701.2 Basic Fund Accounting

1
THEBASICSOFFUNDACCOUNTING THEBASICSOFFUNDACCOUNTING
Presentedby:
DarlaErickson
LocalGovernmentServicesBureau
StateAccountingDivision,DepartmentofAdministration
1
Topicscoveredinthispresentation:
Overview of Governmental Accounting Basics OverviewofGovernmentalAccountingBasics
Principles
FundamentalsofDebitsandCredits
FundAccounting/BasisofAccounting
UsingtheBARSChartofAccounts
Funds Funds
Accounts
Objects
2
2
SOMEOFTHEACRONYMSCOMMON
TO GOVERNMENTAL ACCOUNTING
CAFR Comprehensive Annual Financial Report
GASB Governmental Accounting Standards Board
GAAFR Governmental Accounting, Auditing,
TOGOVERNMENTALACCOUNTING
3
GAAFR Governmental Accounting, Auditing,
and Financial Reporting
GAAP Generally Accepted Accounting Principles
PRINCIPLESOFGOVERNMENTALACCOUNTING
AccountingandReportingCapabilities
Accountingsystemsshouldbemaintainedinaccordancewithgenerally
acceptedaccountingprinciples(GAAP)anduniforminMTbyusingtheBARS
ChartofAccountsasprescribedbytheLocalGovernmentServicesBureau
ChartofAccounts:
http://doa.mt.gov/lgsb/Forms/AccountingSystemsProgram/1_AccountingM
anuals/01_BARSChartofAccount
Updates:http://doa.mt.gov/lgsb/bars_memos
FundAccountingSystems
Accountingsystemsshouldbeorganizedandoperatedonafundbasis
FundTypes
Fundfinancialstatementsshouldreportgovernmental,proprietary
andfiduciaryfundtypesifapplicable
NumberofFunds
Onlymaintainthosefundsrequiredbylawandsoundfinancialmanagement
4
3
SpecialRevenueFunds(*recentchange) p ( g )
SpecialRevenueFundsmustmeetthenewdefinitionofaspecial
revenuefundaccordingtoGASB54:
Usedtoaccountforproceedsofspecificrevenuesources thatare
committedorrestricted toexpendituresforspecificpurposesother
thandebtserviceorcapitalprojects.
Balanceswillbe
Nonspendable
Restricted
Committed
Assigned(butnotonlyassignedfundbalance)
NegativeUnassignedFundBalance
*Existingfundsthatdonotmeetthisfundbalancetypewillreporttheirbalanceinthe
GeneralFundatyearendforreportingpurposes.
*OrCommitRevenuesorFundBalancetoamajorpurposebyyearendbytakingthe
highestactionoflocalgovernmentbyyearend.
5
ReportingCapitalAssets p g p
Acleardistinctionshouldbemadebetweengeneralcapitalassetsand
thoseoftheproprietaryandfiduciaryfunds.
CapitalAssetsaredifferent thananassetinventorylisting
ThresholdPolicyshouldbedeterminedbycostandusefullife
ValuationofCapitalAssets
Assetsshouldbereportedathistoriccost
Donatedassetsattheestimatedfairmarketvalueatthetimeofacquisition
DepreciationofCapitalAssets
Capitalassetsshouldbedepreciatedovertheirestimatedusefullives
Useyourentityshistoricalinformationtodeterminetheusefullife thelifewill
varyaccordingtouseoftheasset
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4
Reporting Longterm Liabilities ReportingLongtermLiabilities
Acleardistinctionshouldbemadebetweenbusinesstypelongterm
liabilitiesandgenerallongtermliabilities
MeasurementFocus/BasisofAccountingintheBFS
Thebasicfinancialstatementsshoulddisplaythegovernmentwide
financialstatements(fullaccrual)andthefundfinancialstatements
(modifiedaccrual)
7
Budgeting,BudgetaryControl/Reporting
Budgetsshouldbeadopted,controlledthroughmonitoringand
comparisonstatementsincludedinreporting.
Thebudgetarystatementsshouldpresentoriginalbudget,final
budget,actualamountsandacomparisonwithactualtofinal
Datechange:Approvedbudget duetoCountybythelaterof30daysafterreceipt
ofthecertifiedtaxablevaluationorfirstThursdayinSept
DuetoLGSB60daysafterreceiptofthecertifiedtaxablevaluationorOct1
LocalBudgetAct:7640MCA
Transfer,Revenue,Expenditure/ExpenseClassifications
Revenuesshouldbemaintainedbyfund,majorsourceandother
financingsources
Expendituresofgovernmentalfundsbyfund,function/activityand
otherfinancinguses(transfers,etc)
Expensesofproprietaryfundsbyfund/activity/object
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5
CommonTerminologyandClassification gy f
Acommonterminologyandclassificationshouldbeused
consistentlythroughouttheaccountingsoftware,budget,and
financialreportofeachfund
AnnualFinancialReports
Preparationoffinancialreportsforthebenefitofmanagement
shouldbeprepared
An Annual Financial Report should be prepared and made available AnAnnualFinancialReportshouldbepreparedandmadeavailable
tothepublicandtheLocalGovernmentServicesBureau
DuetoLGSBbyDec31
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FinancialStatements:
BalanceSheet(GovernmentalFunds)or
StatementofNetAssets(EnterpriseFunds)
Consistsof:
Assets debit balance
Liabilities credit balance Liabilities credit balance
FundBalance(GovernmentalFunds)orNet
Assets(EnterpriseFunds)
FundBalance/NetAssets=Assets Liabilities
OrAssets Liabilities=FundBal/NetAssets
10
6
Assets
HaveaDebitBalance
Ifanassethasacredit balance the
accounthasanegativebalance
hi i l Thisisnotnormal
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To increase increase an asset account you
debit the account
12
To decrease decrease an asset account
you credit the account
7
Liabilities
HaveaCreditBalance
Ifaliabilityhasadebit balance
theaccounthasanegative
balance balance
Thisisnotnormal
13
To increase increase a liability account
14
To decrease decrease a liability account
you debit the account
8
Fund Balance/Net Assets has a credit balance
If it has a debit balance that is negative and isnt
When you post a debit to an asset or
liability account fund balance/net assets will
If it has a debit balance that is negative and isn t
normal.
Entries should rarely if ever debit or credit fund bal or
net assets
15
automatically increase
When you post a credit to an asset or liability
account fund balance/net assets will
automatically decrease
FinancialStatements:
StatementofRevenues,ExpendituresandChangesin , p g
FundBalances(GovernmentalFunds)
orStatementofRevenue,ExpensesandChangesinNet
Assets(EnterpriseFunds)
Consistsof:
Revenues credit balance
Expenditures/Expenses debit balance
OtherFinancingSources(Uses)orNonOperating
Revenue/Expense
16
9
Revenues
HaveaCreditBalance
Ifarevenuehasadebit balance
theaccounthasanegative
balance balance
Thisisnotnormal
17
To increase increase a revenue account
18
To decrease decrease a revenue account
you debit the account
10
Expenditures/Expenses
HaveaDebit Balance
Ifanexpenditure/expenseaccount
hasacredit balance theaccount
has a negative balance hasanegativebalance
Thisisnotnormal
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To increase increase an expense/expenditure
account you debit the account
20
To decrease decrease an expense/expenditure
account you credit the account
11
FUNDAMENTALSOFDEBITS&CREDITS FUNDAMENTALSOFDEBITS&CREDITS
BASICACCOUNTING FORMULA BASIC ACCOUNTING FORMULA
DR = CR
21
Example: You receive $10 for a dog license
$10 = $10
Cash (Asset) = Revenue (Pet Lic)
101000 = 323030
BASIC ACCOUNTING
FORMULA
EXPENSES/
EXPENDITURES + REVENUES +
ASSETS = LIABILITIES + EQUITY
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DR = CR
12
ACCOUNTING FORMULA
EXPENSES/
ASSETS + EXPENDITURES = REVENUES + LIABILITIES + EQUITY
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ASSETS = LIABILITIES + EQUITY
DR = CR
SELF-BALANCING SET OF ACCOUNTS
ACCOUNTING FORMULA
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ASSETS + EXPENSE = REVENUES + LIABILITIES + EQUITY
DR = CR
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RECAP
Debitsmustequalcredits
Anentrymadewithinafundshouldhaveequaldebits
andcredits
Alldebitsandcreditsshouldbemadetoasset,
liability,revenue,expenditure/expense,other
financingsources/usesorrestatementaccounts
Rarely,ifever,shouldfundbalance/netassets
accountsbedebitedorcredited
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Testourknowledge
1. Assets have a normal __________ balance:
1 C dit 1. Credit
2. Debit
2. Liabilities have a normal ______ balance:
1. Debit
2. Credit
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2. Credit
3. Debits should equal:
1. Revenues
2. Credits
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TYPESOFFUNDS TYPESOFFUNDS
GOVERNMENTAL FUNDS
11000 ~ General
22000 ~ Special Revenue
33000 ~ Debt Service
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33000 ~ Debt Service
44000 ~ Capital Projects
88000 ~ Permanent
PROPRIETARY FUNDS
55000 ~ Enterprise
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66000 ~ Internal Service
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FIDUCIARY FUNDS
77000 ~ Pension Trust
~ Investment Trust
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Investment Trust
~ Private Purpose Trusts
~ Agency
99000 ACCOUNT GROUPS - For Governmental Funds!
General Capital Assets ~ 9000
General Long-Term Debt ~ 9500
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No longer required to be reported
Can keep updated for your records
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BASIS OF ACCOUNTING
Full Accrual Basis
Deals with the timing and recognition of
transactions and events
When recognized:
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Modified Accrual Basis
Cash Basis
BACKTOTHEBASICS THEBASICSOFFUNDACCOUNTING THEBASICSOFFUNDACCOUNTING
Full Accrual Basis of Accounting
Recognizes increases and decreases in economic Recognizes increases and decreases in economic
resources (Net Assets) as soon as the
underlying event or transaction occurs
Revenues are recognized as soon as they are
earned
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Expenses are recognized as soon as the liability
is incurred
Regardless of the time of related cash inflow
and outflows
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BACKTOTHEBASICS THEBASICSOFFUNDACCOUNTING THEBASICSOFFUNDACCOUNTING
Modified Accrual Basis of Accounting
Recognizes increases and decreases in financial g
spendable resources only to the extent that
they reflect near-term inflows and outflows of
cash
Amounts are recognized as revenues when earned,
only so long as they are collectible within the
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only so long as they are collectible within the
period or soon enough thereafter to be used to
pay liabilities of the current period. (60 days)
In other words, when they are available to pay
expenditures of the current period.
BACKTOTHEBASICS BACKTOTHEBASICS
The Cash Basis of Accounting
I th i l t t hi d id th l t Is the simplest to achieve and provides the least
disclosure
Only revenues received and expenses or expenditures
disbursed are recognized
The Balance Sheet of the Governmental Unit
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The Balance Sheet of the Governmental Unit
displays only a balance in cash and the fund
balance accounts.
The Operating Statement presents results of only the
cash transactions for the reporting fund.
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Testourknowledge
Governmental Funds are reported using
which Basis of Accounting:
1. Full Accrual Basis
2. Modified Basis
3. Cash Basis
Enterprise Funds are reported using
35
Enterprise Funds are reported using
which Basis of Accounting:
1. Full Accrual Basis
2. Modified Basis
3. Cash Basis
BASIS&MEASUREMENTFOCUS BASIS&MEASUREMENTFOCUS
PRACTICAL DIFFERENCES:
Receipt of long-term debt proceeds Receipt of long-term debt proceeds
Repayment of the principal of long-term
debt
Capital acquisition (outlay)
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Depreciation of capital assets
Deferrals and amortizations
19
ILLUSTRATIVE ENTRIES
RECEIPT OF LONG TERMDEBT PROCEEDS RECEIPT OF LONG-TERM DEBT PROCEEDS:
PROPRIETARY FUNDS: DR CR
Cash $20,000
Bonds Payable $20,000
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GOVERNMENTAL FUNDS:
Cash $20,000
Other Financing Sources $20,000
(Proceeds of General Long-Term Debt)
REPAYMENT OF THE PRINCIPAL OF LONG-TERM DEBT:
Bonds Payable $5,000
Interest Expense 300
Cash $5,300
GOVERNMENTAL FUNDS:
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GOVERNMENTAL FUNDS:
Expenditure- Bond Principal $5,000
Expenditure-bond Interest 300
Cash $5,300
20
CAPITAL ACQUISITION: DR CR
PROPRIETARY FUNDS:
Equipment $20,000
Cash $20,000
*If expense/capital outlay was used reverse as part of closing entries
GOVERNMENTAL FUNDS:
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Expenditure-capital Outlay $20,000
Cash $20,000
Depreciation Expense $2,000
Accumulated Depreciation $2,000
GOVERNMENTAL FUNDS:
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Depreciation may be Recorded in the General Capital Asset
Account Group
*****Not in the Governmental Fund Itself!
21
41
ChartofAccountsistheframeworkofan
BARSCHARTOFACCOUNTS BARSCHARTOFACCOUNTS
accountingsystem
IsauniformsystemforLocalGovernments
Providestheinformationneededfor
administration&reportingpurposes
ll f i Allowsforcomparisons
Fundshaveof4digits
Accountshave6digits
Objectshave3digits
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22
BARS FUNDCLASSIFICATIONS
1000 - General Fund
2000 - Special Revenue Funds
33000 - Debt Service Funds
4000 - Capital Projects Funds
5000 - Enterprise Funds
6000 - Internal Service Funds
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7000 - Fiduciary Funds (Trust & Agency)
8000 - Permanent Funds
9000 - General Capital Asset/Long-Term Debt
BARSFUNDCLASSIFICATIONCONT.
Exampleoffurtherbreakdownoffunds:
5000 5999 EnterpriseFunds p
50 5010 Golf
51 5110 Hospital/NursingHome
52 5210 Water
53 53 53 5310 Sewer
54 5410 SolidWaste
5415 5415 Landfill
55 5510 Ambulance
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23
BARSBALANCESHEETACCOUNTS BARSBALANCESHEETACCOUNTS
1100000 - Assets and Other Debits
2200000 - Liabilities, Equity and
Other Credits
Within these two groups, assets and liabilities are
f th d fi di t th l i l t i
45
further defined into other logical categories
depending upon the nature of the particular asset
or liability.
BALANCESHEETACCOUNTS BALANCESHEETACCOUNTS
Principalgroupsofasset&otherdebitnumbers:
10 10 / 10 100000 Cash/Investments
11 110000 Taxes/AssessmentsReceivable
12 120000 OtherReceivables
13 130000 Duefromandadvancefrom
14 140000 PrepaidExpenses
15 150000 Inventories
16 160000 RestrictedAssets
17 170000 OtherDebits
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24
Exampleoffurtherbreakdownofanasset
t account:
11 110000 TaxesReceivable
111000 MobileHomeTaxesReceivable
113000 RealTaxesReceivable
115000 PersonalTaxesReceivable
116000 ProtestedTaxesReceivable
118000 SpecialAssessmentsReceivable
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Liabilities,equity&othercreditsnumbers:
20 200000 Sh t t P bl 20 200000 ShorttermPayables
21 210000 OtherShorttermPayables/Dueto
22 220000 DeferredCredits
23 230000 LongtermLiabilities
24 240000 Othercredits
25 250000 27 270000 FundBalance/NetAssets
28 280000 InvestmentinCapitalAssets(Fund9500)
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25
BARS BARS REVENUEACCOUNTS REVENUEACCOUNTS
310000 - Taxes
320000 Licenses and Permits 320000 - Licenses and Permits
330000 - Intergovernmental Revenues
340000 - Charges for Services
350000 - Fines and Forfeitures
360000 - Miscellaneous Revenues
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360000 Miscellaneous Revenues
370000 - Investment Earnings
380000 - Other Financing Sources
390000 - Internal Services
BARS BARS EXPENDITUREACCOUNTS EXPENDITUREACCOUNTS
410000 - General Government
420000 Public Safety 420000 - Public Safety
430000 - Public Works
440000 - Public Health
450000 - Social/Economic Services
460000 - Culture and Recreation
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460000 Culture and Recreation
470000 - Housing and Community Dev.
480000 - Conversation of Natural Resources
490000 - Debt Service
26
BARS BARS EXPENDITUREACCOUNTS EXPENDITUREACCOUNTS
CONT. CONT.
500000 - Internal Services
510000 - Miscellaneous
520000 - Other Financing Uses
51
520000 Other Financing Uses
BARS BARS OBJECT OBJECT
EXPENDITURECLASSIFICATIONS EXPENDITURECLASSIFICATIONS
1100 - Personal Services
2200 S i 2200 - Supplies
3300 - Purchased Services
4400 - Building Materials
5500 - Fixed Charges (Insurance, rent)
600 Debt Service
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600 - Debt Service
7700 - Grants, Contributions, Indemnities
8800 - Other Objects, Transfers, Depreciation
9900 - Capital Outlay
27
BARS BARS OBJECT OBJECT
EXPENDITURECLASSIFICATIONS EXPENDITURECLASSIFICATIONS
Exampleoffurtherbreakdownofobjectcodes:
2200 Supplies 2200 Supplies
210 OfficesSupplies
220 OperatingSupplies
230 Repair&MaintenanceSupplies
231 Fuel Gas Oil Diesel 231 Fuel Gas,Oil,Diesel
232 Motorvehicleparts
233 Machinery&equipmentparts
240 OtherRepair&MaintenanceSupplies
250 SuppliesforResale
53
BUDGETARY, ACCOUNTING AND REPORTING SYSTEM (BARS) FOR
MONTANA, CITIES, TOWNS AND COUNTIES
BARS ACCOUNT STRUCTURE BARS ACCOUNT STRUCTURE
Asset & Liability Accounts - (Illustration 1)
1st Digit 1 = Assets & Other Debits
1st Digit 2 = Liabilities& Other Credits
54
Fund Account
Number Number
XXXX XXXXXX
28
BARS ACCOUNT STRUCTURE
Asset & Liability Accounts - (Illustration 1)
1st Digit 1 = Assets & Other Debits
1st Digit 2 = Liabilities& Other Credits
55
Fund Account
Number Number
1000 101000
GENERAL CASH
BARS ACCOUNT STRUCTURE - CONT.
Revenue Accounts - (Illustration 2)
1st Digit 3= Revenue
Organization
Fund Code Major
Program J ob Code (Department) Source Sub-Source Detail
56
g ( p )
X XXX XXX
Optional Optional
1000 31 1 010
GENERAL TAXES GENERAL
PROPERTY
TAXES
REAL
ESTATE
TAXES
29
BARS ACCOUNT STRUCTURE - CONT.
Expenditure Accounts - (Illustration 3)
1st Digit 4 & 5 - Expenditures
Organization
Fund Code Sub Major Sub-
Program J ob Code (Department) Function Activity Activity Object Object Detail
X XXX XXX 1000 42 01 40 2 2 1
57
X XXX XXX
Optional Optional Optional
1000 42 01 40 2 2 1
GENERAL
PUBLIC
SAFETY
LAW
ENFORCEMENT
SERVICES
CRIME
CONTROL &
INVESTIGA-
TION
SUPPLIES
OPERATING
SUPPLIES
UNIFORMS
58
30
59
60
31
Identifytheappropriaterevenuecodenumberforthefollowingrevenueitems:
Fund# Account#
1.Accruingmonthlyfeesforgarbagecollectionsservices _____________________________
REVENUEQUIZ REVENUEQUIZ
2.Thereceiptofrealestatetaxesinthegeneralfund _____________________________
3.Thereceiptofpersonalpropertytaxesingeneralfund _____________________________
4.ThereceiptofmoneyfromtheMontanaTreasureState
Endowmentprogramforawaterproject _____________________________
5.Thereceiptofinterestonacapitalprojectsfund_____________________________
6.Thereceiptofmoneyfromthestateasanallocationfrom
taxesonfuel _____________________________ _____________________________
7.ThereceiptofafederalCommunityDevelopmentBlock
Grant _____________________________
8.ThereceiptofmoneyfromtheCityJudgeforfines_____________________________
9.Thereceiptofproceedsfromswimmingpoolcollections______________________________
10.Thereceiptoffeescollectedbytheclerkforcopies ______________________________
61
Identifytheappropriateexpenditure/expensecodenumberforthefollowingitems:
FundAccountObject
1.PaymentofwagestotheFinancialClerk _____________________
EXPENDITUREQUIZ EXPENDITUREQUIZ
2.Thepurchaseoftiresforadumptruckintheroad
andstreetdepartment_____________________
3.Thepurchaseofagarbagetruckforuseincollection______________________
4.ThepurchaseofenvelopesfortheCityJudge______________________
5.Paymentforelectricityforabuildingatthewaterplant______________________
6.Paymentsfortherentalofabackhoepaidforwith
gas tax monies gastaxmonies _____________________
7.Thepurchaseofaridinglawnmowerforthepark _____________________
8.Recordingthedepreciationofgarbageequipment_____________________
9.Paymentoftheemployer'scontributiontoPoliceChiefs
retirement_____________________
10.PaymentforthecostoftheauditoftheCity _____________________
62
32
Questions Questions
63
Local Government Services Bureau
Website: http://doa.mt.gov/lgsb
Address: 301 S Park Ave ~ Room 340
PO B 200547 H l MT 59620 0547 PO Box 200547 ~ Helena, MT 59620-0547
Phone: 841-2909
64
33
Lincoln
Flathead
Glacier Toole
Hill
Blaine
Phillips
Valley
Daniels Sherida
n
Roosevelt
Lake
Missoula
Teton
Gallati
n
Cascade
Meagher
Judit
h
Basin
Chouteau
Sweet
Grass
Fergus Garfield
McCone
Musselshell Rosebud
Richland
Dawson
Custer
Powder Carter
Fallon
65
Madison
Park
Carbon
Big Horn
Powder
River
Carter
Kalispell
Magda Nelson
(406)257-5245
mmnelson@bresnan.net
Helena
Jamie Cain
(406)841-2902
Jcain@MT.Gov
Billings
Darla Erickson
(406)371-5627
Derickson@MT.Gov
Circle
Tod Kasten
(406) 974-3377
Tkasten@MT.Gov
Jamie Cain
Area 1 Helena
Phone: 841-2902
Jcain@mt.gov
Area 1 Helena
Anaconda-Deer Lodge
Darla Erickson
Area 2 Billings
Phone: 371-5627
derickson@mt.gov
Area 2 Billings
Big Horn
Anaconda Deer Lodge
Beaverhead
Blaine
Broadwater
Butte-Silver Bow
Cascade
Chouteau
Gallatin
Granite
Hill
ff
Big Horn
Carbon
Fergus
Golden Valley
Musselshell
Park
Petroleum
Rosebud
66
Jefferson
Lewis & Clark
Madison
Meagher
Powell
Teton
Stillwater
Sweet Grass
Treasure
Wheatland
Yellowstone
34
Tod Kasten
Area 3 Circle
Phone: 974-3377
TKasten@mt.gov
Area 3 Miles City
Carter
Magda Nelson
Area 4 Kalispell
Phone: 257-5245
mmnelson@bresnan.net
Area 4 Kalispell
Flathead Carter
Custer
Daniels
Dawson
Fallon
McCone
Phillips
Powder River
P i i
Flathead
Glacier
Lake
Liberty
Lincoln
Mineral
Missoula
Pondera
R lli
67
Prairie
Richland
Roosevelt
Sheridan
Valley
Wibaux
Ravalli
Sanders
Toole
68
35
QUIZ#1 AccountType&NormalBalance
Q yp
Accountstouse: NormalBalances:
*Asset *Debit
*Liability *Credit
*Equity
*Revenue
*Expenditure/Expense
*Contraasset(use2times)
69
QUIZ #1 Account Type & Normal Balance
TYPE OF NORMAL TYPE OF NORMAL
ACCOUNT NAME ACCOUNT BALANCE
Depreciation __________ _________
Accounts Payable __________ _________
Deferred Revenue __________ _________
70
__________ _________
Interest Receivable __________ ________
Assigned Fund Balance __________ _________
36
QUIZ #1 - CONT.
Cash __________ _________
Amount To Be Provided __________ _________
Interest Earnings __________ _________
71
g __________ _________
Allowance For Depreciation __________ ________
City Court Fines (Collected) __________ _________
QUIZ #1 - CONT.
Real Estate Taxes (Collected) __________ _________
Capital Outlay __________ _________
Warrants Payable __________ _________
72
y __________ _________
Inventories __________ ________
Net Assets __________ _________
37
QUIZ #1 - CONT.
Due To Other Governments __________ _________
Accounts Receivable __________ _________
Debt Service Interest __________ _________
73
__________ _________
Judgments & Losses __________ ________
Prepaid Expense __________ _________
QUIZ #1 - CONT.
Bonds Payable __________ _________
Taxes Receivable __________ _________
Gas Tax Apportionment __________ _________
74
pp __________ _________
Deposits Payable __________ ________
Animal Licenses __________ _________
38
QUIZ #1 - CONT.
Supplies purchased _________ _________
Sale of Capital Assets __________ _________
Allowance For Uncollectible Accounts __________ _________
75
__________ _________
County Option Tax __________ ________
Federal Disaster Aid __________ _________
QUIZ #1 - CONT.
Street & Road Maintenance _________ _________
Due From Other Funds __________ _________
Machinery & Equipment __________ _________
76
y q p __________ _________
Fund Balance __________ ________
Charge for Copying Services (collected) __________ _________
39
QUIZ #1 - CONT.
Jury Services _________ _________
Penalty & Interest on Delinq. Taxes __________ _________
Restricted for Revenue Bond __________ _________
77
__________ _________
Advance to other Funds __________ ________
78
40
79
80
41
Quiz#2 Commonentries
Accountstouseforthisquiz:
Cash
Supplies
GasTaxApportionment
TaxesReceivable
AccountsReceivable
AccountsPayable
InterestReceivable
InterestRevenue
PrepaidExpense
Expense(EnterpriseFunds)/Expenditure(GovernmentalFunds)
Depreciation
AllowanceforDepreciation
DeferredRevenue
TaxRevenue
81
QUIZ #2 ENTRIES
DEBIT CREDIT
Record Receipt of Gas Tax Apportionment from State
______________________________ $______
___________________________ $_______
82
Record Purchase of Supplies
______________________________ $______
___________________________ $_______
42
QUIZ #2 ENTRIES CONT.
DEBIT CREDIT
Record the Receipt of Taxes
______________________________ $______
___________________________ $_______
R d th A l f E dit
83
Record the Accrual of Expenditures
______________________________ $______
___________________________ $_______
DEBIT CREDIT DEBIT CREDIT
Record the Payment of the Expenditure Accrual
______________________________ $______
___________________________ $_______
Record the Accrual of Interest Revenue
84
Record the Accrual of Interest Revenue
______________________________ $______
___________________________ $_______
43
DEBIT CREDIT
DEBIT CREDIT
Record the Receipt of the Interest Revenue
______________________________ $______
___________________________ $_______
Record Annual Depreciation Expense
85
Record Annual Depreciation Expense
______________________________ $______
___________________________ $_______
86
44
87

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