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FAR > Concepts CH 19 > Flashcards

Concepts CH 19 Flashcards

1
Q

Statement of Changes in Fiduciary Net Position reports

A

Total Additions
Total Deductions
Change in Net Position

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2
Q

Agency Fund

A

Does not have net position Assets = Liabilities

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3
Q

Bond anticipation notes that don’t meet both requirements for Gen LT obligation are reported in

A

Governmental Fund - in which proceeds are recorded

Government-wide F/S stmt of net position

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4
Q

Assets and Liabilities of Proprietary Funds (including capital leases)

A

Are reported and accounted for in that fund on accrual basis

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5
Q

Non-Current Liabilities of governmental funds should be reported in

A

Government-wide statements of net position only in governmental activities column

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6
Q

Preparation of Government-wide F/S require

A

certain interfund activity and fund balances be eliminated or reclassified. These amounts are eliminated from business-type and governmental columns of the statement of net position. Exceptions are residual amounts due between the two types of activities.

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7
Q

Unrestricted net position of government-wide statement of of net position includes

A

Net investment of capital assets
Restricted net position
unrestricted net postion (may include internally committed or assigned but not reported in F/S)

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8
Q

Net Investment in Capital assets in government-wide statement of net position include

A

Capital asset net of depreciation, reduced by outstanding debt

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9
Q

Significant transactions or other events that are either unusual or infrequent but not within management control

A

should be disclosed in the notes to government wide statement of activities

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10
Q

Government-wide statement of activities reports

A

Net(expense) revenue for each function equal to expenses minus program revenues
The minimum level of detail for activities are by function and different identifiable activities

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11
Q

Fiduciary Fund Payable/Receivable Reclass

A

Receivables/Payable from Fiduciary funds are reclassed as rec/pay to external parties because fid funds report only balances held for individual, private org, and other governments

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12
Q

General LT Liabilities may include

A 
Capital and Operation Leases
Compensated Absences
Claims and judgements
pension 
Termination Benefits
Landfill Closure & post closure care
Other commitments that are not current liabilities recorded in governmental funds
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13
Q

Government-wide separately stated at bottom of statement of activities

A

Contribution endowments
Contribution to permanent fund principal
Transfers between business-type and governmental activities
Special and Extraordinary items

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14
Q

Extraordinary items

A

unusual in nature and infrequent in occurence

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15
Q

Special items

A

Unusual or infrequent but not both

Within Control of management

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16
Q

Liabilities due in current period

A

Are reported in governmental fund financial statements therefore not a reconciling item

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17
Q

Included in government-wide statement of net position governmental activites if not financed through enterprise funds

A

General obligation bonds
Compensated absences
Salaries payable

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18
Q

Fiduciary Fund type that may be expendable or nonexpendable

A

Private-purpose trust fund
Expendable - use of principal
Non-expendable - income used only

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19
Q

Fiduciary Funds f/s report

A

Separate column for each fund type

20
Q

Definition of Agency Fund

A

Fiduciary funds that may account for certain grant and other financial assistance to be spent on behalf of secondary recipients. The fund acts purely as a conduit

21
Q

Fiduciary Fund Net Position Includes info about

A

Net position is presented as
Sum of assets & Deferred outflows
Sum of liabilities and Deferred inflows

22
Q

In government-wide statement of activities reports program revenues

A

Charges for services
Program specific operating grants and contributions
Program specific capital grants and contributions
Also:
Earnings from endowments
Permanent fund investments
Other investments restricted to given program

23
Q

Which of the following are presented in the prop fund statement of net position

A

deferred inflows and deferred outflows

24
Q

Fiscal Accountability

A

Responsibility of governments to justify that their actions currently comply with public decisions concerning the raising and spend of public resources in the short term

25
Q

Operation Accountability

A

Government’s responsibility to report the extent to which it has met accounting objectives efficiently and effectively using all resources available, and whether it can contribute to do so in the near future

26
Q

State and local governments should disclose

A

1) Legal and contractual restrictions on resources

2) Risks of potential loss of those resources

27
Q

Disclosure relates to the objective of helping users assess

A

1) Services that can be provided

2) Entity’s ability to meet obligations as they come due

28
Q

Cash Flow statements proprietary funds

A

must be prepared using the direct method

29
Q

Fiduciary funds provide information about

A

operational accountability

30
Q

Fiduciary Funds account for

A

Resources held by government in trust or as agent for

1) Specific individuals
2) Private Organizations
3) Other governments

31
Q

Separate statements of fiduciary net position and changes in fiduciary net position should be presented for

A

Each such fund

32
Q

A defined contribution pension plan must report

A

1) a plan description, (2) a summary of significant accounting policies, and (3) information about investment concentrations.

33
Q

General Revenues

A

All taxes, including those levied for special purpose are general revenues

34
Q

Program Revenues

A

1) Charges for services
2) Program specific operating grants and contributions
3) Program specific capital grants and contributions
They may include earnings on
1) Endowments
2) Permanent fund investments
3) other investments restricted to a given program

35
Q

Not Program Revenues

A

Earnings of endowments or permanent funds that finance general fund programs or operating expenses

36
Q

Preparation of government wide statement of activities requires

A

elimination or reclassification of certain interfund activity. Transfers or receivables and payables are are eliminated between governmental and business-type activities columns of the statement of net position The exceptions are net residual amounts between the two types of activities

37
Q

Infrastructure - Modified Approach

A

Allows government to record maintenance costs instead of depreciation

38
Q

General LT Liabilities are defined as

A

Liabilities not directly related to, and not expected to be paid from, proprietary or fiduciary funds

39
Q

General LT liabilities are reported only

A

in governmental activities column of government-wide statement of net position

40
Q

deferred outflow of resources is

A

a consumption of net assets that applies to a future reporting period.

41
Q

deferred inflow of resources is an

A

an acquisition of net assets that applies to a future reporting period.

42
Q

General revenues are not required to be reported as

A

program revenues. They are reported separately after total net (expense) revenue for all functions.
All taxes, including those levied for a special purpose, are general revenues.
General revenues are reported at the bottom of the statement of activities to determine the change in net position for the period.

43
Q

In a proprietary fund’s statement of revenues, expenses, and changes in fund net position, transfers should be reported separately after

A

nonoperating revenues and expenses. This component includes (1) capital contributions, (2) additions to endowments, and (3) special and extraordinary items. Transfers are presented as the final item before the change in net position.

44
Q

Receipt of a state appropriation is recognized as a

A

revenue from a government-mandated nonexchange transaction. This kind of transaction occurs when one government provides resources to a government at another level and requires that they be used for a specific purpose.

45
Q

General Fund - Capital Lease

A

Treated as expenditure for the full amount of lease payments

FAR (22 decks)

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