Chapter 19: Governmental Accounting - Reporting Flashcards
Are fiduciary funds reported in the government-wide statements?
No.
What does the statement of changes in fiduciary net position present?
total additions to & total deductions from the annual change in net position for each fiduciary type.
What does the net position in the government-wide statement of net position include?
1) net investment in capital assets, net of related debt, accumulated depreciation, and deferred inflows and outflows of resources 2) restricted net position 3) unrestricted net position.
Where is net (expense) revenue displayed for governmental entities?
Statement of Activities for 1) each function 2) total primary government (governmental activities and business-type activities), and 3) total component units
What are the two major distinctions made in government-wide financial statements?
1) primary government and its present component units and 2) between governmental activities and business-type activities
Where are extraordinary items reported in governmental funds statement of revenues , expenditures, and changes in fund balances?
After other financing sources and uses.
When are individual governmental fund or enterprise fund required to be reported?
When the total asset, liabilities, revenues, or expenditures or expenses of the funds are at least 10% of the corresponding element total (assets, etc) for all funds of its category
AND
An element is at least 5% of the corresponding element total for all governmental and enterprise funds.
What is required in the proprietary fund reporting?
Economic resources measurement focus & accrual basis
When is statement of cash flows required for governmental entities?
For proprietary funds and entities engaged in business-type
How does the statement of cash flows differ for governmental entities compared to public entities? What method must be used?
Financing section is broken up by noncapital financing activities and capital and related financing activities. The direct method must be used.
A statement of changes in fiduciary net position reports
additions to and deductions from the fiduciary net position for (1) pension (and other employee benefit) funds, (2) investment trust funds, (3) private-purpose trust funds, and (4) custodial funds.
The government-wide statement of activities reports
Net (expense) revenue for each function equal to expenses minus program revenues.
Where are internal service funds reported on the government-wide statements if they were not eliminated?
In governmental activities. Because these funds’ activities are ordinarily more governmental than business-type.
However, this presentation is not appropriate if enterprise funds are the predominant participants in the internal service funds.
How are proprietary funds required to reported?
On the accrual basis.
Are depreciation expense reported for proprietary funds?
Yes.
