Government

Question 1

3 fund categories

Answer 1

Government
Proprietary
Fiduciary

Question 2

Government - 5 funds

GRaSPP

Answer 2

General fund
Revenue (special) fund
Service (debt) fund
Projects (capital) fund
Permanent fund

Question 3

Government funds traits

Answer 3

Modified accrual, no fixed assets, no long term liab
Measurement focus is current financial resources
No profit motive

Question 4

Deferred outflows

Answer 4

Assets

Question 5

Deferred inflows

Answer 5

Liabilities

Question 6

Assets, deferred outflows minus

Answer 6

Liabilities, deferred inflows equals fund balance

Question 7

Proprietary funds

Answer 7

Internal service

Enterprise

Question 8

Proprietary fund characteristics

Answer 8

Charge user fees, treat others like a customer

Full accrual basis - revenues when earned

Question 9

Fiduciary funds (Trust)
CIPPoe…4 funds

Answer 9

Custodial funds
Investment trust funds
Private purpose funds
Pension and other employee benefits
O 
E

Question 10

Fiduciary fund characteristics

Answer 10

Only 2 financial stmts- no stmt cash flows
Full accrual basis
Economic resources measurement focus
Not in government wide financials

Question 11

Government wide statements are full accrual- how to convert the GRaSPP

Answer 11

Add in the assets

Subtract the long term liabilities

Question 12

BAE-BAE

Answer 12

Book the. budget - close the budget
Book activity - close actual activity
Book encumbrance - close for same as start

Question 13

Government financial statement focus

Answer 13

1. Operational Accountability -
   Timeliness, consistency, comparability
2. Fiscal accountability

Question 14

Statement of cash flows

Answer 14

Must be direct- only proprietary funds
Operating 
Non capital financing activities
Capital and related financing activities 
Investing activities

Question 15

Comprehensive Annual Financial Report (CAFR)

Answer 15

Not required by GASB 34

Takes the basic financial report and adds an introductory section and a Statistical section

Question 16

Primary government component unit

SELF

Answer 16

Separately Elected governing board
it is a Legal entity
it is Financially independent

Question 17

Government revenues include intergovernmental revenues

Answer 17

Yes

Question 18

Government expenses get recorded to

Answer 18

Expenditure control

Question 19

Property taxes levied in year 1 to finance year 2 should be reported as revenue when

Answer 19

Year 2

Question 20

Property tax revenues that are measurable but not available at year end are recorded as

Answer 20

Deferred inflows of resources

Question 21

Gov wide basic financial statement

Statement net position RUN

Answer 21

Restricted
Unrestricted
Net position
Includes deferred outflows of resources and deferred inflows of resources