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What would be the entry needed when property taxes receivable become deliquent?
(D) Property Taxes Receivable-Deliquent 
         (C)Property Taxes Receivable-Current           

if allowance was created then the entry would include:

(D)Allowance for uncollectible taxes-current
    (C)Allowance for uncollectible taxes-deliquent
Allowances will typically have a debit balance?
True or False
False. They have a credit balance and are reduced with a debit. Revenues will be debited when establishing the account or recorded net of revenues.
When a lien is placed against a piece of property, existing receivable accounts are reclassified to an account called ___ _____ receivable. This means you would credit ________ _____ receivable when making this entry.
Tax Liens Receivable , Property taxes receivable
The GASB specifies that, unless a government justifies a longer period, the period should not be more than __ days after the accounting period for revenue collection. Revenues expected to be collected after this period should be reclassified as ________ ________.
60, Deferred Revenues
Sometimes governments receive payments from other governments, or from certain not-for-profit organizations, to reimburse them for revenues lost because these organizations are not required to pay property taxes. These payments are treated in the same manner as other tax revenues but are identified seperately. What are these payments called?
Payments in Lieu of Property Taxes
Give two examples of derived tax revenues. One of which does not apply to the Florida workers.
Sales and income taxes
This revenue is a voluntary nonexchange transaction which is recognized in the period in which "all eligibility requirements have been met. Until then this revenue has a credit to cash when received and a debit to ________ revenue?
This is Grant Revenues and the debit is to Deferred Revenues
What are the 4 categories of interfund activity?
Acronym TRL'S
Think of the old MTV show TRL or abbreviation for trails. Interfund TRL'S
Services provided and used
How are interfund loans recorded?
if short term
Due from (receiving/debit) and Due to (credit/giving)

if long term

Advance from (receiving/debit) Advance to (giving/credit)
This type of transfer records the flows of assets without eauivalent fows of assets in return and without any obligation to repay.
Interfund Transfer
Interfund transfers should be recorded as?
Transfer out to or transfer in from
Interfund transfers should be treated as revenues and expenditures and should not be reported as other financing sources. True or False
False-They should be not be treated as revenues and expenditures and should be other financing resources on the operating statement
Interfund transfers should be treated as non operating revenues and expenses in the operating statement for Proprietary funds? True or False
These transactions occur when one government department sells goods or performs services for another department?
Interfund services provided and used
Interfund services should be recorded with what entries?
(D) Due from ____ fund
(C) Sale of ____
To record billing

(C)Due to _____ fund
Expediency may require that and expenditure be paid by a fund other than the fund properly chargeable for the transaction. The repayment to the paying fund would be what type of Interfund Transaction?
Interfund Reimbursement
How would the fund that made the payment for another record the payment for interfund remibursement?


(D)Due from ____ fund

the other fund would record

(C)Due to _____ fund
Governments use these to maintain closer control over departmental expenditures. They are subdivided into time-based __________ which can be a month, quarteryear, or half year.
How would an allotment be recorded?
To establish when recording the budget
(D)Estimated revenues
(C)unallotted appropriations

When needed
(C)unallotted appropriations

encumbrances and expenditures will then be charged to the allottments account
The Inventories that WE are using has the following characteristics:
  • Record purchase as inventory on balance sheet
  • Recognize expenditure as inventory items are consumed
  • ◦While this method does not “require” a reservation is appears that some fund balance reservation of “minimum amounts of inventory” is done—see Orlando’s footnote and presentation of GF balance sheet.
Consumption Method which is the same method used in for profit organizations
If someone dies without a will or known relatives the property is recorded in the Private Purpose Trust Fund. If the property isn't claimed within a statutory period the resources are transferred to the general fund. What is this called?
What would be credited to record proceeds from the sale of a capital asset?
Other financing sources-proceeds
Review of Permanent Funds
The Fund Balance classification on the balance sheet has amounts that

  • are not available for appropriation because they are either (a) not in spendable form or
  • (b) legally or contractually required to be maintained intact.
This fund classification on the balance sheet has the most binding degree of constraint because the related resources can be used for no purpose other than that  specified in the constitutional provision, enabling legislation, or contractual provision creating the restriction. Specifically, such constraints may be either
  • Externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments; or
  • Imposed by law through constitutional provisions or enabling legislation
These funds on the balance sheet are committed amounts that are constrained as to use as a result of formal action (legislation, resolution, or ordinance) of the government’s  highest level of decision-making authority . These actions require consent of both the legislative and executive branches of government, where applicable.
These funds on the balance sheet are:

  • constrained by a government’s  intent  to spend resources for specific purposes are classified as assigned. The intent to spend may be expressed either by the government’s governing body or a body (such as a budget committee) or official to which the governing body has delegated that authority. Constraints imposed on assigned amounts can be more easily removed than those imposed on restricted or committed amounts because assigned constraints are not imposed externally and  internal authority to impose the constraint need not be at the highest level of decision making. In no event can the amounts assigned be so great as to create a deficit in Unassigned fund balance.
This fund balance on the balance sheet is the residual classification for the General Fund only. The amount reported as unassigned is available for spending for any legalpurpose.
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