Flashcards in Government Accounting Deck (80)
Concept statements form GASB are NOT authoritative guidance. TF
What are the 5 GASB concept statements?
1. Objectives of financial reporting
2. Services efforts and accomplishments
3. Financial Reporting
4. Elements of financial reports
5. Service efforts and accomplishments (amended)
Accountability and ______ _____ are the two major objectives of financial reporting.
Inter-period equity, also not that inter-period equity is a basic component of accountability in general
What are the characteristics of financial reporting for governments?
Timeliness, relevance, understandability, comparability, consistency, and reliability.
All service efforts and accomplishment information given should meet _____.
The characteristics for financial reporting guidelines (TRUCCR).
"Other supplemental information" is not required for governments to report. TF
What are the 5 elements of government Statements of Financial Position (balance sheet)?
3. Deferred Outflow of Resources
4. Deferred Inflow of Resources
5. Net position
____ measures indicate the accomplishments that occur because of the services provided.
Budgets are required to be prepared on the GAAP basis. TF
What are the 3 types of government funds?
1. Government funds
2. Enterprise funds
3. Fiduciary funds
The 5 funds types within government funds are?
2. Special Revenue
3. Debt Service
4. Capital Projects
(consonants in DRIP CEG)
The two types of proprietary funds are?
2. Internal Service
(vowels in DRIP CEG)
The 4 types of fiduciary funds are?
1. Pension Trust
2. Investment Trust
3. Private Purpose Trust
4. Agency Trust
A major characteristic of an enterprise fund are _____ to users.
Flow of ______ ______ financial resources and flow of _____ resources are the two types of measurement focuses in government accounting.
CURRENT expendable (modified accrual), economic (accrual)
The two bases of accounting are:
Accrual and modified accrual
Modified accrual basis generally deals with _____ assets and liabilities.
Modified accrual accounting is ONLY used in the government fund accounts. TF
True (the consonants in DRIP CEG)
Under modified accrual revenues are recognized when they become _____ and ______.
Measurable and available
"Legally available" means collectable within __ days after year end.
Under the modified accrual basis, when revenues are measurable but not legally available they are classified as ____ _____.
Under modified accrual, expenditures are recognized when they are ____.
"Expenditures" are unique to funds using the ____ basis of accounting.
Repayment of principal on LT debt, payments to vendors, and equipment purchases are all considered expenditures. TF
Proprietary fund accounting is focused on ____ _____.
The purpose for budgetary accounting is planning and control. TF
What are the 3 budgetary accounts?
2. Estimated Revenues
3. Estimated other financing sources and uses
Record a basic balanced budget entry.
dr. Estimated Revenues
Record a surplus budget entry.
dr. Est Revs
cr. Fund Balance