F10 Flashcards
What is the purpose of the Internal Service Fund
to finance and account for services and supplies provided to other departments within a governmental unit or to other governmental units
What are some of the typical revenue sources for internal service funds
restricted revenue grants Operating Revenues (billings for services provided) Nonoperating Revenues (interest earnings)
What is the purpose of the enterprise fund
Account for the acquisiton and operation of governmental facilities and services that are intended to be primarily (>50%) self supported by user charges and fees
What are some of the typical revenue sources for enterprise funds (Operating and non-operating)
Operating Revenues: Charges for services (utility fees, patient fees, tuition, etc..)
Non Operating Revenues: Shared/Grant Revenues, and investment income
What are the required fund financial statements for the individual proprietary (SE) Fund types
SE Funds Require: Balance Sheet-Statement of net position Income Statement-statement of revenues, expenses, and changes in fund position Statement of cash flows Footnotes
What is the basic structure of the statement of net position for the proprietary fund (SE)
(Assets + Deferred Outflows of Resources) - (Liabilities + Deferred Inflows of Resources) = Net Position
What is the basic structure of the statement of revenues, expenses, and changes in net position for the proprietary funds (SE)
Operating Revenues (revenues by major sources) (Operating Expenses) =Operating Income (loss) Non-Operating Revenues (expenses) =Income or loss before contributions and transfers \+Capital Contributions Transfers =Change in Net Position Total NEt Position (beginning) =Total Net Position (Ending)
What is the basic structure of the statement of cash flows for the proprietary fund (SE) note the order is reversed of something within here
Cash flows from Operating Activities NonCapital Financing Activities Capital and related financing activities Investing activities
What is the purpose of the pension trust fund
it accounts for government sponsored defined benefit and defined benefit contribution plans
What is the purpose of the custodial fund
collects cash to be temporarily held for someone whom it will later be disbursed to.
What is the purpose of the private purpose trust fund
it’s the designated fund for reporting all other trust arrangements under which the principal and income are for the benefit of specific individuals, private orgs, and/or other govts
What is the purpose of the investment trust fund
account for external investment pools sponsored by governmental entities…like the state govt acting as an investment agent for counties and cities
What are the required fund financial statements for the individual fiduciary fund types (CIppoe)
Balance Sheet- Statement of fiduciary net position
Income Statement-Statement of changes in fiduciary net position
Footnotes
What is the basic structure of the statement of changes in fiduciary net position for the fiduciary funds
Additions LESS: Deductions \+/- Changes in Net Position Net position- Beginning of the year =Net position end of the year
What are the two important types of governmental accountabiltiy
Operational accountability
Fiscal accountability
What is a CAFR? What 3 sections does it include
CAFR = Comprehensive Annual Financial Report
Includes an Introductory Section, Basic Financial Statements and required supplemental info per GASB 34, and a statistical section
What sections of the external financial reporting model represent the basic financial statements
Government-Wide Financial Statements
Fund Financial Statements
Notes to the financial statements
What types of external reports meet the accountabiltiy objectives of government (operational and functional accountablity)
Operational Accountability: Government wide financials
Fiscal Accountability: Fund Financial Statements
A primary government includes any govt. that meets SELF, what is self
state, city, county or juristriction that can stand by itSELF:
Separately
Elected boards
Legally separate entity
Financially self-sufficient
Define a component unit
organization which the elected officials of the primary govt. are financially accountable or has a relationship with the primary govt. which cannot be left out of the financial statements
What are two methods which are available for reporting component units of a primary govt. in the primary govts. financial statements
Blended: Consolidated with the primary govt
Discrete: shown in seperate column as a component unit
What is the criteria for discrete and blended presentations of the component units
Blended: When the board of the component unit is substantially the same as the primary govt, or the component serves the primary govt exclusively or almost exclusively, or the component is not a legal entity
Discrete: whenever the blended criteria is not met
What are the minimum disclosures on the government-wide statement of net position
Government acitvities
business type activities
Total primary government activities
Can you define infrastructure assets and describe where they are reported
an infrastructure asset is one that refers to streets, bridges, gutters, water systems, and other assets of govt.
They are reported in assets in the government wide statements at historical cost and depreciated
