43 Flashcards
deck 43
what are the categories of fund bal.?
“NU CAR”
- Nonspendable
(PPD expend’s, inv) - Restricted
(by ext. auth. - laws + users)
(also by debt covenants) - Commited
(A’s obl’d by highest auth.) - Assigned
(A’s intended for obl., informal) - Unassigned
(spendable, only G fund has positive bal of this)
what happens when there is a deficit in the restricted funds?
the amt will reduce unassigned fund bal.
when are grants recog’d as rev, def’d inflow, and unearned rev?
- rev = time + eligibility req’s
- def’d inflow = eligbility req’s
- unearned rev = none met
should def’d inflows be recog’d when prop. T/R are recog’d in advance of year they are levied and prop. taxes collected in advance of the year they are levied?
yes:
prop T/R:
Dr: prop. T/R
Cr: def’d inflows
prop taxes collected:
Dr: cash
Cr: def’d inflows
does the encumbrance account only include o/s PO’s?
yes
what is the JE when gen. fund owes E fund for electricity bills?
Dr: expend’s
Cr: due to E fund
what type of expend’s and rev’s are in “G” fund?
- rev = taxes, public safety + reg, intergov, charges for svc’s, other rev’s
(all for ben. of public) - expend = gen gov, public safety, culture + recreation
(for ben. of public)
what is the formula for GRSPP BS?
CA + def’d outflow
= CL + def inflow + fund bal.
(NU CAR)
what are “R” funds?
- legally restricted/committed for special purp’s other than debt svc and cap proj
- rev = (sales+gas tax, special fees, grant funds)
- expend = CY op expend + cap outlays (lease)
what are the specifics for grants?
monitored = “R” fund
non-monitored = “A” fund
when are “S” funds used?
to pay off debts of GRSPP and used when there is a legal mandate
(if not, use “G” fund)
where do non-expendable trusts go in fund FS’s?
private purp trust funds
is there encumbrance accounting for perm. funds?
no, but BA are the same
(“S” fund doesn’t have “E” either)
*Perm funds only have int. avail for public spending, while “R” funds have both
“P” + int
are bond issue costs and other debt issue costs accounted for as debt svc expend’s?
yes
what are the JE amt’s for FA’s in gov-wide FS’s?
- purch + constr = at cost
- cap lease = PV lease pmt
- donated = FMV
- forfeiture = LCM
what is the reporting for bond antic’d notes (BANs)?
- if entity has ability and intent to refinance, Cr: OFS
- if entity only has intent, but not ability, Cr: bond antic N/P
what constraint under GASB 54 imposes an internal limitation on use of equity/assets of a gov. fund estab’d by highest internal gov. auth?
committed funds
should internal svc funds be considered in the eval. of major and nonmajor funds?
no, they are not included
what are some functions of an operating budget?
- anticipate est. rev’s and appropriate them for CY op’s
- commit funds for the gov. entity’s op’s for NY
is the life of cap. proj funds short? and what is the construction period limited to?
- yes, it is short
- constr period is limited to 1-3 years
