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Accounting for Governmental and Not For Profit Entities > Chapter 7 : Business Type Activities > Flashcards

Chapter 7 : Business Type Activities Flashcards

1
Q

What’s the Prop Funds Equation?

A

(Assets + Deferred Outflows) - (Liabilities + Deffered Inflows) = Net position

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2
Q

What’s the Prop Funds Equation?

A

(Assets + Deferred Outflows) - (Liabilities + Deffered Inflows) = Net position

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3
Q

What are the types of net position?

A
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4
Q

Basics of a Prop Fund?

A
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5
Q

What FS are in Prop Funds?

A
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6
Q

Describe a Statement of Net Position

A

Current Assets listed in order of liquidity

Divided in the 3 categories:

  1. Net Investment in CA
  2. Restricted
  3. Unrestricted
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7
Q

Describe a Operating Statement

A
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8
Q

Describe a Statement of CF

- Similarities to FASB

A
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9
Q

Describe a Statement of CF

- Differences from FASB

A
  • GASB divides financing activities into noncapital & capital related
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10
Q

What’s an Internal Service Fund/

A
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11
Q

What are the types of net position?

A
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12
Q

How to report Internal Service Funds

A
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13
Q

What FS are in Prop Funds?

A
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14
Q

Describe a Statement of Net Position

A

Current Assets listed in order of liquidity

Divided in the 3 categories:

  1. Net Investment in CA
  2. Restricted
  3. Unrestricted
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15
Q

Restricted assets in Enterprise Funds

A

Set aside and cannot be spent (customer deposits)

Ideally the liabilities of such should be reported separately but is not required by GASB

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16
Q

Describe a Statement of CF

- Similarities to FASB

A
17
Q

Describe a Statement of CF

- Differences from FASB

A
  • GASB divides financing activities into noncapital & capital related
18
Q

GASB Statement of CF Specifics

A

Acquisition of capital assets & interest expense on LT debt are FINANCING activities

CF from OPERATING activities must use the direct method

19
Q

dg

A

gdg

20
Q

What are some types of Internal Service Funds

A

Motor Pools, Central Purchasing, Storage
Issuance of supplies
Self insurance pools
Printing

21
Q

How to report Internal Service Funds

A
22
Q

Dissolving a Internal Service Fund

A
  1. Transfer assets to another fund which will continue the acitivity.
  2. Terminate activity and transfer
  3. Convert to cash and transfer
23
Q

When is an Enterprise Fund used?

A
  1. Activity is financed w/ debt that is paid with revenues from the activity
  2. Laws/Regulations require that costs (including capital costs) be recovered by revenue of the activity NOT taxes or OFS
24
Q

Restricted assets in Enterprise Funds

A

Set aside and cannot be spent (customer deposits)

Ideally the liabilities of such should be reported separately but is not required by GASB

25
Q

Enterprise Fund

- LTL facts

A

Accounting for Governmental and Not For Profit Entities (3 decks)

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