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Accounting > Chapter 11 > Flashcards

Chapter 11 Flashcards

0
Q

blending

A

combines a component of unit’s transactions and balances with the data of the primary government as if the component unit were a part of that government

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1
Q

affiliated organizations

A

legally independent entity directly tied to a primary government

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2
Q

component units

A

legally separate government for which the elected officials of a primary government are financially accountable.

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3
Q

Discrete presentation

A

reports the component unit in a single column separate from teh data of the primary government.

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4
Q

fiscal dependence

A

unit is fiscally dependent on the primary government if it is unable to determine its own budget, levy taxes or set rates, or issue bonds without approval of the primary government

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5
Q

fiscal effort

A

extent to which a government is taking advantage of its fiscal capacity

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6
Q

joint venture

A

contractual arrangement whereby two or more participants agree to carry out a common activity, with each sharing in both risks and rewards

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7
Q

primary government

A

Has a separately elected governing body, is legally separate from other primary governments and is fiscally independent of other governments

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8
Q

related organization

A

entity is financial accountable, but does not qualify as a component unit (missing other criteria)

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9
Q

an organizations legal entity differs from

A

its economic entity

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10
Q

Reporting entity should include:

A

primary government

component units

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11
Q

governmental entity considers a component unit to be major if

A

assets, liabilities, revenues or expenses exceed:

  • 10% of that component unit’s class
  • 5% of all component units combined.
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12
Q

Primary government is financially accountable for another government if

A

primary government appoints a voting majority of the unit’s governing body or a majority of the unit’s governing body is composed of primary government officals.

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13
Q

Component unit if

A

primary government is able to impose its will upon the potential component unit.
compone uit is able to provide specific financial benefits to or impose specific financial burdens on, the primary government.

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14
Q

component unit is fiscally accountable only if

A

the primary government controls the appointment of its governing board.

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15
Q

if componet unit is fiscally dependent on primary government

A

it is fiscally accountable even if its governing bodies are not appointed by the primary government

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16
Q

primary government must disclose detailed information about each major componet unit in either

A

government-side statements (separate column)
notes to the financial statements
combining financial statements (one column per major unit)

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17
Q

joint ventures

A

contractual agreement to carry out a common activity,with the participants sharing both risks and rewards

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18
Q

GASB #34 stats related organizations

A

staisfies only the financial accountability criterion
do not qualify as a component unit
cannot be incorporated into the primary government’s financial statements

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19
Q

affiliated organizations actions:

A

provide assistance to associated government
primary government does not appoint governing boards
not fiscally dependent on the primary

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20
Q

GASB#39 requires gov. to report organizations as discretely presented component units if:

A

Legally separate

Tax exempt and all conditions

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21
Q

Tax exempt and conditions for discretely presented component units

A

economic resoruces held for the direct benefit of th eprimary or component
primary or its componet have direct acccess to economic resources
economic resources held or received are significant to that primary

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22
Q

CAFR

A

Comprehensive Annual Financial Report

23
Q

Comprehensive Annual Financial Report Sections

A

Introductory
Financial
Statistical

24
Q

Introductiory section includes

A

table of contents

letter of transmittal

25
Q

Most informative component of the CAFR?

A

Introductory

26
Q

Sections of Introductory

A

formal transmittal of the CAFR
Government Profile
Information on economic conditions
awards and acknowledgements

27
Q

Financial Section of the CAFR includes

A

Auditor’s report
Management’s Dicussion and Analysis
Required Supplementary information
Combining statements, individual statements, and schedules

28
Q

Statistical section of the CAFR includes

A

Supplements the financial statemtnes

Incluedes five categories of information

29
Q

Five categories of information found in the statistical section of CAFR

A 
Financial trends
Revenue capacity
Debt capacity
Demographic and economic statistics
Operating data
30
Q

Special Purpose governments reporting requirements

A

Same reporting and disclousure as gp gov.
gov. and fund statements if business and governmental type activities
if in single gov. program, gov. and fund can be combo
enganed only in business (only statements for enterprise and finance of CAFR)

31
Q

Reporting requirements for volleges and Universities

A

34 should be subject to same reprting requirements as special purpose entities as

only in business
only in governmental
in both

32
Q

Public colleges and univeristies follow ____ pronouncements

A

GASB

33
Q

Not-for-profit colleges and universities follow _____ pronouncements

A

FASB

34
Q

What is the single richest source of data in assessing the financial condition of a government

A

CAFR it provides raw date of relationships and trends

and burdent of ananlysis fall upon individual users

35
Q

Factors that affect fiscal condion

A 
demographic
economic
political
social
population
enterprises
technology
36
Q

fiscal effort formula

A

per capita rev. from own sources/median family income or

rev. from own sources/total appraised value of property

37
Q

Goals of financial analysis

A

Evaluate the ability of a government to provide the services expected of it in the future
preparing pro forma statements
identify key risks and uncertainties
examin a # of what if situations

38
Q

Record fisxed assets and realted accum. depr values at the close of the prior year-offset with net assets

A

Fixed Assets
Accum. Depr
Net Assets

39
Q

Record fixed assets acquired in the current year

A

Fixed Assets

Expend-Capital Asset

40
Q

Record Depreciation on fixed assets purchased in the current year

A

Depr Exp.

Accum. Depr

41
Q

Record long-term debt values at the close of the prior yr-offset with Net Assets

A

Net Assets

Bonds Payable

42
Q

Record current year long-term debt

A

OFS-Procees of Bonds
Bonds Payable
(include premuim or discount as applies)

43
Q

Record current year interest payments on long-term debt

A

interest Exp.

interest Expenditure

44
Q

Reverse prior year interest accural

A

Accrued interest payable

Net Asset

45
Q

Record current year expense and accrual

A

Interest Expense

Accrued Interest Payable

46
Q

Amoritze premium

A

Premium

interest Exp

47
Q

Amortize Discount

A

Interest Expense

Discount on Bonds

48
Q

Recognize rev. on a full accrual basis

A

deferred Revenue

Revenue

49
Q

Reverse prior year full accrual rev. recognition

A

Rev.

Net Assets

50
Q

Record long-term protion of outstanding debt

A

Expense

Payable

51
Q

Record assets and liabilities of ISF to governmental funds

A

Assets
Liabilities
Net Assets

52
Q

Eliminate the rev. and expense of the ISF

A

Revenue
Expenses
Net Assets

53
Q

Eliminate receivables and payables between/among funds

A

Due to XXX

Due from XXX

54
Q

Eliminate governmental funds’ interfund transfers

A

Transfers in

Transfers Out

Accounting (14 decks)

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