10.3

Question 1

what does GASB 34 require for government financials

Answer 1

GASB 34 requires basic financials and required supplementary information

Question 2

what are considered basic financial statements for gov wide financial stmts

Answer 2

• gov wide financial stmts
• fund financial stmts
• notes to financials

Question 3

what are the government focuses of gov accountability

Answer 3

• operational

- fiscal

Question 4

what is fiscal accountability

Answer 4

• focus on fun financials

- proves gov used the money properly

Question 5

what is operational accountability

Answer 5

• focus on gov wide financials

- reports on how efficiently and effectively they have met their operating objectives

Question 6

what is the integrated approach

Answer 6

• shows operational and fiscal accountability

- shows this relationship thru reconciliation of fund financials to gov wide financials

Question 7

what are the parts of the required reporting stmts of gen purpose gov units

Answer 7

• mgmt discussion and analysis
• gov wide financials
• fund financials
• notes to the financial stmts
• required supplementary info other than MDA

Question 8

what is information is optional for reporting general purpose gov units?

Answer 8

• combining stmts for non major funds
• variance b/w orig adopted and final amended budget
• variance b/w final amended budget and actual

Question 9

What is in mgmt Discussion and Analysis

Answer 9

its a narrative analysis

Question 10

what are the parts of gov wide FS

Answer 10

• stmt of net position
• stmt of activities
• No CF

Question 11

what are the governmental fund financial statements?

Answer 11

• bal sheet

- stmt of rev, expenses, changes in fund bal

Question 12

what financial stmts are shown for proprietary funds?

Answer 12

• net position
• stmt of rev, expenses, and changes in fund bal
• stmt of CF

Question 13

What are the financial stmts for fiduciary funds

Answer 13

• stmt of fiduciary net position

- stmt of changes in fiduciary net position

Question 14

what are included in gov basic fin stmts

Answer 14

• gov wide FS
• fund FS
• notes to FS

Question 15

what information is in req supplementary info

Answer 15

• pension
• budget
• infrastructure

Question 16

what are the major sections of the CAFR?

Answer 16

• intro section
• basic FS + Req supplementary info
• statistical section

Question 17

what is included in the intro section of the CAFR?

Answer 17

• letter of transmittal
• org chart
• list of principal officers

Question 18

what are included in the basic FS and Req supplementary information in the CAFR

Answer 18

• mgmt discussion and analysis
• gov wide FS
• fund FS
• notes to the FS
• required supplementary information

Question 19

what is included in the statistical section of the CAFR?

Answer 19

• 10 yrs of selected financial data
• 10 yrs of economic data
• other data

Question 20

what is a financial reporting entity made up of?

Answer 20

primary government and organizations for which the primary government is financially accountable

Question 21

what is a primary government?

Answer 21

consists of all organizations that make up the legal gov entity
-some special purpose local gov can be part of primary gov but they have to meet the SELF test

Question 22

What is the SELF test

Answer 22

• shows if the governmental unit can report independently
• Separately elected governing body
• Legally seperate
• Fiscally independent

Question 23

What is a component unit?

Answer 23

what the primary government is responsible for

Question 24

what does blended presentation mean for component unit?

Answer 24

• component unit and primary gov are basically the same

- the component unit ONLY serves the primary government

Question 25

What is discrete presentation mean for a component unit?

Answer 25

the component unit is presented separately

most component units are presented discretly