Governmental deck 2

Question 1

What two statements are needed in the Governmental-Wide Financial Statements?

Answer 1

Statement of Net Position - Shows Asset and Liabilities

Statement of Activities - Shows Revenue and Expenses

Question 2

What two statements are needed for the Governmental Funds?

Answer 2

Balance Sheet

Statement of Revenues, Expenditures, and Changes in Fund Balances

Question 3

What three statements are needed for the Proprietary Funds?

Answer 3

Statement of Net Position
Statement of Revenues, Expenditures, and Changes in Fund Balances
Statement of Cash Flows

Question 4

What two statements are needed for the Proprietary Funds?

Answer 4

Statement of Fiduciary Net Position

Statement of Changes in Fiduciary Net Position

Question 5

In the Statement of Activities for Government Wide Financial Statements statement revenues are shown in two categories. Name the two categories and describe both

Answer 5

Exchange Revenue - gov’t provided service and a fee is charged to the recipients
Nonexchange Revenue - Gov’t gives or receives value without giving or receiving equal value in exchange.

Question 6

What are the three areas for Statement of Net Position for the Government Wide Financial Statements

Answer 6

Net investments in Capital Assets =Capital asset cost- Acc/Dep

Restricted - a restriction has been placed on the asset by the donor or some other legislative body.

Unrestricted - all other assets that don’t fall into Capital assets or restricted

Question 7

Interfund activity can either be _________ or ________?

Answer 7

Reciprocal (must be paid back) or

Nonreciprocal ( is not paid back)