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Accounting for Governmental Operating Activities ...

1 Chapter 4 Chapter 4 Accounting for Governmental Accounting for Governmental Operating ActivitiesOperating Activities --------Illustrative Transactions &Illustrative Transactions &Financial StatementsFinancial Statements2 Govt lGovt lFunds ReviewFunds Review!!Spending FocusSpending Focus!!Current Financial ResourcesCurrent Financial Resources!!Modified AccrualModified Accrual!!Revenues & ExpendituresRevenues & Expenditures!!No Fixed AssetsNo Fixed Assets!!No Long Term (LT) DebtNo Long Term (LT) Debt3 Budgetary AccountingBudgetary Accounting !!Journal Entries:Journal Entries:Estimated RevenuesEstimated RevenuesEst. Other Financing SourceEst. Other Financing SourceAppropriationsAppropriationsEst. Other Financing UseEst.

Closing Entries! Reverse Nominal Accounts! Reverse Budgetary Accounts! Fund Balance Available for Appropriation. 24 Financial Statements! Interim Financial Statements! Annual Financial Statements! Reconciliation Between Budget Basis & GAAP. 25 Special Revenue Funds! Legal Compliance! GF Accounting and

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