tailieunhanh - Lecture Accounting for Governmental & Nonprofit Entities (16/e): Chapter 8 - Jacqueline L. Reck, Suzanne L. Lowensohn
Chapter 8, accounting for fiduciary activities - agency and trust funds. After studying Chapter 8, you should be able to: Explain how trust and agency funds are used to report on the fiduciary activities of a government, distinguish among agency funds and trust funds (private-purpose, investment, and pension), describe the uses for and characteristics of agency funds. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Fiduciary Activities – Agency and Trust Funds C H A P T E R 8 2 Learning Objectives 8-1 Explain how trust and agency funds are used to report on the fiduciary activities of a government. 8-2 Distinguish among agency funds and trust funds (private-purpose, investment, and pension). 8-3 Describe the uses for and characteristics of agency funds. 3 1 Learning Objectives 8-4 Explain the activities of and accounting and financial reporting for commonly used agency funds. 8-5 Explain the purpose, accounting, and financial reporting for a cash and investment pool (including an investment trust fund); a private- purpose trust fund; and a pension trust fund. 8-6 Describe accounting for other postemployment benefits plans. 4 2 Fiduciary | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for Fiduciary Activities – Agency and Trust Funds C H A P T E R 8 2 Learning Objectives 8-1 Explain how trust and agency funds are used to report on the fiduciary activities of a government. 8-2 Distinguish among agency funds and trust funds (private-purpose, investment, and pension). 8-3 Describe the uses for and characteristics of agency funds. 3 1 Learning Objectives 8-4 Explain the activities of and accounting and financial reporting for commonly used agency funds. 8-5 Explain the purpose, accounting, and financial reporting for a cash and investment pool (including an investment trust fund); a private- purpose trust fund; and a pension trust fund. 8-6 Describe accounting for other postemployment benefits plans. 4 2 Fiduciary Funds Agency Funds Agency funds are fiduciary funds used to account for assets held by a government acting as an agent for one or more other governments, for individuals, or for private organizations. Assets that are held in an agency fund belong to the party or parties for which the government acts as an agent. Agency fund assets are offset by liabilities equal in amount; no fund net position exists. Agency Fund for Special Assessment Debt Service A government may perform the functions of billing property owners for the assessments, collecting installments of assessments and interest on the assessments, and from the collections, paying interest and principal on the special assessment debt. Illustrative Transactions Debits Credits 1. Assessments Receivable—Current . . . . . . . . . . . . . . . . 48,000 Assessments Receivable—Noncurrent . . . . . . . . . . . . . 432,000 Due to Special Assessment Bondholders—Principal 480,000 2. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . .
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