F9: Governmental Accounting (Part B) Continued Deck #3 Flashcards Preview

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Flashcards in F9: Governmental Accounting (Part B) Continued Deck #3 Deck (22):
1

Financial fund statements: GASB 34 emphasizes reporting by ________ rather than fund type

Major Fund

2

Major funds are defined as:

-Meets the 10% criteria within its category AND
-Also meets the 5% criteria with both categories

3

10% test for major fund qualification:

10% or more of the total revenues, expenses, assets and deferred outflows/inflows of
-All governmental funds OR
-All enterprise funds

4

5% test for major fund qualification:

5% or more of the revenues, expenses, assets and deferred outflows/inflows of
-All governmental funds AND
-All enterprise funds

5

The general fund will always be classified as what?

A major fund

6

What funds are not considered in the evaluation of major and non major funds?

Internal service funds

7

What reconciliation is required?

Reconciliation of governmental fund financial statements to government-wide financial statements

8

Mnemonics to remember for reconciliation of fund statements to government-wide statements:

Balance Sheet: GALS
Statement of Revenues, Expenses, and Changes: GOES
Adjustments: BARE
(make notecard of breakdown)

9

What section is considered integral to the financial statements?

Notes to the Financial Statements

10

Sections included in "Required Supplementary Information"

1- Budgetary Info
2- Infrastructure Info
3- Pension Info

11

Budgetary comparison schedules must show:

Original budget, final amended budget, and actual amounts

12

What section is optional under the budgetary info?

Variances between budget & actual, or original and final budgets

13

Pension Info: How many years to include?

10 years
(include sources of changes, components, methods and assumptions, etc)

14

Is the "Other Supplementary Info" Section optional?

Yes

15

Interfund activity represents what?

The flow of resources between funds and primary government and component units

16

2 ways to classify inter fund activity:

1- Reciprocal interfund activity
2- Non-reciprocal interfund activity

17

Reciprocal inter fund activity definition

Includes exchange-type transactions between funds

18

Examples of Reciprocal inter fund activity

-Interfund loans
-Interfund services provided and used

19

Non-reciprocal inter fund activity definition

Includes non-exchange transactions between funds

20

Examples of non-reciprocal inter fund activity

-Interfund transfers
-Interfund reimbursements

21

Interfund transfers are normally displayed as what?

Other financing sources and uses after non-operating revenues and expenses

22

Interfund reimbursements are not displayed as what?

Interfund transactions