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Becker - FAR > F8 > Flashcards

F8 Flashcards

1
Q

Required financial statements for not for profit

A

Statement if Financial Position
Statement of Activities
Statement of Cash Flows

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2
Q

Program services vs support

A

Program relates to the mission of the organization while support relates to activities everything else

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3
Q

Statement of Financial position for not for profit

A
  • assets, liabilities, and net assets

- assets & liabilities classified as current or noncurrent

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4
Q

Statement of Activities for not for profit

A
  • changes in total net assets
  • changes in net assets without restriction
  • changes in net assets with restriction
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5
Q

Not for profit investing activities

A

Investments in PP&E

Proceeds from sale of art or disbursements to purchase art

Proceeds from sale of assets

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6
Q

Not for profit financing activities

A

Proceeds from issuing bonds and shit

Repayment on borrowed shit

Receipts for contribution restricted

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7
Q

How to account for revenues for not for profit

A

Full accrual and increase in revenues is an increase in net assets without donor restriction

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8
Q

Conditional pledge vs unconditional

A

Conditional is revenue when earned where unconditional is revenue when received

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9
Q

Good faith deposit

A

It is a liability

Dr. Cash
Cr. Refundable advance

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10
Q

Proceeds from issuing bonds and shit

Repayment on borrowed shit

Receipts for contribution restricted

A

S.O.M.E

Specialized skills from donor
Otherwise needed by organization
Measurable
Easily at FV

Dr. Expense or Asset
Cr. Contributions - without restriction

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11
Q

Contribution without restriction but there is time restriction

A

Dr. Pledge Receivable - restricted
Cr. Allowance
Cr. Contributions - restricted

When collected
Dr. Cash - restricted
Cr. Pledge receivable - restricted
Dr. Satisfaction of time restriction
Cr. Cash - without restriction
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12
Q

Contribution with restriction

A

Dr. Pledge receivable - restricted
Cr. Allowance
Cr. Donor restricted support

When receivable is collected and money is spent on purpose
Dr. Reclassification
Cr. Cash - restricted

Net assets without restriction increase at the same time
Dr. Cash - unrestricted
Cr. Reclassification 
Dr. Operating expense
Cr. Cash - unrestricted
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13
Q

Not for profit healthcare - patient revenue

A 
Gross patient revenue
(Charity care)
(contractual adjustments)
(policy discounts)
(admin adjustments)
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14
Q

Not for profit healthcare - other operating revenue

A
  • tuition from schools
  • revenue from educational programs
  • donated supplies and equipment
  • specific purpose grants
  • revenue from auxiliary activities
  • cafeteria revenue
  • parking fees
  • gift shop revenue
  • medical transcription fees
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15
Q

Not for profit healthcare - nonoperating revenue and support gains and losses

A
  • interest and dividend income from investments
  • gifts and bequests
  • grants
  • income from endowment funds
  • income from board designated funds
  • donates services
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16
Q

Not for profit contribution to give to others when there is no benefit or power

A

Dr. Asset

Cr. Liability

17
Q

Not for profit contribution to give to others when there is no benefit but has power

A

Dr. Asset

Cr. Contribution

18
Q

Not for profit contribution to give to others when there is benefit but no power

A

Dr. Asset

Cr. Contribution

19
Q

Objectives of Government reporting

A

Timeliness
Consistency
Comparability

20
Q

Government fund accounting

A

Modified accrual accounting

Current financial resources measurement

21
Q

Proprietary fund accounting

A

Full accrual

Economic resources measurement focus

22
Q

BAE BAE accounting

A

Book: budget, activity, encumbrances

Close: budget, activity, encumbrances

Whatever it was booked for, close the same about out

23
Q

Sources of Government resources

A

Revenue: taxes from income and sales, taxes from property and real estate, and fines & penalties

Other financing sources: debt proceeds like bonds and notes and interfund transfers

24
Q

Booking budget journal entries: (B)ae (B)ae accounting

A 
Beginning of year
Dr. Estimated revenue control
Dr. Budgetary control deficit
Cr. Appropriations control(approved spending)
Cr. Budgetary control surplus 
End of year
Dr. Appropriations control
Dr. Budgetary control surplus
Cr. Estimated revenue control
Cr. Budgetary control deficit
25
Q

Non-exchange revenue for b(A)e b(A)e

A
  • Nonexhange means the government just takes it
  • 2011: collections (Jan - Dec) plus 2012 items outstanding (Jan - Feb) First 60 days
  • derived revenues: tax like sales and income
  • imposed: fines or property taxes
26
Q

Property tax journal entries

A

Property taxes levied(issued(
Dr. Real estate taxes receivable - current
Cr. Revenues - property taxes
Cr. Allowance

Collection of property taxes
Dr. Cash
Cr. Real property taxes receivable - current

To reclass receivables to delinquent
Dr. Property axes receivable-delinquent
Cr. Property taxes receivable-current

To Add to allowance
Dr. Revenues-property taxes
Dr. Allowance-current
Cr. Allowance-delinquent

27
Q

Expenditure J/E

A

Dr. Expenditure

Cr. Voucher payable

28
Q

Transfers between funds

A
  • not spending dollars
  • not expenditure
  • you debit other financing uses
29
Q

Purchase method for expenditures

A

You record expenditure when purchased and record a current asset and nonspendable fund balance at year end for items not used(still on hand

Buying
Dr. expenditure
Cr. voucher payable

On hand year end
Dr. Supplies inventory
Cr. Nonspendable fund balance

30
Q

Consumption method for expenditures

A

Record current asset when purchased and record expenditure as consumed during the period

Buying
Dr. Supplies inventory
Cr. vouchers payable

Use of item
Dr. Expenditure
Cr. Supplies inventory

31
Q

Fixed asset(capital outlay) expenditure

A

Dr. Expenditure - capital outlay
Cr. Voucher payable/cash

Fixed assets are not depreciated

32
Q

Long term debt expenditures

A

Are recorded in government funds as other financing sources and repayment of long term debt is expenditure

Proceeds from bond issuance
Dr. Cash
Cr. Other financing sources - bonds issued

Debt service payments
Dr. Expenditure-principle
Dr. Expenditure-interest
Cr. Cash

33
Q

Other Financing: leases expenditures - lessee

A

J/E to record lease at beginning of year
Dr. Expenditure - capital outlay
Cr. Other financing sources

Lease payments
Dr. Expenditure-principle
Dr. Expenditure-interest
Cr. Cash

34
Q

Other Financing: leases expenditures - lessor

A

Beginning of year
Dr. Lease receivable
Cr. Revenue
Cr. Deferred inflow of resources

Dr. interest receivable
Cr. interest revenue

Receipt at end of year
Dr. Cash
Cr. Lease receivable
Cr. Interest receivable

35
Q

Lessee accounting for prop, feduc, and government wide statements

A

Beginning of the year
Dr. Right of use asset
Cr. Lease liability

Lease payments
Dr. Lease liability
Dr. Interest expense
Cr. Cash

Dr. Amortization
Cr. Accumulated amortization

36
Q

Lessor accounting for prop, feduc, and government wide statements

A

Beginning of the year
Dr. Lease receivable
Cr. Deferred inflow or resources

Receipts
Dr. Cash
Cr. Interest income
Cr. lease receivable

Dr. Deferred inflows or resources
Cr. Revenue

37
Q

Good faith deposits

A

When someone contributes on the condition that you need to match is a liability (refundable advance)

Becker - FAR (10 decks)

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