F10 - State and Local Government: Part 2 Flashcards
Proprietary Funds: NOTE
Statement of Cash Flows are required for all proprietary funds (internal service, enterprise)
Proprietary Funds: NOTE
Depreciation expense is recorded in the fund F/S
Proprietary Funds: Shared Revenues
Levied by one government but shared on a predetermined basis with another government
Proprietary Funds: Due from other funds shows up where?
Balance sheet and doesn’t effect net position
Balance of a liability at YE:
B: Balance at BOY
A: Accrued expense (squeeze)
S: (Subtract payments)
E: Balance at EOY
Deferred Inflows/Outflows:
Typically:
Assets = Deferred Outflow
Liabilities = Deferred Inflow
Liability goes down = Deferred Inflow
Liability goes up = Deferred Outflow
Asset goes down = Deferred Outflow
Asset goes up = Deferred Inflow
Fiduciary Funds: Agency
When the gov’t acts in a custodian manner and has no obligation what so ever
Fiduciary Funds: What are the required F/S?
Statement of Fiduciary Net position and Statement of changes in fiduciary net position
Fiduciary Funds: EBP, what is required for these?
Disclosure in notes of FS of the types of employees covered by the plan and their obligations to contribute to the plan
Gov’t wide FS focus on what type of accountability?
Operational
Basic Financial Statements include?
Gov’t wide, Fund and Notes to the FS. Required Supplemental Information and Mgt MD&A
Joint presentation of Gov’t wide FS and Fund FS is called what?
Integrated Approach
What kind of activities should be excluded from gov’t wide measures of operational accountability?
Fiduciary
Blended Components are what?
Components of the gov’t that are so similar to the gov’t that their financial information should be shown within the total gov’t financial numbers.
Discrete presentation components are what?
Components that are not that similar to the gov’t and that don’t exclusively service or benefit the city gov’t itself
Reporting status of a gov’t is determined by:
S: separately reported
E: elected governing body
L: legally separate entity
F: financially independent status
Ones that meet all criteria: Primary Gov’t
Ones that fail any: Component Units
Ones whose governing body is substantially the same and exclusively serve the gov’t: Blended
Ones that don’t meet blended: Discrete presentation
What is included in the introductory paragraph of a CAFR?
- Letter of transmittal
- List of principal officers
- Org chart
MD&A and Supplemental Information is presented where?
Before the basic financials statements and provides an analytical overview
Property Attained by the gov’t is recorded at what?
Lower of cost or market
Asset purchased in relation to landfill closure/post-closure should be treated and reported how?
Not as capital assets and should decrease the liability account
Enterprise fund debt should be shown on the gov’t wide FS where?
They carry their own debt and it should be shown on the statement of net assets (not as a liability resulting from government activities)
Net assets are classified how on the gov’t wide FS?
- Net invest in capital assets
- Unrestricted
- Restricted
GASB requires companies to do what in regards in infrastructure to comply with the modified approach?
Assess the infrastructure every 3 years and determine what is takes to keep the infrastructure in the condition it is now
Gov’t wide FS: Inter-fund receivables/payables between gov’t fund and enterprise funds turn into what?`
Internal balances (that sum to zero)
