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Exam 2 Advanced Financial Reporting > Exam 2 Advanced Financial Reporting > Flashcards

Exam 2 Advanced Financial Reporting Flashcards

1
Q

Categories of Private NFPs

A

Voluntary Health and Welfare Organizations, colleges/universities, hospitals and other health care organizations, other private NFP.

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2
Q

Voluntary Health and welfare Organizations- Examples

A

American Heart Association, Salvation Army, YMCA

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3
Q

Hospitals and other health care organizations-Examples

A

St. Jude Children’s

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4
Q

Other Private NFP Organization-Example

A

Beta Alpha Psi

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5
Q

Statement of activities layout

A

Revenues, Expenses, Changes in net assets, Change in net assets. Net assets Ending

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6
Q

NFP annual Reporting

A

Form 990

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7
Q

NFP Recognizes 1,120,000 in contributions

A

Debit Cash
Credit - Contribution Rev (unrestricted)

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8
Q

Received a gift of supplies with a FMV of 15,000. No restrictions.

A

Debit Supplies
Credit - Contribution Rev (unrestricted)

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9
Q

Woodward CPA decided to audit a company for no charge.

A

Debit - Professional Services
Credit - Revenues from contributed Services.

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10
Q

Restricted Cash Gift

A

Debit Restricted Cash
Credit Contribution Revenue Restricted

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11
Q

Queens University Spent 5,000 in cash on program expenses that satisfies donor restriction

A

Debit Net assets released from restriction restricted
Credit Net assets released from restriction unrestricted
Debit Program Expenses
Credit Restricted Cash

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12
Q

Unconditional Promise - 1,000,000 5% is expected to not be honored

A

Debit Contribution receivable
Credit Allowance for uncollectable contribution
Credit Contribution Revenue - Unrestricted

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13
Q

TVM Calculations - JE

A

Debit - Contribution Receivable
Credit Discount on contribution receivable
Credit Contribution Revenue - Restricted

To record int it’s the contribution revenue * Discount rate.
Debit Discount on contribution receivable credit
Credit Contribution revenue - restricted

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14
Q

JE for Endowment Gift

A

Debit Restricted Cash
Credit Contribution revenue - Restricted
2. Debit Investment in securities
Credit restricted cash

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15
Q

Charitable Annuity- Annuity Trust (fixed payment rate)

A

Debit Restricted Cash
Credit Annuity payable
Credit CR-Restricted

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16
Q

Life income agreement. (person retains entire investment income until they pass)

A

Debit Restricted Cash
Credit Contribution Revenue - Restricted

Record Income
Debit Restricted Cash
Debit or Credit Investment
Credit Life Income Payable

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17
Q

(Recipient Accounting) Contributions received on behalf of others Not Financially interrelated and Without Variance Power

A

Debit Assets
Credit Refundable Advance (Liability)

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18
Q

(Recipient Accounting) Contributions received on behalf of others Not Financially interrelated and with Variance Power

A

Debit Assets
Credit Contribution Revenue

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19
Q

Sources of GAAP for state and Local Government

A

GASB
Governmental Accounting Standards Board

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20
Q

Component Unit - Blended

A

Account balances are not separately distinguishable. Normally when the city owns the dead, or issues bonds, or controls the board

21
Q

Component Unit-Discretely

A

This is when account balances are separately stated. Normally when the city isn’t involved with the board and they are able to issue debt that the city isn’t a part of.

22
Q

Categories of Government Activities

A

Governmental, Proprietary, Fiduciary

23
Q

Governmental activities Examples

A

Health and Safety, Education, Economic services, Culture and Recreation, and legislative services

24
Q

Proprietary Activities

A

Similar to Activities of a Business.

25
Q

Proprietary Activities examples

A

Transportation, Utilities, Parking, and Community Rec Centers.

26
Q

Fiduciary Activities

A

Government holds resources in a custodial capacity for entities or individuals outside the governmental unit

27
Q

Fiduciary Activities Examples

A

People - Pensions, Investment Pools, Individual 529 plans
State - Sales Taxes Collected by the county, Special Assessments on specific property owners

28
Q

Fund Types

A

Governmental, Fiduciary, Proprietary

29
Q

Governmental Funds

A

General, Special Revenue, Capital Projects, Debt Service, Permanent

30
Q

General Fund

A

Basic services Provided by a Government
Ex. Salaries to employees, Public Safety

31
Q

Special Revenue Fund

A

Account for specified activities that benefit the public. Resources are used for the particular operations specified but the revenues. Ex. City receiving grant from the federal government for a meal delivery program for senior citizens

32
Q

Capital Projects fund

A

Construction/acquisition of major capital assets. Mainly comes from bond issuance.
Ex. new sewer lines, roads,

33
Q

Debt Service Fund

A

No LT Liabilities but this is where they pay the bonds back.

34
Q

Permanent Funds

A

Basically, like an endowment. The principal remains intact.
Key word Fund Principal must be maintained

35
Q

Proprietary Funds

A

Enterprise Funds, Internal Service Funds

36
Q

Enterprise Funds

A

Account for business-type activities for the public, ongoing and involving a fee.
Ex. Utilities.

37
Q

Internal Service Funds

A

Account for central services provided to other governmental units on a cost-reimbursement basis
Ex. Accounts for fuel services provided to other funds

38
Q

Fiduciary Funds

A

Pension Benefit Trust, Investment Trust, Private Purpose, Custodial.

39
Q

Pension Benefit Trust

A

Account for resources held in trust for individuals enrolled in pension plans or other employee benefit plans
Ex. anything that looks like a pension

40
Q

Investment Trust Funds

A

Account for the net assets of investors outside the governmental reporting entity, typically other governments, held in government investment pools

41
Q

Private Purpose Trust Funds

A

Account for the activities of other trust agreements that benefit individuals, private organizations, or other governments

42
Q

Custodial Funds

A

Account for resources collected for, and remitted to Individuals, Private organizations, and Other governments
Key work is “Remitted”

43
Q

Accounting for Governmental Funds

A

Only ST assets/liabilities,
Modified Accrual Accounting (Measurable and available normally within 60 days of year end)

44
Q

Governmental Fund F/S

A

Statement of revenues, Expenditures, and changes in fund balances, B/S, Budgetary comparison

45
Q

Proprietary Fund Accounting

A

Full Accrual Accounting

46
Q

Proprietary Fund F/S

A

Statement of Net Position, Statement of revenues, expenditures and changes in net position, and Statement of Cash Flows

47
Q

Fiduciary Fund Accounting

A

Full Accrual Accounting

48
Q

Fiduciary Fund F/S

A

Statement of Net Position (B/S), Statement of changes in fiduciary net position(P&L)

Exam 2 Advanced Financial Reporting (1 decks)

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