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governmental accounting > Governmental Accounting > Flashcards

Governmental Accounting Flashcards

1
Q

Governmental, Proprietary, Fiduciary

A

Governmental Accounting

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2
Q

Accrual basis - current economic resources focus (revenues recognized when earned)

Modified accrual basis - current financial resources focus (revenues recognized when available and measurable)

A

Governmental Accounting

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3
Q

The highest amount allowed for a particular expenditure under a budget.

A

Governmental Accounting

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4
Q

Records purchase and reserves it for the encumbrance.

A

Governmental Accounting

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5
Q

Dr Estimated Revenues Control
Cr Appropriations Control
Dr/Cr Budgetary Fund Balance (plug)

A

Governmental Accounting

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6
Q

Dr Appropriations Control
Dr/Cr Budgetary Fund Balance (plug)
Cr Estimated Revenues Control

A

Governmental Accounting

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7
Q 
General Fund
Special Revenue Fund
Permanent Fund
Capital Projects Fund
Debt Service Fund
A

Governmental Accounting

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8
Q

The operating fund of the governmental unit

Records Significant Revenues: Taxes; Tickets; Fines; Licenses

Records Significant Expenditures: Police; Education; Fire Dept

A

Governmental Accounting

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9
Q

Restricted for a specific purpose such as street repair.

A

Governmental Accounting

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10
Q

Legally restricted fund; where only earnings can be used to fund programs.

Principal remains intact.

A

Governmental Accounting

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11
Q

Used to acquire and build facilities.

A

Governmental Accounting

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12
Q

Handles repayment of long-term debt and related interest.

A

Governmental Accounting

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13
Q

Balance Sheet

Statement of Revenues; Expenditures; and Changes in Fund Balance

A

Governmental Accounting

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14
Q

When it is BOTH available and measurable; regardless of when it is spent.

A

Governmental Accounting

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15
Q

Money collected from people doing things:

Sales tax (buying cars) or income tax (people working)

A

Governmental Accounting

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16
Q

Tax assessed just because things exist

Example: property tax on a car (even if it’s never driven); real estate tax

Recorded as a revenue when BUDGETED.

Estimated uncollectible property tax revenues don’t offset revenues; so don’t net them.

A

Governmental Accounting

17
Q

Internal Service Funds - to serve the needs of other governmental units (i.e. motor pool)

Enterprise Funds - provide goods or services to external users (i.e. post office)

A

Governmental Accounting

18
Q 
Restricted - Restricted by Contributor 
 Committed - Restricted by Government
 Assigned - Intended for a purpose
 Unassigned - Available to be spent
 Non-spendable - Not in a spendable state
A

Governmental Accounting

19
Q

Agency Fund - government acts as an agent or custodian

Pension Trust Fund - Government is a trustee for a pension plan

Investment Trust Fund - Government is a trustee over a series of investments

Private Purpose Trust - Trust that benefits various individuals and entities

A

Governmental Accounting

20
Q

Assets (Current & Non-Current)
Deferred Outflows of Resources
Liabilities (Current & Non-Current)
Deferred Inflows of Resources

A

Governmental Accounting

21
Q

They are shown net of debt

Asset Cost - Accumulated Depreciation - Asset Liabilities : Net Assets

A

Governmental Accounting

22
Q

Modified approach:

Reported at cost; no accumulated depreciation

A

Governmental Accounting

23
Q

Into Governmental Activities and Business Activities

A

Governmental Accounting

24
Q

They are divided by function

If the activities of a component are distinguishable from the rest of the governmental entity; then discreet presentation is required

If the activities of the component cannot be identified and separated from the rest of the governmental activities; then blended presentation is warranted.

Component units are reported in the Entity-Wide Financial Statements and not the Fund Financial Statements.

A

Governmental Accounting

25
Q

To provide information that is useful and benefits a wide range of users including:

Costs of services provided

Sufficiency of revenues to cover costs

Financial position of entity

A

Governmental Accounting

26
Q

Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position

A

Governmental Accounting

27
Q

Assets; Deferred Outfows; Liabilities; Deferred Outflows; Fiduciary Net Position

A

Governmental Accounting

28
Q

Additions (Contributions and Net Investment Income) - Deductions (Benefits Payments and Admin Expense) : Net Change in Fiduciary Net Position

A

Governmental Accounting

29
Q

Types of Benefits; Plan Member Classes; Board Information; Investment Policies and FV Determination

A

Governmental Accounting

governmental accounting (1 decks)

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