What are examples of estimated other financing sources and uses?
These are basically other estimated revenues (sources) or appropriations (uses) that fall outside of estimated revenues and appropriations. This should be considered in the budget at the beginning of the year.
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In budgetary accounting, what are the two methods that can be used to record expenditures?
Expenditures are considered to be a governmental funds allocation of its funding dollars on expenses. The expenditure will be recorded when the voucher payable is recorded (full accrual). The modified accrual basis of accounting will not delay the expenditures until the cash payment is made. The two allowable methods are the purchase method and consumption...
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What is the difference between a surplus and a deficit in budgetary accounting?
In budgetary accounting, a surplus will exist if estimated revenues exceed the amount of formally approved expenditures. A deficit will exist if estimated revenues are less than the amount of formally approved expenditures. The visual below shows how you can easily calculate a surplus or deficit!
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What is an appropriation in budgetary accounting under GASB?
Appropriations is money that is set aside for specific governmental departments, agencies and programs. This is the amount that is authorized to be expended by the governmental unit in a given time period. Appropriations are basically the same as an expense under U.S. GAAP, except under GASB, all spending has to be approved at the...
In budgetary accounting, what are the two methods that can be used to record expenditures?
Expenditures are considered to be a governmental funds allocation of its funding dollars on expenses. The expenditure will be recorded when the voucher payable is recorded (full accrual). The modified accrual basis of accounting will not delay the expenditures until the cash payment is made. The two allowable methods are the purchase method and consumption...
What is the difference between a surplus and a deficit in budgetary accounting?
In budgetary accounting, a surplus will exist if estimated revenues exceed the amount of formally approved expenditures. A deficit will exist if estimated revenues are less than the amount of formally approved expenditures. The visual below shows how you can easily calculate a surplus or deficit!
What is an appropriation in budgetary accounting under GASB?
Appropriations is money that is set aside for specific governmental departments, agencies and programs. This is the amount that is authorized to be expended by the governmental unit in a given time period. Appropriations are basically the same as an expense under U.S. GAAP, except under GASB, all spending has to be approved at the...
