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FAR10 Flashcards

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1
Q

Difference GRaSPP vs SE Cippoe

A 
GRaSPP: 
BAE-BAE
Budget-booked on opposite side
Modified accrual
No Fixed assets and LTD (expenditures)
Focus on current

SE and CIPPOE:
Accrual
Record FA & LTL
Economic Resources measurement focus

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2
Q

Restricted Grand revenue recognized when spend

A

recognized when spend

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3
Q

Operating revenue recognized when earned

A 
DR Cash (due from other fund)
CR Billings to other departments (operating)
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4
Q

Balance sheet Difference Graspp vs SE

A

GRaSPP: Balance Sheet

  • Assets (Current only, no FA)
  • Liabilities (No LTD it’s in Statement of Rev, Expenditures and changes in Fund Balance (IS), it in other Financial sources)
  • Fund balances (NU CAR)

SE & CIPPOE: Statement of Net Position
-Assets:
Current
Non-current (less AD)

-Liabilities:
Current
Non Current (LTD)

Net position (RUN)
Net investment in capital assets
Unrestricted
Restricted to debt services

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5
Q

SE Proprietary Funds

A

Internal Service Fund:
Central janitorial departments
Central garages and motor pools

Enterprise Fund:

  • Utilities (water, electric)
  • Stadium, bond issued paid from tickets proceeds
  • Public hospitals
  • Public Universities
  • Bridge
  • Amusement park
  • Airport
  • Parking lot
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6
Q

Enterprise fund

A

Revenues:
-Operating
-Non-Operating (Shared Revenues). Collected by one government (taxes) and shared to enterprise fund
Bad Debt Expense is not recognized

Expenses:
Operating
Non-Operating (interest expense)
Extraordinary items only in GASBE

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7
Q

Proprietary funds Statement of revenues, expenses and changes in net position

A 
Income (operating)
Non operating income
Capital Contributions (Not transfer)
Additions to endowments
Special items (unusual of infrequent)
Extraordinary items
Transfers
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8
Q

GRaSP Statement of revenues, expenditures and changes in fund balance

A 
1.Revenues:
Taxes
Fees
Interest
2.Expenditures:
Current
Capital outlay
3.Excess/Deficiency (Rev-Expend)
4. Other financing sources 
Transfers
Bond proceeds
5. Special Items

Net Change in Fund Balance

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9
Q

Proprietary Cash Flow Statement

A
  1. CF from operating activities
  2. CF from noncapital financing activities
  3. CF from capital and financing activities
  4. CF from financing activities
  5. Reconciliation of Operating income/loss to Net cash provided from Operating Activities
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10
Q 
CIPPOE - Fiduciary activities
C-Custodial
I-Investment fund
P-Private purpose
POE-Pension & other employee benefits
A
  • Assets controlled by Gov
  • Assets are not gov’s own source revenue
  • Assets are not subject to admin involvement by gov
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11
Q

Fiduciary funds CIPPOE Fin Statements

A

BS-Statement of Net position
Assets
Liabilities
Net Position

IS-Statement of change in fiduciary net position
Additions
Deductions
Changes in Net Position

NO Statement of cash flow

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12
Q

Custodial fund Government duties limited to collecting and remitting

A

Tax collection fund-sales tax, payroll withholding, real estate tax, (tax collected for other government normally held 3 months or less)
Clearance fund
Special assessment

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13
Q

Clearance funds used to accumulate resources with NO MONITORING OR ADMINISTRATIVE INVOLVMWNT

A

Food stamps, child support, pass through grants

If with MONITORING AND ADMIN INVOVMENT-special revenue fund used

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14
Q

If liable for debt-use capital projects and debt service funds

A

If not liable AR and Debt Service transactions - in custodial fund

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15
Q

Investment trust fund

A

Net appreciation/depreciation of FV of Plan Asset, realized/unrealized gains and losses, maintain poll to invest idle cash,, premium/discounts on debt securities NOT AMORTIZED

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16
Q

Private Purpose Trust

A 
Not general public use
NOT pension or Investment
Escheat property fund
Retainage on construction contracts
Abandoned deposits
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17
Q

Pension and other employee benefits trust

A

Service cost (current)
Interest cost
Reduction for return on plan assets
A Prior service cost not AMORTIZED

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18
Q

CIPPOE FS

A

BS-Statement of fiduciary net position

IS-Statement of changes in fiduciary net position

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19
Q

CAFR requirement

Study These Flashcards
A

Ten years of economic data

20
Q

Under GASB 68

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A

The current service costs are expensed with the change in pension liability from modifying actuarial assumptions reflected as deferred outflows on the statement of financial position

21
Q

Primary Government meet ALL:

Study These Flashcards
A

Separately
Elected governing body
Legal separate
Fiscally independent

22
Q

Component unit-blended. ONE is required

Do legal entity test. If entity is not legally separated -it is blended

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A
  1. The same board as primary government
  2. Component unit serves primary government exclusively
  3. Component unit is not a separate legal entity
23
Q

Discrete presentation

Study These Flashcards
A

Used when criteria for blended are not met

-Board Not substantially the same
-Not exclusively serve
-IS the legally separate unit
Entity is not financially independent since its budget is approved by the city

24
Q

Integrated approach required by GASB#34

Study These Flashcards
A

It includes both government wide and fund FS and reconciliation that integrates these two FS

25
Which is the measurement focus and basis of accounting for government wide FS?
Focus- Economic resources | Basis of accounting-Accrual
26
Government wide FS focus on
on Operational Accountability
27
Fund FS focus on
on Fiscal Accountability
28
Statistical section of government comprehensive annual financial report distinguished from financial statements
Data covering financial trends-Yes Fiscal year-Yes Statistical section includes 10 years of fin and non-fin data
29
Basic FS of governmental entity
Government wide FS Fund FS Notes to FS
30
Required Reporting
Basic 1-4 1. MD&A (Analysis and Performance) 2. Gov wide FS (S of net position, S of activities) Incl Internal Service fund 3. Fund FS (incl non major Debt service fund) 4. Notes to FS ``` RSI Pensions Budget Infrastructure Other supplemental info (Optional) -Details of non major fund FS ,Variances ```
31
Government wide FS
``` Statement of Net Position (RS) Assets (including Capital A) Deferred Outflows of Resources Liabilities Deferred inflows of resources Net Position R (Restricted) U (Unrestricted) N (Net investment in Capital Asset) ``` Disclose in Supplemental Info modified approach not to depreciate
32
Categories of program revenue
Services (charges) Operating grants Capital grants
33
For differences between fund financial statement fund balances and government wide financial statement net position related to measurement focus:
* Add governmental fund balances. * Add assets used in governmental activities NET of accumulated depreciation. * Subtract liabilities (long-term) not recorded on the fund financial statements. * Add/subtract internal service fund net position.
34
In government wide FS asset capitalized to governmental activity
Lower of cost or market value
35
Estimated current cost of closure and post closure care should be reported as a reduction of liability
and not reported as asset
36
Statement of cash flow issued only for Proprietary funds (Enterprise and Internal Service)
NO STATEMENT OF CASH FLOW for GRASPP and Fiduciary funds
37
FS should be presented by major funds. Major Fund Test: Major fund rules: -Fund balance/Equity is not used =General fund is always major -Internal Service Fund is not major fund
10% Test: -Separate columns >10% (less) compare to Governmental or Enterprise totals -Total columns >5%(more). Total GRASPP+SE General fund asset is always Major fund even if it doesn't meet test %
38
Proprietary Funds
1. Cashflow from Operating Activities: sales, outflows to employees, inflow from interfund reimbursement, PAYMENTS IN LIEU OF TAX 2. Cash flow from Non-Capital financing: issuing debt for non capital purpose, Property Tax not for capital purpose, Operating transfers 3.Capital and Related Financing activities: issuing debt for capital activities principal paid + interest expense; Capital grants; all about capital assets 4.Investing Activities. Loans to others+Interest income. Equity transactions.
39
Cash flow Proprietary funds
1. Direct method 2. Reconcile Operating income 3. 4 Categories: Operating, Capital financing, Non-Capital financing, Investing activities (reversed order) 4. Interest income-Investing activities 5. Interest Expense-financing Capital/Non capital 6. Capital asset purchase, Bonds Issued-financing activities 7. Include depreciation and change in current assets/liabilities 8. Do not include Gains and Losses
40
Proprietary fund cash flow reconciliation
Operating income -Increase in Current Assets +Increase in Current Liabilities (net of change in Debt) +Depreciation
41
Under the modified approach to capitalizing infrastructure government apply the following principles to record current year additions
Under modified approach infrastructure expenditures are reported as expenses except for outlays that result in additions or improvements. WHICH WOULD BE CAPITALIZED.
42
NET POSITION IN GOVERNMENT WIDE FS
FUND BALANCE GOVERNMENT FUNDS +Capital assets used in governmental activities -Accumulated depreciation -Non current debt for governmental activities +S internal service fund net position
43
Reconciliation of BS of Governmental Funds to the Statement of Net Position (Governmental wide FS) Prior Year JE "deduction" DR Net position CR Depreciation DR Net Position CR LTD
``` Total governmental fund balance +Capital Asset -Accumulated depreciation -Non current liabilities (Principle payment) +Deferred inflows +Service fund net position ________________________ Net position from governmental activities ```
44
Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental funds to the Statement of Activities (IS) Find out what was an expense (IS) and what belongs to (BS) Current Year DR LTD CR Principle Payment (expenditures) DR Deferred outflows CR Tax Revenue DR Interest Expense CR Accrued Interest Payable
``` Net change in fund balance-Total Gov Fund +Capital outlay +Principal payment on debt (GRASPP-Principal and Interest-expensed) in Gov wide we don't expense principle but reduce LTD -Asset NBV disposed (land sold, gain on sale, cost of land sold) -Sources (other financing)-bond proceeds +Revenues not available yet -Interest expense accrual -Depreciation Expense Consolidation Entry: +Service (Internal service fund revenue) Inter-fund Transfers ```
45
Accumulated Depreciation adjustment
Always gross, do not consider Tax
46
Major Government Funds
10% of funds in the category + 5% of total fund Balance
47
County issued bond on premium to finance capital project
Transaction s/b accounted for in capital project fund, debt service fund and as assets and liabilities in gov wide FS

FAR (12 decks)

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