Governmental Accounting Flashcards
(33 cards)
Governmental Stakeholders
Objectivy
Operation Accountability
1) Effective and efficient in operations
2) Gov-wide Financial Statements
Fiscal Accountability
1) Compliance with Budget
2) Fund Financial Statements
Focus
GASB
Mission - Providing a framework to educate users and support public policies, investments, and management by those users
Organizational Structures
Revenue
Taxes, Services,
Annual Budget
Legal Document
Prepared on Modified Accrual basis
Purpose of Governmental Accounting
Accountability
Fund Accounting
Segregates financial sources into
Comprehensive Annual Report
Annual, Into and
Government Financial Statements
1) Introductory Section
Letter of Transmittal
List of Principal Officers
Organizational Chart
2) Management Discussion and Analysis
3)Government Wide Financial Statements
4) Fund Financial Statements
Governmental Funds Financial Statements
Proprietary Funds Financial Statements
Fiduciary Funds Financial Statements
Component Units Financial Statements
Notes to Financial Statements
5) Required Supplementary Information other than MD&A
6) Statistical Section
10-Years of Selected Financial Data
10-Years of Economic Data
Modified Accrual
Revenues recognized when measurable and available
Expenditures recognized when they occur
Reporting Standards
Adhere to GASB
Hierarchy - State and Local Government
A) GASB statements
B) GASB bulletins and AICPA literature cleared by GASB
General Fund
Used to report transfers to other funds as an “other financing use.” Only governmental funds (general, special revenue, debt service, capital projects, and permanent) report transfers to other funds as “other financing use.”
Special Revenue Fund
Restricted
current financial resources measurement focus
Capital Projects Fund
Account for Proceeds of General Obligation Bonds
Debt Service Funds
Permanent Fund
GSPCD
Five Types of funds
G-eneral
S-pecial
P-permanet
C-apital Projects Fund (modified accrual)
D-ebt
Proprietary Funds
Accrual Reporting
Enterprise - financed through usage charges (water, sewer)
Internal Service Funds - goods or services provided to other dept or agencies within the gov (ie central printing, fleet mgmt, IT); Records depreciation
Fiduciary Funds
Accrual Reporting
Pension - held for retirement (most prevalent)
Investment - investment on behalf of external entities
Custodial - taxes collected on behalf of another government
Private - benefit of other governments, etc
Component Units
Legally separation but closes related to gov unity; Primary government includes financial activities in its financial statements.
1) Primary gov appoints a voting majority of voting board; impose will
2) Organization is dependent on primary government for financial purposes (state university, housing authority, public transport)
GASB Concepts Statement No. 1,
