FAR 09/22 Flashcards
Most advantageous Market
The market that maximizes the price received for the asset
The Principal Market
The market with the greatest volume & level of activity
Defined Benefit Plan
The EMPLOYER bears the risk of market fluctuation in plan assets
Defined Contribution Plan
The employeee bears the risk of market fluctuation in plan assets
When is interest expense recognized? (Bonds)
Interest expense is recognized during the bond term. Beginning when they are issued & while they are outstanding
Under GASB is General obligation funds revenue?
No Mam’m, recognized as other financing sources
Special Revenue Fund(Govy)
Accounts for revenues collected for a special purpose - library taxes, motor fuel taxes, gas taxes, contiunuing federal housing grants
General fund (Govy)
Accounts for all transactions not accounted for in any other fund – general revenue & expenses for ordinary shit
General fund (Govy)
Accounts for all transactions not accounted for in any other fund – general revenue & expenses for ordinary shit — Major Fund no 10% test needed
Enterprise Fund (govy)
Accounts for business activities – utilities, fixed assets
Internal Service Fund (Govy)
Accounts for financing of good/services provided by department or agency of the govy unit (similar to private enterprises – Could never be major fund
Trouble Debt restructuring - what happens FV is not elected & non cash asset is exchanged to settle a debt
The non cash asset is revalue to FV with a Gain/loss recognize
Basic Govy Fund
Theres a budget & whatever is spent is charged to expenditure - no capitalized as a long term asset
Proprietary Fund - produce revenue
These run like a business - For ex charge humans for water usage/ when they buy a new truck its capitalize & depreciated
