Chapter 19: Governmental Accounting - Reporting Flashcards

1
Q

Are fiduciary funds reported in the government-wide statements?

A

No.

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2
Q

What does the statement of changes in fiduciary net position present?

A

total additions to & total deductions from the annual change in net position for each fiduciary type.

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3
Q

What does the net position in the government-wide statement of net position include?

A

1) net investment in capital assets, net of related debt, accumulated depreciation, and deferred inflows and outflows of resources 2) restricted net position 3) unrestricted net position.

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4
Q

Where is net (expense) revenue displayed for governmental entities?

A

Statement of Activities for 1) each function 2) total primary government (governmental activities and business-type activities), and 3) total component units

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5
Q

What are the two major distinctions made in government-wide financial statements?

A

1) primary government and its present component units and 2) between governmental activities and business-type activities

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6
Q

Where are extraordinary items reported in governmental funds statement of revenues , expenditures, and changes in fund balances?

A

After other financing sources and uses.

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7
Q

When are individual governmental fund or enterprise fund required to be reported?

A

When the total asset, liabilities, revenues, or expenditures or expenses of the funds are at least 10% of the corresponding element total (assets, etc) for all funds of its category
AND
An element is at least 5% of the corresponding element total for all governmental and enterprise funds.

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8
Q

What is required in the proprietary fund reporting?

A

Economic resources measurement focus & accrual basis

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9
Q

When is statement of cash flows required for governmental entities?

A

For proprietary funds and entities engaged in business-type

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10
Q

How does the statement of cash flows differ for governmental entities compared to public entities? What method must be used?

A

Financing section is broken up by noncapital financing activities and capital and related financing activities. The direct method must be used.

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11
Q

A statement of changes in fiduciary net position reports

A

additions to and deductions from the fiduciary net position for (1) pension (and other employee benefit) funds, (2) investment trust funds, (3) private-purpose trust funds, and (4) custodial funds.

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12
Q

The government-wide statement of activities reports

A

Net (expense) revenue for each function equal to expenses minus program revenues.

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13
Q

Where are internal service funds reported on the government-wide statements if they were not eliminated?

A

In governmental activities. Because these funds’ activities are ordinarily more governmental than business-type.

However, this presentation is not appropriate if enterprise funds are the predominant participants in the internal service funds.

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14
Q

How are proprietary funds required to reported?

A

On the accrual basis.

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15
Q

Are depreciation expense reported for proprietary funds?

A

Yes.

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