19 Governmental Accounting - Reporting Flashcards
When preparing worksheets to convert governmental fund financial statements to government-wide financial statements, how should conversion entries be performed?
conversion entries should be performed at the governmental fund summary level
For proprietary funds (enterprise & internal service funds) depreciation is considered an?
operating expense, if it is specifically identifiable with a function
Are funds designated or assigned by a government considered restricted?
No, restrictions are imposed by external entities (creditors, grantors, or other governments). If funds are not restricted they are included as an unrestricted component of net position.
Which types of funds are required to provide a statement of revenues, expenses, and changes in fund net position?
Proprietary funds. Fiduciary and governmental funds are not required.
What statements are required for fiduciary funds?
A statement of fiduciary net position and a statement of changes in fiduciary net position.
What statement is required for governmental funds?
A statement of revenues, expenditures, and changes in fund balances
Is depreciation of capital assets that serve all functions allocated?
No, it is not required to be included in direct expenses of the functions. It may be on a separate line in the statement of activities or as part of the general government function.
Depreciation of infrastructure assets is not allocated to other functions.
In the statement of revenues, expenses and changes in fund net position of a proprietary fund report, what information is presented?
- operating revenues, expenses and income (loss)
- nonoperating revenues and expenses
- revenues from capital contributions and additions to endowments
- special and extraordinary items
- transfers
- changes in net position
- ending net position
