AFA 615 Chapter Notes - Chapter 3: General Ledger, Governmental Accounting Standards Board, Accrual
2 Jul 2016
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Ch 3: governmental operating statement accounts; budgetary accounts. Functions group related activities that are aimed at accomplishing a major service or regulatory responsibility, such a public safety or highways and streets. Programs group activities, operations, or organizational units that are directed to the attainment of specific purposes or objectives such as highway beautification or youth sports. Functions and programs represent major activities or services of a government. The sum of general revenues and any special or extraordinary items is then added to net (expense) revenue to obtain the change in net position for the period. Expenses are generally reported by function or program. Direct expenses (those that are specifically associated with a function or program) should be reported on the line of that function or program. (ie. depreciation (usually)) Indirect expenses (those that are not directly linked to an identifiable function or program) can be reported in a variety of ways. (ie interest on general long term liabilities. )
