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FAR NOTES to PASS!!! > Governmental Accounting > Flashcards

Governmental Accounting Flashcards

1
Q

Governmental Funds effect

A

Balance Sheet despite their current measurement focus

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2
Q

Liabilities and investment value is

A

at the balance sheet date

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3
Q

Governmental Wide - Individual Funds

A

Governmental, Internal Service = activities
Enterprise = business
Fiduciary = no included

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4
Q

Special Revenue
Permanent
Enterprise
Private purpose

A

1 -special taxes restricted to financial specific program act.
2 - income is restricted by they also have a principle
3 - primarily funded by external customers who received services
4 - principal and income are for specific purposes

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5
Q

Balance Sheet & IS
1 - Governmental
2 - Proprietary
3 - Fiduciary

A

1- BS - same as normal
Rev- Expenditure = Fund Balance
2 - Statement net position = asset - liabilities
Operating/Nonoperating Rev - Exp = net position change
3 - Statement net position = asset - liabilities
Additions - Deductions = change in net position

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6
Q 
Nonspendable 
Restricted 
Committed 
Assigned
Unassigned
A

1 - prepaid and inventories
2 - external restrictions
3 - Fund balance restriction - high level internal
4 - internal restrictions not yet committed
5 - only governmental can have positive unassigned

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7
Q

Purchase / Consumption

A

Purchase - expense when purchase

Consumption - expense when used

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8
Q

Object classes

A

personnel services, supplies, principle and interest payments

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9
Q 
Balance Sheet & IS
1 - Governmental
2 - Proprietary 
3 - Fiduciary 
4 - GW
A

1- BS - same as normal
Rev- Expenditure = Fund Balance
2 - Statement net position = asset - liabilities
Operating/Nonoperating Rev - Exp = net position change
3 - Statement net position = asset - liabilities
Additions - Deductions = change in net position
4 - net position = assets/ Deferred outflows - liabilities/ Deferred Inflows

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10
Q

Focuses of Accountin
GW
Fund

A

1 - operational

2 fiscal

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11
Q

Intergrated Approach Components

A

MDA
Basic FS + Notes
RSI

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12
Q

CAFR

A

Intro - Transmittal Letter
Basic F/S & MDA
Statistical Section - not required

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13
Q

Infratructure
Reporting
Modified approach

A

1 - only required on GW as capital assets

2 - unless additions or improvements report as expense

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14
Q

GW program revenue

A

Services
Operating grants and contributions
Capital grants and contributions

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15
Q

Major funds

A

General Fund is always a major fund
Internal Service funds are never included
Fidiciary Funds are not GW

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16
Q

Proprietary

A

Net Income - Capital Maintenance

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17
Q

Increase to a current liability is considered

A

an expenditure

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18
Q

OFS

A

Debt Proceeds and interfund transfers

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19
Q

Revenue collection shortly after year end

A

can be included in revenue

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20
Q

When are revenues credited

A

when bills are sent out

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21
Q

Non exchange revenues

A

fines and property taxes

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22
Q

Capital leases JE

A

Exependiture

AP

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23
Q

Bond Premium and Discount Reporting

A

Proceeds received go into the debt service fund

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24
Q

Assets in Funds and GW

A 
Funds = expensed
GW = capitalized @ lower cost or mkt value
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25
Q

Long - term debt is reported in

A

GW

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26
Q

OFS can be netted against expenses

A

NO

27
Q

GW reports aquistion of an asset as

A

Reduction to accrued liability (due to depreciation) NOT AS an asset

28
Q

Interfund money owed JE

A

Due from other fund XX

Operating Rev Control XX

29
Q

Interfund treatment of fidiciary

A

since it is not GW EXPENSE

30
Q

Interfund treatment
1- Governmental
2- Proprietary
3- Fiduciary

A

1- OFS/ Revenue to GF
2- Revenue is recorded as interfund
3 - revenue and expense by transfer

31
Q

Cash Flows

A

only seen on proprietary funds

32
Q

Grant Revenue Recognition

A

year in which money is used

33
Q

Supplementary Data is required for how many years

A

10 years

34
Q

Cash Flows

Method Used

A

only seen on proprietary funds

on direct

35
Q

Governmental records securities as

A

asset

36
Q

Landfills recording

A

no capital asset recording

37
Q

Combined fund statements narratives

A

directly on the pages

38
Q

Major Fund criteria

A

10% all funds in the same category
AND
5% of government and enterprise

39
Q

Basic Reporting difference from CAFR

A

Comprehensive Financial Statements are part of CAFR only

40
Q

Overfunded encumbrance treatment

A

reverse in full

41
Q

Deferred Revenues Formula

A

Ending Receivables

42
Q

Donated goods recognized by a governmental recipient

A

as an asset or expense

43
Q

Reciprocal Funding

A

not a transfer something is being received

44
Q

Impairment losses are reported in

A

Government Wide only not governmental funds

45
Q

Donated goods recognized by a governmental recipient

A

as an asset or expense

46
Q

Differentiate extraordinary items and special items

A

special items are an effect of management’s control

47
Q

Liabilities/ investment value / compensated absences are value when

A

at the balance sheet date

48
Q

Unrestricted net position

A

not restricted and not a capitalized asset

49
Q

Revenues are netted against

A

Revenues - Advances

50
Q

GW recording of direct expenses

A

presented as a function

51
Q

When are taxes recognized

A

normally when they are levied unless there is a scheduled payment date for a subsequent year

52
Q

Modified accrual liabilities are considered

A

payable within 3 months

53
Q

Expenditure driven grant recognizes revenue when

A

as QUALIFYING expenditures are incurred

54
Q

Excluded from fidiciary net positon

A

agency fund

55
Q

Basic FS

A 
MDA
GW
Fund 
Notes 
RSI
56
Q

Government Wide budgetary comparison is mandatory for

A

General Fund & Special Revenue Fund

57
Q

Usually Discrete unless following two categories are met than Blended

A

1 - same legal entity

2 - major governing body is internal

58
Q

1 - Noncapital financing

2 - Operating

A

1- interfunds, taxes, grants

2 - payments for services

59
Q

Require Supplementary info option to input

A

Variances

60
Q

Infratructure
Reporting
Modified approach

A

1 - only required on GW as capital assets

2 - unless additions or improvements report as expense; however MUST be recorded in supplementary

61
Q

What accounts are always closed at year end

A

P & L accounts

62
Q

Focuses of Accounting
GW
Fund

A

1 - operational

2 fiscal

63
Q

Infrastructure
Reporting
Modified approach

A

1 - only required on GW as capital assets

2 - unless additions or improvements report as expense; however MUST be recorded in supplementary

64
Q

Usually Discrete unless following two categories are met than Blended
Included in GW?

A

1 - same legal entity
2 - major governing body is internal
YES

FAR NOTES to PASS!!! (15 decks)

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