Texas State Board of Veterinary Medical Examiners Annual Financial Report: 2011 Page: 12
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UNAUDITED
TEXAS BOARD OF VETERINARY MEDICAL EXAMINERS (578)
NOTES TO THE FINANCIAL STATEMENTS
E. ASSETS, LIABILITIES, AND FUND BALANCES/NET ASSETS
ASSETS
Cash and Cash Equivalents
Short-term highly liquid investments with an original maturity of three months or less are
considered cash equivalents.
Restricted Assets
Restricted assets include monies or other resources restricted by legal or contractual
requirements. These assets include proceeds of enterprise fund general obligation and
revenue bonds and revenues set aside for statutory or contractual requirements.
Inventories
Inventories include both merchandise inventories on hand for sale and consumable
inventories. Inventories are valued at cost, generally utilizing the last-in, first-out method.
Inventories for governmental fund types use the purchase method of accounting. The
consumption method of accounting is used to account for inventories that appear in the
proprietary fund types and the government-wide statements. The cost of these items is
expensed when the items are consumed.
Capital Assets
Assets with an initial, individual cost of more than $5,000 and an estimated useful life in
excess of one year should be capitalized. These assets are capitalized at cost, or if any
purchased, at appraised fair value as of the date of acquisition. Purchases of assets by
governmental funds are reported as expenditures. Depreciation is reported on all
"exhaustible" assets. "Inexhaustible" assets such as works of art and historical treasures
are not depreciated. Road and highway infrastructure is reported on the modified basis.
Assets are depreciated over the estimated useful life of the asset using the straight-line
method.
All capital assets acquired by proprietary funds or trust funds are reported at cost or
estimated historical cost, if actual historical cost is not available. Donated assets are
reported at fair value on the acquisition date. Depreciation is charged to operations over
the estimated useful life of each asset, using the straight-line method.
LIABILITIES
Accounts Payable
Accounts Payable represents the liability for the value of assets or services received at the
balance sheet date for which payment is pending.
Employees' Compensable Leave
Employees' Compensable Leave Balances represent the liability that became "due" upon
the occurrence of relevant events such as resignations, retirements, and uses of leave
balances by covered employees. Liabilities are reported separately as either current or
noncurrent in the statement of net assets.12
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Texas. State Board of Veterinary Medical Examiners. Texas State Board of Veterinary Medical Examiners Annual Financial Report: 2011, report, Autumn 2011; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth326646/m1/16/?q=%222010-09-01%2F2011-08-31%22: accessed June 21, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.