term assets and liabilities.
Consequently, we are better able to answer the first two questions we pose above about
the governmental unit we are interested in: Is it efficient in delivering the services that we
expect, and is it financially solvent?
6. The GASB confirms the importance of a budget in its first Concept Statement: [A budget] is
a form of control usually having the force of law. A legally adopted budget provides both
authorizations of and limitations on amounts that may be spent for particular purposes.
Because budgetary authorizations result from competition for scarce resources and
budgetary limitations generally cannot be exceeded without due process, the governmental
entity needs to demonstrate that it is accountable from both the authorization and the
limitation perspectives [emphasis the GASB] (GASB CS 1, 19c).
7. An appropriation is a sum of money that has been set aside for a specific use.
8. The three types of funds are Governmental Funds, Proprietary Funds, and Fiduciary Funds.
Governmental Funds include the General Fund, Special Revenue Funds, Capital Projects
Funds, Debt Service Funds, and Permanent Funds. Proprietary Funds include Enterprise
Funds and Internal Service Funds. Fiduciary Funds include Pension and Other Employee
Benefit Funds, Investment Trust Funds, Private Purpose Trust Funds, and Agency Funds.
9. There is only one requirement relating to the establishment of funds: there should be only
one General Fund (GASB Codification 1300.116). Aside from that restriction, governmental units
should establish and maintain those funds that are required by law and necessary for sound
financial administration. Only the minimum number of funds consistent with legal and
operating requirements should be established, however, because unnecessary funds result
in inflexibility, undue complexity, and inefficient financial administration (NCGAS 1, 29).

9-2 Advanced Accounting by Halsey & Hopkins, 2nd Edition
10. Revenues and expenditures are recognized on the current financial resources measurement
focus and the modified accrual basis of accounting (NCGAS 1, 57). Current financial resources
measurement focus mean resources that can be consumed in the near future. For assets,
this includes cash, investments, and receivables (PPE is not included in fund financial
statements as it is consumed over a longer period of time). For liabilities, this includes those
obligations that would normally be liquidated with expendable available financial resources,
such as accounts payable and accruals. These liabilities will, in the determination of
management, require the use of current resources for payment. Long-term liabilities are not
reported in fund financial statements because their liquidation will require the use of future
financial resources.
The modified accrual basis of accounting refers to when the transaction is recognized.
Revenues are recognized in the accounting period in which they become susceptible to
accrual, that is, when they become both measurable and available to finance expenditures.
"Available" means collectible within the current period or soon enough thereafter to be
used to pay liabilities of the current period. Expenditures should be recognized in the
accounting period in which the fund liability is incurred, if measurable, except for
unmatured interest on general long-term debt and on special assessment indebtedness
secured by interest-bearing special assessment levies, which should be recognized when
due.
11. The property taxes due a government, net of estimated uncollectibles, typically can be
determined and recorded in the accounts when levied. Property taxes levied for the current
fiscal year are "available" and should be recognized as revenue, even though collectible in
the period subsequent to levy, if (1) their ultimate collectibility is reasonably assured, net of
reasonably estimated losses, and (2) they are collectible soon enough in the subsequent
period to finance current-period expenditures (NCGAS 1, 57). Collectible soon enough in the
subsequent period to finance current period expenditures is interpreted to mean 60 days
(NCGAI 3, 8). The 60-day rule implies that governments that expect receivables to be
collected after 60 days should defer the revenue until collected.
12. Local governments often receive aid from the state or federal government in the form of
grants and other subsidies. These grants often contain conditions such as the required
characteristics of recipients, time requirements, the use of funds only as a reimbursement,
and contingencies such as those related to a specified action of the recipient. Recipients
should recognize receivables (or a decrease in liabilities) and revenues (net of estimated
uncollectible amounts), when all applicable eligibility requirements, including time
requirements, are met. Resources transmitted before the eligibility requirements are met
should be reported as deferred revenues by recipients. (GASB Codification N50.117-.118)

13. Proprietary and Fiduciary Fund revenues and expenses should be recognized on the accrual
basis. Revenues should be recognized in the accounting period in which they are earned
and become measurable; expenses should be recognized in the period incurred, if
measurable.
14. The reason for this entry is so that government administrators can regularly monitor actual
vs. budget variances in order to make corrections as needed. This monitoring process is
critical since, unlike businesses, governments can only change revenues through the
legislative process and cannot move cash from one fund to another to make up for
shortfalls. Instead, managers must take elaborate steps to insure that expenditures not
exceed appropriations.
15. An encumbrance is a purchase order or other contractual commitment that requires the
payment of funds in the future relating to an existing appropriation. Accountability is the
cornerstone of financial reporting in government. Accountability requires governments to
answer to the citizenryto justify the raising of public resources and the purposes for
which they are used. The GASB summarized the meaning of accountability and its
applicability to financial reporting in the following statement in its Concepts Statement #1:
The Board believes that, at a minimum, demonstrating accountability through financial

reporting includes providing information to assist in evaluating whether the government
was operated within the legal constraints imposed by the citizenry (GASB CS 1, 58). It is
this belief that underlies the use of encumbrance accounting.
16. An expenditure is the using up of an appropriation.
17. The remaining authority to issue further appropriations of approved expenditures is given
by the following formula:
Remaining BUDGETARY ENCUMBRANCES + Expenditures

= -
authority APPROPRIATIONS outstanding to date
At any time, therefore, government managers can assess their authority to issue additional
appropriations.

18. The four types of interfund activities are as follows:
Interfund loans amounts provided with a requirement for repayment.
Interfund services provided and used sales and purchases of goods and services
between funds for a price approximating their external exchange value.
Interfund transfers flows of assets (such as cash or goods) without equivalent flows
of assets in return and without a requirement for repayment.
Interfund reimbursements repayments from the funds responsible for particular
expenditures or expenses to the funds that initially paid for them.
19. The reporting governments main operating fund (i.e., the general fund) should always be
reported as a major fund. Other funds are designated as major funds, and reported in
separate columns in the fund financial statements, if (GASB 34, 76),
a. Total assets, liabilities, revenues, or expenditures/expenses are at least 10% of the

corresponding total for all funds of the funds type (i.e., a specific enterprise fund whose
total assets are greater than 10% of the total assets of all enterprise funds), and
b. Total assets, liabilities, revenues, or expenditures/expenses of the individual

governmental fund or enterprise fund are at least 5% of the corresponding total for all
governmental and enterprise funds combined (i.e., a governmental fund whose total
assets are greater than 5% of the total assets for all governmental and enterprise funds
combined).
20. The required financial statements for the three types of Funds are as follows:
Governmental funds
o Balance sheet
o Statement of revenues, expenditures, and changes in fund balances
Proprietary funds
o Statement of net assets
o Statement of revenues, expenses, and changes in fund net assets
o Statement of cash flows
Fiduciary funds (and component units that are fiduciary in nature)
o Statement of fiduciary net assets
o Statement of changes in fiduciary net assets

21. Answer: B
22. Answer: C
23. Answer: D
24. Answer: C
25. Answer: D
26. Answer: D
27. Answer: D
28. Answer: B
29. Answer: B
30. Answer: D
31. The journal entry to record the budget is as follows:
ESTIMATED REVENUES 50,000,000

ESTIMATED OTHER 10,000,000
FINANCING SOURCES APPROPRIATIONS 30,000,000
ESTIMATED OTHER 25,000,000
BUDGETARY FUND
FINANCIN USES 5,000,000
(to record the budget for the year)
BALANCE

32. The journal entry to record the issuance of the purchase order for the truck and its ultimate
payment at delivery are as follows:
a. ENCUMBRANCES 47,000
BUDGETARY FUND BALANCE RESERVED
FOR ENCUMBRANCES 47,000
(to record issuance of purchase order for a truck)
b. BUDGETARY FUND BALANCE RESERVED FOR

ENCUMBRANCES 47,000
ENCUMBRANCES 47,000
c. Expenditures 51,000
Cash or Vouchers payable 51,000
(to reverse the previous encumbrance entry and record purchase of the
truck)
33. The journal entry to close the encumbrance account at year-end and to reestablish the
encumbrance in the succeeding year are as follows (assuming budgetary authority carries
over to the succeeding year):
To close the encumbrance account.
a. BUDGETARY FUND BALANCE RESERVED

FOR ENCUMBRANCES 75,000
ENCUMBRANCES 75,000
b. Fund balance unassigned 75,000

Fund balance assigned 75,000
(to reverse the budgetary encumbrance and reserve the fund balance for the
outstanding encumbrance)
To reestablish the encumbrance in the succeeding year.
c. Fund balance - assigned 75,000

Fund balance assigned
(prior year) 75,000
(to date the reservation of the fund balance)

34. The journal entry to close the encumbrance account at year-end and to re-establish the
encumbrance in the succeeding year are as follows (assuming budgetary authority does not
carry over to the succeeding year):
To close the encumbrance account.
a. BUDGETARY FUND BALANCE

RESERVED FOR ENCUMBRANCES 45,000
ENCUMBRANCES 45,000
b. Fund balance unassigned 45,000

(to reverse the budgetary encumbrance and reserve the fund balance for the
outstanding encumbrance)
To reestablish budgetary authority for the encumbrance in the succeeding year.
c. Fund balance - assigned 45,000

Fund balance unassigned 45,000
(to reverse the reservation of the fund balance)
d. ENCUMBRANCES 45,000
BUDGETARY FUND BALANCE 45,000
RESERVED FOR ENCUMBRANCES
(to establish budgetary control for the encumbrance)
35. The journal entry to record the sale of the truck is as follows:
Cash 25,000
Other financing sources 25,000
(to record the sale of the truck)
36. The journal entry to record the issuance of the bond is as follows:
Cash 5,000,000
Other financing sources proceeds from bond issue 5,000,000
(to record sale of a bond)
Expenditure Interest on Bond 250,000

Expenditure Principal on Bond 1,000,000
Cash 1,250,000
(to record payment of interest and principal on bond issue)

37. The journal entry to record the acquisition of equipment via lease is as follows:
Expenditure capital outlay 40,000

Other financing sources proceeds from capital lease 40,000
(to record the acquisition of a capital asset via lease)
Expenditure interest 1,000

Expenditure lease obligation 2,000
Cash 3,000
(to record the payment on a capital lease)
38. The journal entries to record the purchase and year-end adjustment are as follows
(purchases method):
Expenditures 4,000
Vouchers payable 4,000
(to record purchase of $4,000 of supplies inventory)
Inventory - supplies 1,500

(to recognize the $1,500 remaining balance of supplies inventory)
39. The journal entries to record the purchase and year-end adjustment are as follows
(consumption method):
Expenditures 4,000
Vouchers payable 4,000
(to record purchase of $4,000 of supplies inventory)
Inventory - supplies 1,500

Expenditures 1,500
Fund balance - unassigned 1,500


40. The journal entries to record the transactions are as follows:
a. ESTIMATED REVENUES 78,924

ESTIMATED OTHER FINANCING SOURCES 2,000
APPROPRIATIONS 77,273
(to record the budget)
b. Cash 2,000
Receivables - real estate & personal property taxes 68,250
Receivables - intergovernmental revenues 12,285
Revenues - real estate & personal property taxes 68,250
Revenues - intergovernmental 12,285
Other financing sources - bond proceeds 2,000
(record revenues and other financing sources)
c. ENCUMBRANCES 76,508
BUDGETARY FUND BALANCE RESERVED FOR
ENCUMBRANCES 76,508
(to record the issuance of purchase invoices)
d. BUDGETARY FUND BALANCE RESERVED FOR

ENCUMBRANCES 76,508
ENCUMBRANCES 76,508
(to reverse previous encumbrance journal entry)
Expenditures - general government 11,476

Expenditures - public safety 7,651
Expenditures - education 45,905
Expenditures - public works 3,825
Expenditures - human services 7,651
Payables 76,508
(to record expenditures)
e. Expenditures - debt principal payments 700

Expenditures - debt interest payments 100
Cash 800
(to record debt payments)

f. Cash 4,643
Payables 74,978
Receivables intergovernmental revenues 11,671
(to record collection of receivables and payment of payables)
g. Revenues 975
Deferred revenues 975
(to defer revenues)
Closing Entries
h. 1. APPROPRIATIONS 77,273
ESTIMATED REVENUES 78,924
(to reverse budget entry)
2. Revenues - real estate & personal property taxes 67,275

Expenditures - debt principal payments 700
Fund Balance - unreserved 4,252
(to close out revenue and expenditure accounts)
3. BUDGETARY FUND BALANCE RESERVE FOR

ENCUMBRANCES 900
ENCUMBRANCES 900
Fund balance - unassigned 900

Fund balance - assigned 900
(to close remaining encumbrances and reserve Fund
Balance for encumbrances that lapsed, but are expected to
be honored in the following year)

41. a. The pre-closing trial balance for the General Fund of the City of Bar Harbor is as follows:
Trial Balance:
DR CR
Cash $ 21,943
Receivables:
Real estate & personal property 1,800
Intergovernmental 18,614
Payables $ 2,130
Deferred revenues 20,475
Fund balances:
Assigned 5,400
Unassigned 10,100
Revenues - Real estate taxes 67,275
Intergovernmental revenues 12,285
Expenditures - General government 11,476
Expenditures - Public safety 7,651
Expenditures - Education 45,905
Expenditures - Public works 3,825
Expenditures - Human services 7,651
Expenditures - Debt principal payments 700
Expenditures - Debt interest payments 100
Other financing sources - proceeds from bonds 2,000
$119,665 $119,665

b. The Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund
Balances for the fiscal year for the General Fund are as follows:
Balance Sheet:
Cash $21,943
Receivables:
Total Assets $42,357
Payables $ 2,130
Total Liabilities 22,605
Fund Balances:
Assigned 5,400
Unassigned 14,352
Total fund balances 19,752
Total liabilities and fund balances $42,357
Statement of Revenues, Expenditures, and Changes in Fund Balances:

Revenues:
Real estate taxes $67,275
Total Revenues 79,560
Expenditures:
General government 11,476
Public safety 7,651
Education 45,905
Public works 3,825
Human services 7,651
Debt principal payments 700
Debt interest payments 100
Total Expenditures 77,308
Excess (Deficiency) of Revenues over Expenditures 2,252
Other Financing Sources (Uses)

Proceeds from bonds 2,000
Total Other Financing Sources (Uses) 2,000
Net Change in Fund Balances 4,252
Fund Balances at Beginning of Year 15,500
Fund Balances at End of Year $19,752


b. Cash 11,200
Revenues - real estate & personal property taxes 382,200
ENCUMBRANCES 428,446

(to reverse previous Encumbrance journal entry)

Payables 428,446
e. Expenditures - debt principal payments 3,920

Cash 4,480

f. Cash 25,999
Payables 419,877
Receivables - Real Estate & Personal Property Taxes 380,520
Receivables - Intergovernmental Revenues 65,356
g. Revenues 5,460
(Deferral of revenues)
Closing Entries
2. Revenues - real estate & personal property taxes 376,740

Expenditures - debt principal payments 3,920
Fund Balance - unreserved 23,810

ENCUMBRANCES 5,040
ENCUMBRANCES 5,040

Fund Balance - assigned 5,040
Balance for encumbrances that lapsed, but are expected to
be honored in the following year)

43. a. The pre-closing trial balance for the General Fund of the City of Jackson Hole is as
follows:
Trial Balance:
DR CR
Cash $122,879
Receivables:
Payables $11,929
Fund balances:
Assigned 30,240
Unassigned 56,560
Revenues - real estate taxes 376,740
$670,125 $670,125

Balance Sheet:
Cash $122,879
Receivables:
Total assets $237,199
Payables $ 11,929
Total liabilities 126,589
Fund balances:
Assigned 30,240
Unassigned 80,370
Total Fund Balances 110,610
Total Liabilities and Fund Balances $237,199

Revenues:
Expenditures:
Public safety 42,845
Education 257,068
Public works 21,422
Debt principal payments 3,920
Total Expenditures $432,926
Other financing sources (uses)
Proceeds from bonds 11,200
Net Change in Fund Balances $23,810

Fund Balances at End of Year $110,610

a. ESTIMATED REVENUES 1,207,542

APPROPRIATIONS 1,182,282
b. Cash 30,600
Receivables - real estate & personal property taxes 1,044,225
Revenues - real estate & personal property taxes 1,044,225
c. ENCUMBRANCES 1,170,576
ENCUMBRANCES 1,170,576


Payables 1,170,576

Expenditures - debt interest payments 1,530
Cash 12,240

f. Cash 71,032
Payables 1,147,165
Receivables - real estate & personal property taxes 1,039,635
g. Revenues 14,918
Closing Entries
h. 1. APPROPRIATIONS 1,182,282
ESTIMATED REVENUES 1,207,542
2. Revenues - Real Estate & personal Property Taxes 1,029,307

Fund balance - unreserved 65,052

ENCUMBRANCES 13,770
ENCUMBRANCES 13,770
Fund Balance - assigned 13,770

Fund Balance - unassigned 13,770
Balance for encumbrances that lapsed, but are expected
to be honored in the following year)

45. a. The pre-closing trial balance for the General Fund of the Village of Lahinch is as follows:
Trial Balance:
DR CR
Cash $335,722
Receivables:
Payables: $32,591
Fund balances:
Assigned 82,620
Unassigned 154,530
Revenues - real estate taxes 1,029,307
$1,830,877 $1,830,877

Balance Sheet:
Cash $335,722
Receivables:
Payables: $ 32,591
Fund Balances:
Assigned 82,620
Unassigned 219,582

Revenues:
Real estate taxes $1,029,307
Total Revenues 1,217,268
Expenditures:
Education 702,346
Public works 58,529
Debt interest payments 1,530
Total Expenditures 1,182,816

Other financing sources (Uses)
proceeds from bonds 30,600
Net Change in Fund Balances $65,052
Fund Balances at End of Year $ 302,202


b. Cash 5,400
Revenues - Real Estate & personal Property Taxes 184,275
(to record revenues and other financing sources)
d. BUDGETARY FUND BALANCE RESERVED FOR ENCUMBRANCES 206,572


Payables 206,572

Cash 2,160

f. Cash 12,535
Payables 202,441
g. Revenues 2,633
Closing Entries
2. Revenues - Real Estate & personal Property Taxes 181,642

Fund balance - unreserved 11,480

ENCUMBRANCES 2,430
ENCUMBRANCES 2,430

Fund balance - assigned 2,430
(to close remaining encumbrances and reserve Fund Balance for
encumbrances that lapsed, but are expected to be honored in
the following year)

47. a. The pre-closing trial balance for the General Fund of the Village of Fish Creek is as
follows:
Trial Balance:
DR CR
Cash $59,245
Receivables:
Payables: $5,751
Fund balances:
Assigned 14,580
Unassigned 27,270
Revenues - real estate taxes 181,642
Other Financing Sources - Proceeds from Bonds 5,400
$323,096 $323,096

Balance Sheet:
Cash $ 59,245
Receivables:
Payables $ 5,751
Fund Balances:
Assigned 14,580
Unassigned 38,750

Revenues:
Expenditures:
Education 123,943
Public works 10,329
Total Expenditures 208,732
Other Financing Sources (Uses)
Proceeds from Bonds 5,400
Net Change in Fund Balances $ 11,480

Fund Balances at End of Year $ 53,330


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Solution Manual

Chapter 9 Government Accounting: Fund-Based Financial Statements

2. The cornerstone of governmental financial reporting is the concept of accountability which

3. GASB 34 requires governments to issue Fund financial statements and Government-Wide

Cambridge Business Publishers, 2014

Cambridge Business Publishers, 2014

Cambridge Business Publishers, 2014

The Board believes that, at a minimum, demonstrating accountability through financial

16. An expenditure is the using up of an appropriation.

Remaining BUDGETARY ENCUMBRANCES + Expenditures

Cambridge Business Publishers, 2014

a. Total assets, liabilities, revenues, or expenditures/expenses are at least 10% of the

b. Total assets, liabilities, revenues, or expenditures/expenses of the individual

Cambridge Business Publishers, 2014

31. The journal entry to record the budget is as follows:

ESTIMATED REVENUES 50,000,000

Cambridge Business Publishers, 2014

b. BUDGETARY FUND BALANCE RESERVED FOR

To close the encumbrance account.

a. BUDGETARY FUND BALANCE RESERVED

b. Fund balance unassigned 75,000

To reestablish the encumbrance in the succeeding year.

c. Fund balance - assigned 75,000

(to date the reservation of the fund balance)

Cambridge Business Publishers, 2014

To close the encumbrance account.

a. BUDGETARY FUND BALANCE

b. Fund balance unassigned 45,000

To reestablish budgetary authority for the encumbrance in the succeeding year.

c. Fund balance - assigned 45,000

(to reverse the reservation of the fund balance)

(to establish budgetary control for the encumbrance)

Expenditure Interest on Bond 250,000

Cambridge Business Publishers, 2014

Expenditure capital outlay 40,000

Expenditure interest 1,000

Inventory - supplies 1,500

Inventory - supplies 1,500

Fund balance - unassigned 1,500

Cambridge Business Publishers, 2014

a. ESTIMATED REVENUES 78,924

d. BUDGETARY FUND BALANCE RESERVED FOR

Expenditures - general government 11,476

e. Expenditures - debt principal payments 700

Cambridge Business Publishers, 2014

2. Revenues - real estate & personal property taxes 67,275

3. BUDGETARY FUND BALANCE RESERVE FOR

Fund balance - unassigned 900

Cambridge Business Publishers, 2014

Cambridge Business Publishers, 2014

Statement of Revenues, Expenditures, and Changes in Fund Balances:

Other Financing Sources (Uses)

Cambridge Business Publishers, 2014

a. ESTIMATED REVENUES 441,976

d. BUDGETARY FUND BALANCE RESERVED FOR

Expenditures - general government 64,266

e. Expenditures - debt principal payments 3,920

Cambridge Business Publishers, 2014

2. Revenues - real estate & personal property taxes 376,740

3. BUDGETARY FUND BALANCE RESERVE FOR

Fund balance - unassigned 5,040

Cambridge Business Publishers, 2014

Cambridge Business Publishers, 2014