F10- M4 - Government-wide Financial Statements Flashcards
Government-wide financial statements are prepared on the accrual basis reflecting the ____________ measurement focus.
economic resources
Government-wide financial statements (GWFS) are presented in net position format
A - L = NP
GWFS’s Net position consists of three components:
RUN - Restricted NP, Unrestricted NP, and Net investment in capital assets net of accum Dep and Related debt
Capitalized assets in the GWFS will include infrastructure-type assets unless the government elects to use the _______ approach.
modified
The modified approach includes infrastructure data in RSI: (2)
1) a condition assessment of assets; and 2) an annual estimate of the amounts required to maintain the assets.
________ is required; however, if the modified approach is used for infrastructure assets, ordinary maintenance is expensed, and additions or improvements are capitalized.
Depreciation
Donated artwork and historical treasures should be capitalized at their _______ but capitalization is optional if they will be exhibited, preserved, and the proceeds of any sale will be used to acquire other assets for the collection.
fair values
Donated artwork and historical treasures should be capitalized at their fair values but capitalization is optional if they will (3)
1) be exhibited, 2) preserved, and the 3) proceeds of any sale will be used to acquire other assets for the collection.
The government-wide statement of activities will include
1) program revenues (SOC) resulting from exchange-type 2) (charges for services) or 3) non-exchange-type transactions, such as operating or capital grants.
Within the governmental activities and business-type activities columns, ________ will be eliminated; between columns, interfund activity will not be eliminated.
interfund activity
