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FAR > F10 > Flashcards

F10 Flashcards

1
Q

What is the purpose of the Internal Service Fund

A

to finance and account for services and supplies provided to other departments within a governmental unit or to other governmental units

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2
Q

What are some of the typical revenue sources for internal service funds

A 
restricted revenue grants 
Operating Revenues (billings for services provided)
Nonoperating Revenues (interest earnings)
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3
Q

What is the purpose of the enterprise fund

A

Account for the acquisiton and operation of governmental facilities and services that are intended to be primarily (>50%) self supported by user charges and fees

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4
Q

What are some of the typical revenue sources for enterprise funds (Operating and non-operating)

A

Operating Revenues: Charges for services (utility fees, patient fees, tuition, etc..)

Non Operating Revenues: Shared/Grant Revenues, and investment income

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5
Q

What are the required fund financial statements for the individual proprietary (SE) Fund types

A 
SE Funds Require:
Balance Sheet-Statement of net position
Income Statement-statement of revenues, expenses, and changes in fund position
Statement of cash flows
Footnotes
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6
Q

What is the basic structure of the statement of net position for the proprietary fund (SE)

A

(Assets + Deferred Outflows of Resources) - (Liabilities + Deferred Inflows of Resources) = Net Position

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7
Q

What is the basic structure of the statement of revenues, expenses, and changes in net position for the proprietary funds (SE)

A 
Operating Revenues (revenues by major sources)
(Operating Expenses)
=Operating Income (loss)
Non-Operating Revenues (expenses) 
=Income or loss before contributions and transfers
\+Capital Contributions 
Transfers
=Change in Net Position
Total NEt Position (beginning)
=Total Net Position (Ending)
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8
Q

What is the basic structure of the statement of cash flows for the proprietary fund (SE) note the order is reversed of something within here

A 
Cash flows from
Operating Activities 
NonCapital Financing Activities
Capital and related financing activities
Investing activities
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9
Q

What is the purpose of the pension trust fund

A

it accounts for government sponsored defined benefit and defined benefit contribution plans

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10
Q

What is the purpose of the custodial fund

A

collects cash to be temporarily held for someone whom it will later be disbursed to.

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11
Q

What is the purpose of the private purpose trust fund

A

it’s the designated fund for reporting all other trust arrangements under which the principal and income are for the benefit of specific individuals, private orgs, and/or other govts

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12
Q

What is the purpose of the investment trust fund

A

account for external investment pools sponsored by governmental entities…like the state govt acting as an investment agent for counties and cities

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13
Q

What are the required fund financial statements for the individual fiduciary fund types (CIppoe)

A

Balance Sheet- Statement of fiduciary net position
Income Statement-Statement of changes in fiduciary net position
Footnotes

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14
Q

What is the basic structure of the statement of changes in fiduciary net position for the fiduciary funds

A 
Additions 
LESS: Deductions 
\+/- Changes in Net Position
Net position- Beginning of the year
=Net position end of the year
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15
Q

What are the two important types of governmental accountabiltiy

A

Operational accountability

Fiscal accountability

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16
Q

What is a CAFR? What 3 sections does it include

A

CAFR = Comprehensive Annual Financial Report

Includes an Introductory Section, Basic Financial Statements and required supplemental info per GASB 34, and a statistical section

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17
Q

What sections of the external financial reporting model represent the basic financial statements

A

Government-Wide Financial Statements
Fund Financial Statements
Notes to the financial statements

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18
Q

What types of external reports meet the accountabiltiy objectives of government (operational and functional accountablity)

A

Operational Accountability: Government wide financials

Fiscal Accountability: Fund Financial Statements

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19
Q

A primary government includes any govt. that meets SELF, what is self

A

state, city, county or juristriction that can stand by itSELF:

Separately
Elected boards
Legally separate entity
Financially self-sufficient

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20
Q

Define a component unit

A

organization which the elected officials of the primary govt. are financially accountable or has a relationship with the primary govt. which cannot be left out of the financial statements

21
Q

What are two methods which are available for reporting component units of a primary govt. in the primary govts. financial statements

A

Blended: Consolidated with the primary govt
Discrete: shown in seperate column as a component unit

22
Q

What is the criteria for discrete and blended presentations of the component units

A

Blended: When the board of the component unit is substantially the same as the primary govt, or the component serves the primary govt exclusively or almost exclusively, or the component is not a legal entity

Discrete: whenever the blended criteria is not met

23
Q

What are the minimum disclosures on the government-wide statement of net position

A

Government acitvities
business type activities
Total primary government activities

24
Q

Can you define infrastructure assets and describe where they are reported

A

an infrastructure asset is one that refers to streets, bridges, gutters, water systems, and other assets of govt.

They are reported in assets in the government wide statements at historical cost and depreciated

25
Q

Do you cpaitalize donated works of art and historical treasures if they are not displayed, or proceeds go towards reinvesting in other works?

A

YES

26
Q

List the components of program revenues in the statement of activities (SOC)

A

Service charges
Operating grants and contributions
Capital grants and contributions

27
Q

The billings associated with internal service funds to other governmental unit is recorded as an exchange, or an operating revenue?

A

Operating Revenue

28
Q

What future costs of a dump are expensed partially in the current period

A

Cost of final cover for the landfill to cap it

Cost of equipment used to cap or close it, such as gas monitoring or collection system

29
Q

Depreciation is recorded for one fund type but not another, what are they

A

Depreciation is not recorded for governmental funds (GRaSPP) but IS recorded for proprietary funds (SE)

30
Q

What characteristics are present for something to qualify as a fiduciary fund?

A

Government has control of the assets
The revenues are not ‘own source’ revenues
Assets are not subject to administrative involvement by the government

31
Q

What is the equation to find the Net Pension Liability

A

Total Pension Liability (TPL)
LESS: Fiduciary Net Position (FNP)
=Net Pension Liability (NPL)

32
Q

does the propitiatary funds require statement of cash flows? what about the fiduciary fund?

A

The proprietary fund requires a statement of cash flows

The fiduciary fund does not require a statement of cash flows

33
Q

What is included in the intro section of a local governments comprehensive annual financial report

A

Letter of transmittal

34
Q

What area of activities are not reported in the government wide statement of net position

A

Fiduciary Activities

35
Q

What is the threshold (two part test) for identification of a fund as a major fund

A
  1. line item must be at least 10% of that line item for the total fund category to which the fund belongs (I.E GRaSPP or E which are governmental funds, or all enterprise funds)
    AND
  2. line item must be at least 5% of that line item for all governmental (GRaSPP+S) AND enterprise (E) fund.
36
Q

Name some of the potential reconciling items between fund balance accounts on the BS of the governmental fund financial statements and net position displayed on the government wide FS

CANS

A

+Capital Assets
-Accumulated depreciation
-Non-current liabilities
+Service (internal) fund net position

37
Q

Name some of the potential reconciling items between fund balance accounts on the statement of revenues, expenditures, and changes in fund balance of the fund financial statements and net position displayed on the government wide FS

CPAS RIDES

A 
\+Capital Outlay
\+Principal Payments on noncurrent debt
-Assets Disposals (NBV)
-Sources (other financing, debt proceeds)
\+Revenue accrual
-Interest accrual 
-Depreciation expense
\+Service (internal) fund net revenue
38
Q

What are the major points made in the mangement discussion section

A

description of the basic FS
identifying the primary govt. and discrete component units
economic conditions and outlook
major initiatives

39
Q

What are the Primary Government governmental activities and what are the Primary Government Business Type Activities as reported on the government wide financials

A

Governmental: GRaSPP +S

Business Type: E

40
Q

What are the categories of Program Revenues shown on the Statement of Activities (Income Statement)

SOC

A

Services (charged for)
Operating grants and contributions
Capital grants and contributions

41
Q

What fund is always considered a major fund regardless of the 10% or 5% test

A

General Fund is always a major fund

42
Q

How is donated property valued? what about property acquired through other ways like forefeiture?

A

Donated = FMV

Other kinds = LCM

43
Q

You own a waste management place, if you buy equipment to help in the closure and post closure care of the place, how would it impact assets and liabilites

A

it has no effect on assets, but decreases liabilities

44
Q

How are net assets classified on the government wide financials (RUN)

A

Restricted
Unrestricted
Net investment in capital assets

45
Q

The government wide financials use what kind of measurement focus and basis of accounting

A

Measurement focus: Economic resources

Basis of accrual: Full Accrual

46
Q

What governmental funds DONT require a statement of cash flows

A

GRaSPP and CIPPOE

47
Q

What would be classified as a noncapital financing activity

A

borrowing for non capital purposes as well as cash from grants or subsidies, property taxes etc..

48
Q

Where Management Discussion and Analysis presented in terms of the financial statements? What do they even include in it

A

It’s before the FS and gives a brief overview of the FS and economic outlook/major initiatives

FAR (15 decks)

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