F9 Flashcards
Investment pools operated by goverment account investments of other entities
Investment trust fund
Goverment’s own investment investment invested in own investment trust fund
assets of investing fund
Goods received approved fro purchase
Encumbrances account should be decreased (not increased), and the
Expenditures account should be increased (not decreased)
Encumbrance outstanding state general fund
Encumbrances are commitments or assignments of fund balance representing the amount of unperformed contracts for goods or services
Total fund balance
Unassigned fund balance
Assets -liabilities
Unassigned fund balance=Total fund balance-fund balance subject to constraint
Purchase order
Encumbrance
Budgetary control
state appropriations to state universities engaged in business type activities
Receiving state appropriations represents a non-exchange transaction and will be treated as nonoperating revenues.
unassigned negative fund balance
If expenditures incurred for specific purposes exceed the amounts restricted, committed or assigned to those purposes
Reciprocal-Exchange
1.Loan
2.Service
Non reciprocal-non exchange
1.Transfer
2.Reimbursement
Purpose financial statement NFP
it provides relevant information about assets, liabilities and equity (net assets) and their relationship to one another at a moment in time
An entity need not recognize contributions of works of art, historical treasures, and similar assets if the donated items are added to collections that meet all of the following conditions:
1.The item is part of a collection, which is held for public viewing, exhibition, education, or research
2.The collection is cared for, preserved, and protected by the organization
3.The organization has a policy that requires any proceeds from the sale of donated items to be reinvested in other collection items or used to support the direct care of existing collections.
