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Becker - FAR > F10 > Flashcards

F10 Flashcards

1
Q

Integrated approach

A
  1. MD&A
  2. Government wide statements reconcile and consolidate fund financial statements
  3. Notes to financial statements
  4. Required supplementary info other that MD&A
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2
Q

Required reporting

A
  1. MD&A
  2. Government wide financial statements
  3. Fund Financial statements - major funds shown individually & nonmajor funds shown in total
  4. Notes
  5. Required supplementary information(RSI) other than MD&A
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3
Q

Government wide financial statements

A

Statement of Net Position

Statement of Activities

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4
Q

Governmental fund financial statements

A

Balance sheet

Statement of revenues, expenditures, and changes in fund balance

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5
Q

Proprietary fund financial statements

A

Statement of Net Position

Statement of revenues, expenses, and changes in fund net position

Statement of cash flows

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6
Q

Fiduciary fund financial statements

A

Statement of fiduciary net position

Statement of changes in fiduciary net position

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7
Q

What’s in notes

A

Pension shit

Budgetary comparison schedules

Shit about infrastructure

Other optional shit

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8
Q

Comprehensive Annual Financial Report (CAFR)

A

Introductory section - unaudited

Basic Financial statements and required supplementary info - audited

Statistical section - unaudited

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9
Q

Introductory section of CAFR

A

Letter of transmittal

Organizational chart

List of principal officers

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10
Q

Basic financial statement and supplementary section of CAFR

A

MD&A

Government wide financial statements

Fund Financial statements

Notes

Required supplementary info

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11
Q

Statistical section of CAFR

A

10 years of selected financial data

10 years of economic data

Other

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12
Q

Special purpose local governments

A

Separately elected by governing body

Legally separate

Fiscally independent of other state and local governments

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13
Q

Component unit blended vs discrete presentation

A

Blended

  • Board of component unit is the same as primary government

or

  • Component unit serves the primary government exclusively
  • Discrete is the default method if the above isn’t true*
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14
Q

Fiscal accountability vs operational accountability

A

Operations is for government wide and fiscal is for fund

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15
Q

Government wide financial statements of net position format

A

Assets and deferred outflows of resources minus liabilities and deferred inflows of resources

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16
Q

Components of Net position

A

Net investments in capital assets

Restricted assets

Unrestricted assets

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17
Q

Net investments in capital assets

A

All capital assets, net of accumulated depreciation, reduced by the outstanding balances of bonds, mortgages, notes, or other borrowings.

18
Q

Restricted assets for government wide statement of net position

A

Restricted assets reduced by liabilities and deferred inflows of resources related to assets

19
Q

Treatment of interfund receivables and payables

A

Eliminate

20
Q

Construction period interest

A

Reported as interest expense on government wide financial statements and fund financial statements record it as expenditures

21
Q

Program approach for statement of activities

A

Expense or revenue is expensed into 3 categories

Governmental activities
Business activities
Component units

22
Q

Program revenues

A

Exchange revenue: when goods or services are transferred, king of like enterprise fees

Non exchange rev: government gives or receives without doing anything for it or what it does is not equal

23
Q

Program revenue category types

A

Charges for services

Operating grants & contributions

Capital grants & contributions

24
Q

How statement of activities is shown

A

Column for government activities then a column for business type activities followed by the total for both and component units after

25
Q

Statement of net position governmental and business type activities

A

Separated like statement of activities

26
Q

Modified approach when government allows to not report depreciation expense if

A

Government manages the assets using an asset management system

There are documents that say the assets are being preserved at or above condition established by the government

27
Q

At what amount do you capitalize property

A

The lower cost or market

28
Q

Major Fund rules

A

Must meet 10% test and 5% test to be considered major fund

29
Q

10% test

A

Greater than 10% Governmental and enterprise are separate columns

30
Q

5% test

A

Greater than 5% and the columns for governmental and enterprise are combined

31
Q

Proprietary fund Statement of Cash Flows - Operating activities

A
  1. cash inflows from sales of goods and services
  2. Cash outflows to suppliers or employees
  3. cash inflows from interfund reimbursements and exchanges including payments in lieu of taxes
  4. cash transactions not meeting the definition of the other categories
32
Q

Proprietary fund Statement of Cash Flows - Investing activities

A
  1. Cash inflows and outflows associated with loans to others

2. Cash inflows and outflows associated with equity transactions

33
Q

Proprietary fund statement of cash flows - capital and related financing activities

A
  1. Cash flows from issuing debt associated with capital assets including interest expense
  2. Cash inflows from capital grants
  3. Cash inflows from contribution activity associated with capital assets
  4. Cash activity related to special assessments associated with capital assets
34
Q

Proprietary funds statement of cash flows - noncapital financing activities

A
  1. Cash flows from issuing debt for noncapital purposes including interest expense
  2. Cash receipts from grants or subsidies
  3. Cash received from property taxes not restricted for capital use
  4. Operating transfers
35
Q

Fiduciary statement of net position

A

Assets and deferred outflows of resources minus liabilities and deferred inflows or resources

36
Q

Governmental statement of net position

A

Assets and deferred outflows of resources equals liabilities and deferred inflows of resources

37
Q

Reconciliation of Government fund Balance sheet to Government wide statement of position - measurement focus difference

A
  1. add non-current capital assets
  2. subtract related accumulated depreciation
  3. Subtract non-current liabilities - long term debt
38
Q

Reconciliation of Government fund Balance sheet to Government wide statement of position - for difference in basis of accounting

A
  1. eliminate deferred inflows recognized revenues
  2. subtract accrued liabilities for interest payable
  3. add internal service fund net position
39
Q

Reconciliation of Governmental funds statement of revenues, expenditures, and changes in fund balance to Government wide statement of activities - measurement focus difference

A
  1. add capital outlay expenditures
  2. add principle payment on debt
  3. subtract net book values of capital assets disposed during the period
  4. subtract debt proceeds show for other financing sources
40
Q

Reconciliation of Governmental funds statement of revenues, expenditures, and changes in fund balance to Government wide statement of activities - difference in basis of accounting

A
  1. add recognized revenues that are measurable and unavailable
  2. accrue interest expense
  3. record depreciation expense
  4. add internal service fund change in net position

Becker - FAR (10 decks)

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