Chapter 14 – Financial Reporting by the Federal Government
13-1
CHAPTER 14 Financial Reporting by the Federal Government
14-1. BASIC FINANCIAL STATEMENTS OF A FEDERAL AGENCY INCLUDE:
o BALANCE SHEET,
14-2. BASIC FINANCIAL STATEMENTS OF THE U.S. GOVERNMENT INCLUDE:
o STATEMENT OF NET COST,
14-3 . THE FEDERAL ACCOUNTING STANDARD ADVISORY BOARD ISSUES FEDERAL ACCOUNTING
Chapter 14 – Financial Reporting by the Federal Government
13-2
14-4. FINANCIAL STATEMENTS OF THE U.S. GOVERNMENT
STATEMENT OF NET COSTS
1. THE THREE LARGEST GOVERNMENT UNITS BASED ON NET COST ARE:
2. THE GOVERNMENT DEPARTMENT THAT OPERATES AT THE LARGEST NET PROFIT IS:
3. THE TWO LARGEST SOURCES OF REVENUE TO THE FEDERAL GOVERNMENT ARE:
4. THE ITEM ON THIS STATEMENT THAT ARTICULATES (AGREES) WITH THE
STATEMENT OF NET COSTS IS:
5. THE TWO LARGEST LIABILITIES REPORTED ON THE BALANCE SHEET ARE:
6. THE ITEM ON THIS STATEMENT THAT ARTICULATES WITH THE STATEMENT OF
Chapter 14 – Financial Reporting by the Federal Government
14-5. FINANCIAL STATEMENTS OF THE U.S. INTERNAL REVENUE SERVICE
STATEMENT OF NET COSTS
STATEMENT OF CHANGES IN NET POSITION
STATEMENT OF CUSTODIAL ACTIVITY
14-6
BUDGETARY ACCOUNTING
PROPRIETARY ACCOUNTING
1.
APPROPRIATIONS REALIZED 3,000,000
UNAPPORTIONED AUTHORITY 3,000,000
FUND BALANCE WITH TREASURY 3,000,000
UNEXPENDED APPROPRIATIONS 3,000,000
2.
UNAPPORTIONED AUTHORITY 750,000
APPORTIONMENTS 750,000
NO JOURNAL ENTRY REQUIRED
3.
APPORTIONMENTS 725,000
ALLOTMENTS 725,000
NO JOURNAL ENTRY REQUIRED
4.
ALLOTMENTS 550,000
OBLIGATIONS – UNDELIVERED ORDERS 550,000
NO JOURNAL ENTRY REQUIRED
5.
OBLIGATIONS
– UNDELIVERED ORDERS 420,000
EXPENDED APPROPRIATIONS 420,000
SUPPLIES 100,000
OPERATING (PROGRAM) EXPENSE 320,000
ACCOUNTS PAYABLE 420,000
ACCOUNTS PAYABLE 420,000
FUND BALANCE WITH TREASURY 420,000
OPERATING (PROGRAM) EXPENSE 90,000
Chapter 14 – Financial Reporting by the Federal Government
13-4
AMOUNT
STATUS
– UNAPPORTIONED AUTHORITY
– APPORTIONMENTS.
– ALLOTMENTS.
– OBLIGATIONS FOR UNDELIVERED ORDERS.
– EXPENDED APPROPRIATIONS
$ 3,000,000
TOTAL APPROPRIATION
14-8
MOSQUITO ABATEMENT COMMISSION
STATEMENT OF NET COST
FOR THE QUARTER ENDED DECEMBER 31, 2015
COSTS BY STRATEGIC GOAL
COORDINATE STATE GOVERNMENT ABATEMENT PROGRAMS
TOTAL GROSS COST *
$ 1,592,000
CONDUCT RESEARCH ON MOSQUITO ABATEMENT
TOTAL GROSS COST **
1,047,000
PROMOTE ABATEMENT THROUGH PUBLIC EDUCATION
TOTAL GROSS COST ***
866,000
LESS PROGRAM REVENUES
(110,000)
NET COST
756,000
TOTAL ENTITY
TOTAL GROSS PROGRAM COST
3,505,000
LESS: PROGRAM REVENUES
(110,000)
NET COST (INCOME) FROM OPERATIONS
3,395,000
Chapter 14 – Financial Reporting by the Federal Government
14-9 Part A
DEBITS
CREDITS
1.
FUND BALANCE WITH TREASURY
UNEXPENDED APPROPRIATIONS
12,000,000
12,000,000
2.
ACCOUNTS PAYABLE
WAGES PAYABLE
SUPPLIES
EQUIPMENT
PROGRAM EXPENSES
FUND BALANCE WITH TREASURY
126,000
79,000
500,000
500,000
2,595,000
3,800,000
3.
PROGRAM EXPENSES
WAGES PAYABLE
25,000
25,000
4.
SUPPLIES
PROGRAM EXPENSES
ACCOUNTS PAYABLE
12,000
70,000
82,000
5.
PROGRAM EXPENSE
SUPPLIES
403,000
403,000
6.
PROGRAM EXPENSE
ACCUMULATED DEPRECIATION
60,000
60,000
14-9. PART B
FEDERAL INTERSTATE COMMISSION
STATEMENT OF CHANGES IN NET POSITION
FOR THE QUARTER DECEMBER 31, 2015
CUMULATIVE
RESULTS OF
OPERATIONS:
UNEXPENDED
APPROPRIATIONS
BEGINNING BALANCE
$ 1,500,000
$ 0
APPROPRIATIONS RECEIVED
12,000,000
APPROPRIATIONS USED
3,607,000
(3,607,000)
OTHER FINANCING SOURCES
TOTAL FINANCING SOURCES
5,107,000
8,393,000
NET COST OF OPERATIONS
3,153,000
ENDING BALANCE
$ 1,954,000
8,393,000
Chapter 14 – Financial Reporting by the Federal Government
13-6
14-9. PART C
FEDERAL INTERSTATE COMMISSION
BALANCE SHEET
AS OF DECEMBER 31, 2015
ASSETS:
INTRAGOVERNMENTAL:
FUND BALANCE WITH TREASURY
8,935,000
GOVERNMENTAL:
SUPPLIES
209,000
EQUIPMENT (NET OF ACCUMULATED DEPRECIATION)
1,310,000
TOTAL ASSETS
$ 10,454,000
LIABILITIES:
ACCOUNTS PAYABLE
82,000
WAGES PAYABLE
25,000
NET POSITION:
UNEXPENDED APPROPRIATIONS
8,393,000
CUMULATIVE RESULTS OF OPERATIONS
1,954,000
TOTAL LIABILITIES AND NET POSITION
$ 10,454,000