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Flashcards in 12/10 Final Review Deck (18):
1

final exam is on chapter 11 and 12

oh yeah,

2

derivative underlying, effective hedging

80%-125% you have to look at the terms and other calculations, know the percentage

3

remeasurement

monetary, nonmonetary

4

know the different statements in government accouting

there will be different statements, in each type of fund
proprietary
fiduciary
enterprise funds

5

any homework problem

fair game

6

recreating Journal Entries

we don't worry about encumbrances and budgeting

7

homework problem that we should know

E17-2 know it, do it, live it

8

expense vs expenditures

expenditures - governmental funds
proprietary funds - no expenditures, we have expenses because it is run like a business
expenditure - signifies you are using money to acquire something, we expend all of the amount right when it is spent
expense - we don't expense the entire amount we expense it as it is used and we sale inventory

9

fiduciary funds

on accrual basis like proprietary funds they use expenses

10

difference between purchase method of accounting vs. consumption method of accounting

table 17-5
purchase method of accounting - we buy inventory that we are using in house.
JE
Expenditures 2000(full amount)
Accounts Payable 2000(full amount)
Inventory of Supplies 1400
Nonspendable 1400
Fund Balance - Non spendable 900
Inventory of supplies (remaining) 900
we expend all of the amount

11

consumption method

Expenditures 2000
A/P 2000
Inventory of Supplies 1400
Expenditures 1400
Fund Balance - Unassigned 1400
fund Balance - nonspendable 1400
Expenditures 900
Inventory of supplies 900
Fund Balance Non spendable 900
fund balance un assigned 900
we expend the amount we used
this one is preferred

12

major vs non major funds

major funds - all are presented in their own column
non major funds - all non major parts are netted together

13

10% if the fund meets this

you look at how the individual fund we are testing compares to all governmental funds
then we look at total
if it meets both of these we give it its own column

14

hedge something without using hedge accounting

review it if you elect hedge accounting you have to identify it right up front
you have to say reason why
what you are using it for
why it will be effective
test hedge effectiveness - maybe every month
one uses OCI rather than the income statement

15

know all def of derivatives hedges and effective or ineffective hedge

efffective hedge OCI
not using hedging it goes through the income statement.
if you hedge you have to market both the receivable/payable and the hedge itself
do problem E11-10 again.

16

assessment is due

you only have an hour you have to get it done, its on

17

direct

dollar is on top/1 FCU

18

indirect

FCU's/1 US dollar