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Gov. and Nonprofit ACCT. > Exam 2 > Flashcards

Exam 2 Flashcards

1
Q

Most significant fund for most state and local government. Used to account for financial resources for basic day-to-day activities of governments.

A

General Fund

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2
Q

Account for specific revenue sources that are restricted or committed to spending for specified purposes but not for debt service or capital projects.

A

Special Revenue Fund

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3
Q

What is the accounting basis for general and special revenue funds? (GF and SRF)

A

Modified Accrual basis

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4
Q

With modified accrual basis, revenue recognition is when revenue is ______ and ______.

A

Measurable
Available

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5
Q

With modified accrual basis, expenditure recognition is when…

A

Liability is incurred

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6
Q

Property taxes are required to be paid _____ or _____ a year.

A

Once
Twice

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7
Q

What are 3 forms of short-term financing?

A
  1. TAN
  2. BAN
  3. RAN
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8
Q

Reimbursement based grants where allowable costs must be incurred by a government as part of eligibility requirement.

A

Expenditure-driven grants

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9
Q

Recognize asset (Due from state government or Cash) and revenue when eligibility requirements are met.

A

Grant with purpose restriction, but no time requirement

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10
Q

Time restriction may exist which states that the resources must be expended in next fiscal year.

A

Grant with time requirements

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11
Q

Conceptually, views inventory as a financial asset.
Purchase - DR Supplies Inv., CR Cash/Voucher Pay.
Use - DR Expenditure, CR Supplies Inv.

A

Consumption Method for Inventory

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12
Q

Conceptually, views inventory NOT as a financial asset.
Purchase - DR Expenditures, CR Cash/Voucher Pay.
Closing if material amount of inventory exists - DR Supplies Inv., CR Nonspendable Fund Balance

A

Purchase method for Inventory

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13
Q

(Fund Balance) Amounts not available for appropriation because they are either not in spendable form or legally or contractually required to be maintained intact.

A

Nonspendable Fund Balance

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14
Q

(Fund Balance) Amounts can be used for no purpose other than specified in constitutional provision, enabling legislation, or contractual provision creating restraint.

A

Restricted Fund Balance

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15
Q

(Fund Balance) Amounts constrained as to use as a result of formal action (legislation, resolution, ordinance) of government’s highest level of decision-making authority.

A

Committed Fund Balance

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16
Q

(Fund Balance) Amounts constrained by government’s intent to spend resources for specified purposes. For all governmental funds except General Fund.

A

Assigned Fund Balance

17
Q

(Fund Balance) Amounts available for spending for any legal purpose. Residual classification for General Fund.

A

Unassigned Fund Balance

18
Q

A fund sells goods to or performs services for another fund for a price approximating their external exchange value.

A

Interfund Services Provided and Used

19
Q

A fund provides cash or goods to another fund without equivalent flows of assets in return and without a requirement for repayment.

A

Interfund Transfers

20
Q

A fund lends cash to another fund with a requirement for repayment.

A

Interfund Loans

21
Q

A fund repays another fund for expenditures or expenses initially paid for by the other fund.

A

Interfund Reimbursements

22
Q

Accounts for resources legally restricted such that only earnings, not principal, can be expended, and these earnings must benefit the government or its citizens.

A

Permanent Fund

23
Q

Maximum possible term of 12 months or less including option to extend. Nonfinancial assets.
DR - Expenditures - ______
CR - Cash

A

Short-term Lease

24
Q

Where a liability associates with the right to use capital asset, longer than 12 months. Includes PV of liability, payments include interest and principal payments.

A

Long-term Lease

25
Q

A form of governmental debt that is backed by “full faith and credit” of government. NOT serviced by enterprise/internal service funds. “Servicing the debt” occurs when a government pays principal and interest on the dept.

A

General Obligation Debt (G.O. Bond)

26
Q

A form of governmental debt that is reported in funds and interest accrued. Includes tax or revenue anticipation funds.

A

Short-term Debt

27
Q

A form of governmental debt that is used to budget cash flow or provide cash for operating purposes. Includes, term bonds, serial bonds, bank notes, etc.

A

Long-term Debt

28
Q

Used to account for financial resources restricted or otherwise limited to spending for capital outlays.

A

Capital Projects Fund

29
Q

What are 4 examples of financing for capital projects funds?

A
  1. G.O. Bonds
  2. Federal or State grants
  3. Transfers from other funds
  4. Investment earnings

Gov. and Nonprofit ACCT. (3 decks)

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