44 Flashcards
deck 44
are internal service finds related to central activities?
yes
how are revenues and exp’s det’d in prop. funds?
- operating rev = billings + collections for svc’s b/w funds
- op exp = normal exp’s related to delivery of svc’s
- nonop rev’s = int earnings
- nonop exp’s = int exp
what is the JE for LTD to another fund?
Dr: cash
Cr: due to other fund
what is “RUN” to “SE” your NP?
- R = restricted fund
- U = unrestricted fund
- N = net invest in cap A
- all in SE fund FS’s
are prop. funds the only funds that have CF’s?
Yes
what are the rev’s and exp’s in “E” funds?
- op rev = charge for svc’s, misc op’s
- nonop rev = shared rev (taxes), interest
- op exp = object class’n
(personal svc, utilities, DE) - nonop exp = int exp
what are the items in the statement of R, E, and change in NP?
- contr’d cap comes after nonop items
- special and extraordinary items come after
- transfers displayed last
what is “INCASET”?
helps memorize IS items for prop. funds
Income Nonop Cap. contr Add's to endowments Special items Extraord. items Transfers
how is the statement of NP calc’d?
(A+def’d outflow)
+ (L+def’d inflow)
————————-
= NP
how is statement of R, E, and change in NP calc’d?
(op rev - op exp) \+ (nonop rev - nonop exp) \+ cap contr and transfers \+ BB ---------------------------------- = change in NP
how is the statement of CF’s presented?
*direct method is req’d
CFO \+ CF noncap. FA \+ CF cap. FA \+ CFI ------------- = reconc. of op inc/loss (reconc's to OI, not NI)
- CFI and CFF reversed
- CF noncap includes TAN’s
what should MSWLF owners and operators include in their exp’s?
- cost of equip. expected to be installed to monitor gas buildup
- cost of final cover to be applied to landfill
when are act’s req’d to be reported as “E” funds?
(1) act. is fin’d w/ debt secured solely by pledge of net rev. from fees and charges
(2) laws and reg’s req. cost of providing svc’s to be recov’d thru fees
(3) pricing policies estab. fees and charges designed to recover costs
in the prop fund, how is equip acq’d thru a cap. lease arrangement accounted for?
Dr: Equip
Cr: cash
what is the JE for lease pmt in a prop. fund?
Dr: cap. lease payable (P)
Dr: exp (int)
Cr: cash
are private NFP’s always req’d to recognize DE?
yes
do op. seg’s req. discrete fin. info?
yes
changes in value of ARO must be measured by what rate?
credit-adj’d risk free int rate
how are finders fees and issuance costs for equity sec’s treated in business combo’s?
- finders fees = out-of-pocket costs and are exp’d
- issuance costs = fees for equity sec. issues and are charged to PIC account
what is the JE for receipt of money from other funds for Fid. funds? (rev sources)
Dr: cash
Cr: add’s: emp. contr - restricted
