Brians Additional Cards Flashcards
What do Govt funds primarily focus on?
Flows and balances of financial resources
When are letter of transmittal/statistical information required?
CAFR, not basis FS or RSI
Govt-wide FS accounting basis
Accrual/Current Economic Reousce
What makes up the Govt-wide FS?
Statement of Net Position and Statement of Activities
Difference between Special and Extraordinary Items?
Special-Unusual and infrequent under mgmt control
Extraordinary-Unusual and infrequent not under mgmt control
Basic criterion Govt-wide statements primarily focus on?
Operational Accountability
What is MD&A a component of?
RSI
How should loan activities be classified on CF statement?
Operating Activities
Which are considered Primary Govts?
Government, Not for Profit, For Profit
Who do Proprietary Funds focus on?
Income Determination
What makes an organization a government?
- It has the power to enact a tax levy
2. A controlling majority of members of board are appointed state officials.
Basic criterion to determine reporting entity unit?
Financial Accountability
What are program revenues?
Derived directly from the program itself or from outside parties.
What are fines/forfeitures considered?
Charges for services
Result from direct charges to those directly affected by program or service
What method should the Enterprise Fund use for CF?
Direct
