CPAnet Forum: GOVERNMENTAL FUND

Active Topics

Memberlist

Help

FAR STUDY GROUP
CPAnet Forum : FAR STUDY GROUP

Topic: GOVERNMENTAL FUND (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

happy3001
Newbie
Newbie

Joined: 14 Nov 2010
Online Status: Offline
Posts: 47

Posted: 28 Oct 2011 at 18:28 \| IP Logged

The Governmental funds' Statement of Revenues, Expenditures, and Changes in Fund Balance. for example:

REVENUE
Intergovernmental
Interest earnings
Total revenues
EXPENDITURES
Current:
Culture and recreation
Total expenditures
Excess (deficiency) of revenues over expenditures
OTHER FINANCING SOURCES (USES)
Transfers out
Total other financing sources and use Undo s
Net change in fund balances
Fund balances - beginning
Fund balances - ending

I got confused about Intergovernmental and transfers in/out, what's the difference? they are both transfers between different governmental fund. Some one can help me? Thanks a lot.

happy3001
Newbie
Newbie

Joined: 14 Nov 2010
Online Status: Offline
Posts: 47

Posted: 30 Oct 2011 at 19:38 \| IP Logged

someone can help, please. ; ;

chatterr
Contributor

Joined: 17 Nov 2010
Online Status: Offline
Posts: 67

Posted: 30 Oct 2011 at 21:17 \| IP Logged

I was just looking at the Statement of Revenues, Expenditures, and changes in fund balance. I don't even see the Intergovermental category in my book. This is the first time I am seeing it.

Is this statement from the Becker book?

I know what transfer in and transfer out is. If you want me to explain these terms, I can do so.

Let me know.

chatterr
Contributor

Joined: 17 Nov 2010
Online Status: Offline
Posts: 67

Posted: 31 Oct 2011 at 18:20 \| IP Logged

I think they are using the word "intergovernmental" to describe inter-fund transactions. Inter-fund transactions are transactions that take place between different governmental funds. These transactions can be

a) Operating transfers- These are the transfer in and transfer out transactions
b) Quasi-external transactions
c) Reimbursements
d) Loans

So basically to answer your question, transfer in and transfer out are types of intergovernmental or inter-fund transactions.

happy3001
Newbie
Newbie

Joined: 14 Nov 2010
Online Status: Offline
Posts: 47

Posted: 31 Oct 2011 at 21:09 \| IP Logged

Hi, Chatterr

Thanks a lot for your answer. That is a example from becker F8 page 35. I still don't understand when I prepare a statement, how do I recognize the inter-fund transactions, under revenue or under other resouces.

Page of 2 Next >>

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum