Governmental deck 1

Question 1

How do you calculate PBO for Pensions BSIPAAB

Answer 1

Beginning PBO
\+ Service Costs
\+ Interest Costs
\+ Prior Service Costs
\+ Actuarial Losses
- Actuarial Gains
- Benefits paid out
Ending PBO

Question 2

Why is ending PBO important?

Answer 2

The ending PBO is compared to the ending fair value of the assets (per actuary) If PBO is more than the fair value it is said to be underfunded. If PBO is less than fair value it is overfunded. If underfunded you would make JE
OCI XX
Accrued Pension Liability XX

Question 3

Name the 5 Governmental funds and the basis of accounting

Answer 3

General fund
Special revenue fund
Capital projects fund
Debt service fund
Permanent fund
modified accrual basis of accounting

Question 4

Name the two proprietary funds and basis of accounting PIE

Answer 4

Internal service fund
Enterprise fund
accrual

Question 5

Name basis of accounting four fiduciary funds and basis of accounting and basis of accounting

Answer 5

Pension
Agency
Private purpose
Investment trust
accrual

Question 6

What is in government wide financial statements, what is basis of accounting, what is measurement focus

Answer 6

Governmental and proprietary funds
Accrual
Economic resources

Question 7

what are the major differences of Modified accrual basis of accounting NO LAB PPE

Answer 7

no long term debt, accruals for interest payable, bad debt expense
no PPE

Question 8

What are the 3 sections of Comprehensive Annual Financial Report

Answer 8

Introductory
Financial
Statistical

Question 9

what are the 6 major components of the financial section of CAFR

Answer 9

1. Independent Auditors report
2. MD&A
3. Government-wide FS
   Statement of net assets/position
   Statement of activities
4. Fund based financial statements
5. Notes to financial statements
6. Required supplementary information RSI

Question 10

What is formula for net position for the statement of net position

Answer 10

Assets + Deferred outflow - Liabilities - Deferred Inflows = Net position

Question 11

For pensions what is the attribution period?

Answer 11

The beginning of the attribution period is the employees date of hire. The end of the attribution period is the full eligibility date.

Question 12

What is formula for book value per share of common stock

Answer 12

(Total Stockholders Equity - Liquidating value of preferred sock) / # of common shares outstanding