Deck31 Flashcards Preview

CPA - FAR > Deck31 > Flashcards

Flashcards in Deck31 Deck (19):
1

At the end of the year, significant outstanding encumbrances should be reported where:

The notes to the financial statements.

2

Amount intended for a specific purpose but neither committed or restrained.

Assigned Fund Balance

3

What are the three sections of CAFR?

Introductory, Financial, Statistical

4

The Statement of Activities of the Govt-Wide Financial Statement is designed to provide info to assess:

Operational Accountability

5

Which fund is used to account for financial resources used for construction or purchase of Assets (Other than those for Fiduciary or Trusts)

Capital Projects Fund

6

Transfers between funds are classified as:

Other Financing Sources and Uses

7

The Government Fund use which basis of accounting?

Modified Accrual Basis

8

Under Modified Accrual Basis of Accounting, when are Revenues recorded?

When they are Available and Measurable

9

Shared Revenues received by a Proprietary Fund should be recorded as:

Non-Operating Revenues

10

Short-term interfund loans are recorded in accounts titled:

Due From

11

Which type of interfund transfer results from doing business with one another?

Reciprocal

12

Are buildings an infrastructure Asset?

No

13

Which type of interfund transfers are regular, routine transfers?

Operating Transfers

14

Nonexchange Revenues that are based on Exchange Transactions are called:

Derived Taxes

15

The term "Expenditure" is used only for funds that use which basis of accounting?

Modified Accrual Basis

16

When common stock dividends are received by a company, how are they recorded?

As a Memorandum, which reduces the price per share of stock.

17

Is income ever affected by treasury stock transactions?

No. When a firm transacts with owners, it can not profit or have negative income.

18

For Acquisition accounting the consolidated stockholder's equity will equal the ________ stockholder's equity on the date of acquisition.

Parent's

19

What is the Present Value of all unpaid future retirement benefits attributed by the pension benefit formula, rendered prior to that date only?

Accumulated Benefit Obligation