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FAR > F8 > Flashcards

F8 Flashcards

1
Q

Accrual basis of accounting -Earned revenue

A

Measurable and available

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2
Q

Purchase of equipment under general fund

A

The general fund is a governmental fund that uses the current financial resources measurement focus and the modified accrual basis of accounting. Fixed asset acquisition recorded as expenditure

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3
Q

Closing budget

A

Dr Appropriation
Cr Revenue

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4
Q

Required Financial statements for non profit organisations

A

1.Balance Sheet
2.Statement of Activities
3.Statement of Cash flow

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5
Q

property tax levied

A

Dr Property taxes receivable
Cr allowance for uncollectible property taxes
Cr Revenue

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6
Q

Revenue Includes

A

1.Property tax
2.Licence and Permit
3.Intergovermental revenue

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7
Q

Suport (contribution revenue) without donor restrictions

A

Donor-imposed restrictions that are met in the same period they are received may be recorded as support (contribution revenue) without donor restrictions, provided that the organization discloses and consistently applies this accounting policy.

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8
Q

contribution

A

difference between the fair value of purchases and the amount transferred is classified as a contribution.

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9
Q

Unaffiliated

A

VARIANCE POWER
Receipient recognises-Contribution
Beneficiary recognises-nothing

NO VARIANCE POWER (specific beneficiary)
Receipient recognises-Refundable advance liability
Beneficiary recognises-Contribution

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10
Q

Financially Interrelated

A

VARIANCE POWER
Receipient recognises-Contribution
Beneficiary recognises-Nothing

NO VARIANCE POWER
Receipient recognises-Contribution
Beneficiary recognises-Change in net assets

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11
Q

Program services

A

Program services relate to functional expenses directly related to the mission of the organization

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12
Q

Support services

A

1.General and Administrative costs
2.Membership development
3.Fundraising

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13
Q

GASB 34 Goverment will present seperate fund financial statements

A

Separate fund financial statements should be presented for governmental and proprietary funds to report additional and detailed information about the primary government.

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14
Q

Increase unassigned fund balance

A

Appropriations (estimated expenditures) in excess of actual expenditures

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15
Q

Municipality would record lease as right of use asset

A

Propriety fund entering into lease other than short term lease and contract that transfers ownership

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16
Q

Derived tax revenue

A

tax imposed or derived from exchange transactions such as sale,taxpayer income
eg sales tax ,income tax

17
Q

Imposed tax revenue

A

Property tax

FAR (10 decks)

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