45 Flashcards
deck 45
what are the JE’s for transfers from other funds to pension fund?
GRSPP:
Dr: expend
Cr: cash
SE PAPI:
Dr: exp
Cr: cash
what are the exp. (deduction) sources for private purp. Fid. funds?
ben pmt’s, refunds, and admin exp
includes cap. G/L
what is NPL and how is it recorded?
- NPL = net pen. L (similar to SIR AGE)
…changes to NPL (SIR) that decrease L are def’d outflows
…changes to AGE that increase L are def’d inflows
-formula: NPL = TPL - FNP
(no JE for change in NPL on gov-wide)
what is included in statement of Fid. NP’s?
A+ invest’s in plan A’s, L’s, and separate line Fid. NP (total)
- A’s = receivables + invests
- L’s = A/P + refunds/others
= Fid. NP
what is included in agency trust fund FS’s?
- treat as “mailman”
- no CF’s or IS
(only has BS) - NP items include tax collection to be remitted, clearance, and special assessment funds
(fees collected are L’s, not rev and go to “G” fund)
…clearance funds are grants w/ no monitoring
… for special assessments, when gov unit not obl’d for debt repmt, it goes to “A” fund
what are the items in Investment trusts’ statement of changes in Fid. NP?
- rev = contr’s, net apprec. (realized and unrealized G/L), and prem/disc’s on debt sec’s (unam’d)
- exp = pmt to ben’s and admin exp
(investment pools = invest trust)
what are forfeitures used for only law enforcement act’s classified as for funds?
special rev
used in specified way
what are private purp. trust funds for?
to hold “P” + int for a specific indiv., private org, or other gov’s
what is the req’d reporting for GASB 34?
- basic FS’s and RSI
(notes+reconc of fund to gov-wide, fund and gov-wide FS’s) - reconc can appear on face of fund or notes of gov-wide
what are the reporting req’s for Gen. Purp. gov. units?
MDA, basic FS’s (gov-wide, fund, notes), reconc, and RSI
what is included in CAFR?
- intro section
(transmittal letter, org. chart, list of Princ. officers) - Fin. section
(basic FS’s + RSI - audited)
MDA included - Stats section
(not part of basic FS - unaudited)
what are primary gov’s that are the focus of gen purp gov units?
- state gov
- local gov (city, county)
- special purp local gov
(has to meet SELF test):
Sep’ly Elected gov body
Legally sep.
Fiscally indep.
“primary reports itSELF”
what are comp. units and what are the diff. types of presentations?
- comp unit = primary gov. are fin’ly accountable
- blended pres.:
*board substantively the same as primary gov, or
*comp unit serves primary gov exclusively, or - comp unit is not a sep. legal entity
(board of edu, rescue squad) - discrete pres (default method):
*anything not blended
(assume this for CPA exam)
what is included in net invest. in cap A’s? RU”N”
- all cap A’s (net AD) reduced by o/s bonds, mortgages, notes, or other debt related to constr/acq/improv. of those A’s
(also includes constr. period int, infrastructure asset, and other acq’d property (LCM)
*FA and svc’s purch’d prev’ly included in est’d costs of closure and postclosure care should be a reduction of L in gen. LTD in gov-wide, not cap. A’s.
what is the treatment for interfund rec’s and payables?
eliminate all, except rec’s and payables from Fid. funds
ext. A+L’s
