Podcast
Questions and Answers
What is the purpose of the Estimated Revenues budgetary control account in the General Fund?
What is the purpose of the Estimated Revenues budgetary control account in the General Fund?
To show the amount of revenue expected to be collected during the year.
Define Appropriations in the context of budgetary control accounts.
Define Appropriations in the context of budgetary control accounts.
An authorization granted by law to make expenditures for specific purposes.
What does the Encumbrances account represent?
What does the Encumbrances account represent?
The estimated amount of purchase orders or contracts.
Explain the purpose of Estimated Other Financing Sources in budgetary control.
Explain the purpose of Estimated Other Financing Sources in budgetary control.
What is the role of Estimated Other Financing Uses in the budgetary control process?
What is the role of Estimated Other Financing Uses in the budgetary control process?
List three major revenue source classes commonly used in the Estimated Revenues account.
List three major revenue source classes commonly used in the Estimated Revenues account.
What is the purpose of an operating transfer?
What is the purpose of an operating transfer?
How does an operating transfer impact the journal entries of the transferring fund?
How does an operating transfer impact the journal entries of the transferring fund?
What journal entry is made in the receiving fund for an operating transfer in?
What journal entry is made in the receiving fund for an operating transfer in?
What are residual equity transfers?
What are residual equity transfers?
How are residual equity transfers recognized in terms of accounting treatment?
How are residual equity transfers recognized in terms of accounting treatment?
Provide an example of a residual equity transfer scenario.
Provide an example of a residual equity transfer scenario.
Why is it important for administrators to review each purchase order and contract before it is signed?
Why is it important for administrators to review each purchase order and contract before it is signed?
What term is used to describe the status of an appropriation when a purchase order or contract is issued?
What term is used to describe the status of an appropriation when a purchase order or contract is issued?
Why is the word 'encumbered' used instead of 'expended' when referring to the amount of a purchase order or contract?
Why is the word 'encumbered' used instead of 'expended' when referring to the amount of a purchase order or contract?
What could happen if an administrator incurs liabilities for an amount in excess of the appropriation?
What could happen if an administrator incurs liabilities for an amount in excess of the appropriation?
In what situation would a purchase order or contract legally be issued according to the text?
In what situation would a purchase order or contract legally be issued according to the text?
Why is it important to record that an appropriation has been encumbered when a purchase order or contract is issued?
Why is it important to record that an appropriation has been encumbered when a purchase order or contract is issued?
What is the purpose of the encumbrance procedure in governmental accounting?
What is the purpose of the encumbrance procedure in governmental accounting?
Why might the invoice amount differ from the amount on the government unit's purchase order?
Why might the invoice amount differ from the amount on the government unit's purchase order?
When should both expenditures and the liability account be recorded at the actual amount in governmental accounting?
When should both expenditures and the liability account be recorded at the actual amount in governmental accounting?
Why does the difference between estimated and actual amounts not pose accounting difficulties?
Why does the difference between estimated and actual amounts not pose accounting difficulties?
In what situation might a governmental unit decide not to follow the encumbrance procedure for certain expenditures?
In what situation might a governmental unit decide not to follow the encumbrance procedure for certain expenditures?
When would a department follow the encumbrance procedure for personal service appropriations?
When would a department follow the encumbrance procedure for personal service appropriations?
What is the journal entry when revenues are collected in cash?
What is the journal entry when revenues are collected in cash?
How should revenues from sources like licenses and permits be accrued under the modified accrual basis of accounting?
How should revenues from sources like licenses and permits be accrued under the modified accrual basis of accounting?
What is the total amount of revenues collected in cash during fiscal year 2008 by the Town of Hawassa?
What is the total amount of revenues collected in cash during fiscal year 2008 by the Town of Hawassa?
What is the purpose of an appropriation when enacted into law?
What is the purpose of an appropriation when enacted into law?
What are some examples of sources for revenues not measurable until received in cash?
What are some examples of sources for revenues not measurable until received in cash?
How should revenues from sources not measurable until received in cash be accounted for under the modified accrual basis?
How should revenues from sources not measurable until received in cash be accounted for under the modified accrual basis?
