2-3
A. The three major sections are the introductory, financial, and statistical sections.
B. The government wide financial statements are the statement of net assets and activities
which are presented using economic resources measurement focus and the accrual basis of
accounting.
C. The government fund statements are prepared using the current resources focus and the
modified accrual basis accounting. These statements include: Balance Sheet and Statement of
Revenues, Expenditures and Changes in Fund Balance.
D. The proprietary fund statements are the statement of net assets, statement of revenues,
expenses, change in fund net assets and statement of cash flow. The proprietary funds reports
are using the economic resources measurement focus and accrual basis of accounting.
E. The fiduciary fund statements are the statement of fiduciary net assets and statement of
changes in fiduciary net assets. They are reported by find type, not major finds, and the activity
accounts are not labeled revenues and expenses. It is also using the economic resources
measurement focus and accrual basis of accounting.
F. Required supplementary information appears in two parts of the financial section. The
required schedules include: information required when using the modified approach to
infrastructure, budgetary comparison schedule, pension schedules, and schedules of risk
management activities.
3-5
A.
Estimated Revenue Control
1,000,000
Appropriation Control 980,000
Budgetary Fund Budget
20,000
B.
Cash
1,010,000
Revenues Control
1,010,000
C.
Encumbrance Control
500,000
Budgetary Fund Balance-Encumbrances
500,000
D.
Budgetary Fund Balance- Encumbrances
Encumbrances Control
Expenditures Control
480,000
490,000
490,000
Account Payable
480,000
E.
Expenditures Control
460,000
Account Payable
460,000
F.
Account Payable
940,000
Cash
940,000
3-10-(A)
CITY OF VIENNA
Budgetary comparison schedule
General Fund
for the year ended December 31, 2012
Budgetary Amounts
actual amounts
variance with final budget
( Budgetary Basis)
positive/ (negative)
original
final
3,200,000
3,300,000
3,400,000
100,000
licenses
900,000
900,000
898,000
(2,000)
intergovernmental
500,000
500,000
500,000
0
miscellaneous
100,000
104,000
105,000
1,000
total revenues
4,700,000
4,804,000
4,903,000
99,000
950,000
940,000
925,000
15,000
parks
2,500,000
2,500,000
2,400,000
100,000
health & welfare
1,200,000
1,204,000
1,150,000
54,000
total expenditures & Encumbrances
4,650,000
4,644,000
4,475,000
169,000
50,000
160,000
428,000
268,000
Fund balance- beginning
332,000
350,000
350,000
0
Fund balance- ending
382,000
510,000
778,000
268,000
Revenues:
taxes
Expenditures & Encumbrances
general government
Net change in fund balance
3-10-(B)
General Ledger
Debits
Budgetary Fund Balance
Estimated Revenues Control
Appropriations Control
Credits
104,000
6,000
110,000
subsidiary ledger
Debits
credits
Revenues Ledger:
Tax revenues
Miscellaneous Revenues
100,000
4,000
Appropriation Ledger:
General Government
Health & Welfare
10,000
4,000
Reference:
Copley, P.A. (2011). Essentials of Accounting for Governmental and Not-for-Profit Organizations. (10th ed.).
Boston: McGraw-Hill Irwin. ISBN: 9780073527055