Title: BASIS OF ACCOUNTING
Accounting Policies: Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The accompanying financial statements have been prepared on the accrual basis, which records revenues as earned and expenses as incurred.
Financial Reporting Entity
The Department is a component unit of the Yell County, Arkansas, a primary government. As required by generally accepted accounting principles, these financial statements present the financial position and results of the Department’s operations. Other funds, account groups, and programs which are controlled by the Yell County’s governing body are not included in this report.
Revenue Recognition
Revenues are recorded on the accrual basis of accounting when received. Because the Department receives a substantial amount of revenue from federal and state governments, a significant reduction in that support could have an adverse impact on the Department’s activities and programs.
Cash and Cash Equivalents
For the purpose of cash flows, the Department considers cash in banks to be cash. If present, cash equivalents would be short-term highly liquid investments with original maturities of three months or less which are readily convertible to known amounts of cash. Excess funds related to federal and state awards were held as of the reporting date.
De Minimis Rate Used: N
Rate Explanation: USED ACTUAL COST.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The accompanying financial statements have been prepared on the accrual basis, which records revenues as earned and expenses as incurred.
Title: FINANCIAL REPORTING ENTITY
Accounting Policies: Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The accompanying financial statements have been prepared on the accrual basis, which records revenues as earned and expenses as incurred.
Financial Reporting Entity
The Department is a component unit of the Yell County, Arkansas, a primary government. As required by generally accepted accounting principles, these financial statements present the financial position and results of the Department’s operations. Other funds, account groups, and programs which are controlled by the Yell County’s governing body are not included in this report.
Revenue Recognition
Revenues are recorded on the accrual basis of accounting when received. Because the Department receives a substantial amount of revenue from federal and state governments, a significant reduction in that support could have an adverse impact on the Department’s activities and programs.
Cash and Cash Equivalents
For the purpose of cash flows, the Department considers cash in banks to be cash. If present, cash equivalents would be short-term highly liquid investments with original maturities of three months or less which are readily convertible to known amounts of cash. Excess funds related to federal and state awards were held as of the reporting date.
De Minimis Rate Used: N
Rate Explanation: USED ACTUAL COST.
The Department is a component unit of the Yell County, Arkansas, a primary government. As required by generally accepted accounting principles, these financial statements present the financial position and results of the Department’s operations. Other funds, account groups, and programs which are controlled by the Yell County’s governing body are not included in this report.
Title: REVENUE RECOGNITION
Accounting Policies: Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The accompanying financial statements have been prepared on the accrual basis, which records revenues as earned and expenses as incurred.
Financial Reporting Entity
The Department is a component unit of the Yell County, Arkansas, a primary government. As required by generally accepted accounting principles, these financial statements present the financial position and results of the Department’s operations. Other funds, account groups, and programs which are controlled by the Yell County’s governing body are not included in this report.
Revenue Recognition
Revenues are recorded on the accrual basis of accounting when received. Because the Department receives a substantial amount of revenue from federal and state governments, a significant reduction in that support could have an adverse impact on the Department’s activities and programs.
Cash and Cash Equivalents
For the purpose of cash flows, the Department considers cash in banks to be cash. If present, cash equivalents would be short-term highly liquid investments with original maturities of three months or less which are readily convertible to known amounts of cash. Excess funds related to federal and state awards were held as of the reporting date.
De Minimis Rate Used: N
Rate Explanation: USED ACTUAL COST.
Revenues are recorded on the accrual basis of accounting when received. Because the Department receives a substantial amount of revenue from federal and state governments, a significant reduction in that support could have an adverse impact on the Department’s activities and programs.
Title: CASH AND CASH EQUIVALENTS
Accounting Policies: Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The accompanying financial statements have been prepared on the accrual basis, which records revenues as earned and expenses as incurred.
Financial Reporting Entity
The Department is a component unit of the Yell County, Arkansas, a primary government. As required by generally accepted accounting principles, these financial statements present the financial position and results of the Department’s operations. Other funds, account groups, and programs which are controlled by the Yell County’s governing body are not included in this report.
Revenue Recognition
Revenues are recorded on the accrual basis of accounting when received. Because the Department receives a substantial amount of revenue from federal and state governments, a significant reduction in that support could have an adverse impact on the Department’s activities and programs.
Cash and Cash Equivalents
For the purpose of cash flows, the Department considers cash in banks to be cash. If present, cash equivalents would be short-term highly liquid investments with original maturities of three months or less which are readily convertible to known amounts of cash. Excess funds related to federal and state awards were held as of the reporting date.
De Minimis Rate Used: N
Rate Explanation: USED ACTUAL COST.
For the purpose of cash flows, the Department considers cash in banks to be cash. If present, cash equivalents would be short-term highly liquid investments with original maturities of three months or less which are readily convertible to known amounts of cash. Excess funds related to federal and state awards were held as of the reporting date.