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1) Employers with defined contribution plans will report a pension liability if the
required contribution has not been fully paid by year end.
2) Fiduciary funds are reported only in the fund-basis financial statements.
3) An annuity serial bond is one where the amount of the principal increases each year
by the same amount that the interest payments decrease.
4) Governmental fund statements are prepared using the economic financial resources
measurement focus and modified accrual basis of accounting.
5) When using the modified approach to account for infrastructures, expenditures to
extend the life of the infrastructure assets are not capitalized.
6) According to GASB Statement 33, with respect to public colleges and universities,
pledges receivable are recognized as assets and revenues when eligibility requirements
are met.
7) When estimating uncollectible accounts, an enterprise fund will record a debit to Bad
Debt Expense and a credit to Accumulated Provision for Uncollectible Accounts.
8) Museum and other inexhaustible collections held by a private college must be
capitalized and recorded in the accounts of a private college.
9) Post-closure costs are recorded in a solid waste landfill enterprise fund at the present
value of estimated future costs.
10) Comparison of the legally approved budget with actual results of the General Fund
is included as part of required supplementary information in the CAFR.
11) Agency funds report no revenues, expenses, or fund equity accounts.
12) Academic or athletic scholarships that do not require service to the college or
university are considered scholarship allowances and treated as reductions in revenue.
13) Net pension liabilities are reported in statements prepared using the economic
resource measurement focus and accrual basis of accounting.
