Government & Non-Profit Accounting: Accounting for General Long-Term Liabilities and Debt Services

Описание: Government & Non-Profit Accounting:
Lecture 6: Accounting for General Long-Term Liabilities and Debt Services
(Chapter 6)
by Professor Irfan Bora

In this lecture, the Professor goes over the different types of liabilities are classified as general long-term liabilities. The Professor discusses and explains how to make journal entries in the governmental activities general journal to record the issuance and repayment of general long-term debt, as well as the preparation of note disclosures for general long-term debt. Statutory debt limits are discussed, and key terms such as "debt margins" and "overlapping debts" are defined. Lastly, after defining and discussing the different types of debt service funds at a conceptual level, the steps involved in budgeting for them and journalizing transactions involving them is covered as well.


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Long-Term Liabilities Overview 04:25

Learning Objectives 06:00

General Long-Term Liabilities 07:22

Types of General Long-Term Liabilities 10:06

Examples 11:29

Pollution Remediation Obligation 13:14

Criteria to book Pollution Remediation
Obligation as liability 16:09

Accounting for General Long-Term Liabilities 15:49

Terms Used in Describing Debt Burden 17:15

Example (Overlapping Debt) 20:03

Debt Burden (Debt Limit and Debt Margin) 22:26

Example 24:50

Problem (from textbook pg. 241) 27:40 Working the problem out as a class until 30:50

Debt Burden Measures 30:51

Debt Service Funds 32:55

Serial Bonds 35:54

Term Bonds 39:08

Zero Coupon Bonds 44:12

Accounting Principles and Procedures
for Debt Service Funds 45:02

Example 45:58

Financial Statements/Schedules 50:32

Debt Service Fund Example 51:34

Example (Serial Bond Debt Service Fund) 53:25

Break (talking about next exam/class) 59:27 - 1:05:45

Example (Term Bond Debt Service Fund) 1:06:40

Special Assessment (Debt Service Funds) 1:18:39

Example (Special Assessment) 1:22:48

Liabilities Arising from Capital Lease
Agreements and Examples 1:27:10

Debt Refunding Transactions 1:29:39

Advance Refundings 1:36:10

Ending Questions 1:44:05 - 1:55:41

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