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F8 Flashcards

1
Q

What is the purpose for separate fund FS?

A

Should be presented for govt’l and proprietary funds to report additional & detailed info about the primary govt

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2
Q

What is the characteristic of service efforts and accomplishments is the most difficult to report for a govt entity?

A

Relevance

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3
Q

The measurement focus of governmental type funds is on the determination of

A

Current Financial Resources

Financial Position

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4
Q

Is income a determination for governmental fund measurement focus?

A

No.

Current Financial Resources
Financial Position

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5
Q

What is the orientation of accounting and reporting for all proprietary funds?

A

Income determination

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6
Q

The primary emphasis in accounting and reporting for governmental funds is on:

A

“flow of current financial resources” focus which measure sources, uses, and balances of current financial resources

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7
Q

When does modified accrual basis of accounting recognize revenue?

A

Available and measureable

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8
Q

When does full accrual basis of accounting recognize revenue?

A

In the accounting period in which they are earned

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9
Q

Compensated absence liability should be calculated based upon the pay and salary in effect at…

A

BS date

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10
Q

What are the governmental funds?

A 
GRaSPP
G: General
R: Special Revenue
S: Debt Service
P: Capital Projects
P: Permanent
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11
Q

What are the proprietary Funds?

A

SE
S: Internal Service
E: Enterprise

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12
Q

What are the Fiduciary Funds?

A 
PAPI
P: Pension Trust
A: Agency
P: Private Purpose
I: Investment Trust
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13
Q

What are restricted fund balances?

A

Represent resources whose use has been limited by external sources such as creditors, contributors, other govts, laws, constitutional provisions or enabling legistration

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14
Q

What are non-spendable funds?

A

Represent resources in a form that cannot be spent (e.g. inventories and prepaid expenditures) or are legally or contractually required to remain whole (e.g permanent fund principle)

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15
Q

What are committed fund balances?

A

Represent resources that can only be used for specific purposes pursuant to constraints imposed by formal action of the govt’s highest level of decision making authority

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16
Q

What are assigned fund balances?

A

Are constrained by the govt’s intent to be used for a specific purpose, but are neither restricted or committed.

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17
Q

Unassigned Fund balance is the residual classification for what fund

A

General fund

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18
Q

If expenditures incurred for a specific purpose exceed the amount restricted, committed or assigned for those purpose, what may be necessary?

A

Report a negative unassigned fund balance

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19
Q

Debt Service Fund resources that are subject to the terms and conditions of a bond indenture would be classified w/n fund balance as:

A

Restricted

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20
Q

What are permanent funds used for?

A

To report resources that are legally restricted to the extent income, and not principal, may be used for purpose supporting the reporting govt’s programs for the benefit of the public

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21
Q

What is the paramount objective of financial reporting by state and local govt

A

Accountability

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22
Q

J/E for purchase order under modified accrual accounting?

A

DR: Encumbrance
CR: Budgetary Control

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23
Q

J/E for general fund salaries to the fire department

A

DR: Expenditures- Sal & Wages
CR: Sal Payable

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24
Q

How should budgetary comparisons be presented-basis of accounting?

A

In the same basis of accounting as the adopted budget

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25
J/E for property tax being levied
DR: Prop Tax Receiv CR: Allowance for uncollectible prop tax CR: Revenue
26
J/E for when the encumbrance account is decreased
DR: Budgetary Control CR: Encumbrance
27
J/E for when appropriations are recorded
DR: Fund Balance CR: Appropriations
28
J/E when Budget is recorded
DR: Est Rev CR: Appropriations CR: Fund Balance
29
The expenditure element "sal and wages" is an example of which type of classification?
Object - Most specific classification = chart of accounts - Expenditures of govt'l resources should be classified by object classes, according to the type of items purchased or services rendered.
30
How should general fixed assets be accounted for in the general fund?
Expenditure J/E DR: Expenditure CR: Vouchers Payable
31
J/E To record budget
DR: Est Rev CR: Appropriations CR: Budgetary Control
32
How are interfund transfers and proceeds of debt issue classified?
Estimated Other financing sources
33
J/E when supplies and invoice are received for governmental funds
DR: Budgetary Control (org amt) CR: Encumbrances (org amt) DR: Expenditures (actual amt) CR: Vouchers Payable (actual amt)
34
How are encumbrances outstanding at year-end in a state's general fund reported as?
Fund Balance Commitment in the general fund
35
What types of accounts is it inappropriate to record depreciation expense?
governmental funds
36
What is an exchange transaction for govt'l units?
Is a reciprocal transfer in which each party receives and sacrifices something of approx. equal value
37
What is a non-exchange transaction for govt'l units?
Involves giving/receiving value without receiving/giving equal value in return
38
J/E to record prop tax levy with uncollectibles
DR: Prop Tax Receive CR: Est Uncollect CR: Prop Tax Rev
39
What is the purchase method accounting for inventory under MAA?
Records additions to inventory as an expenditure and then establishes inventory bal and related non-spendable fund balance amts based on physical counts and valuations at year end.
40
Govt-Wide Statement of Net Position Equals
Assets and deferred outflows of resources minus liabilities and deferred inflows of resources = net position
41
J/E for assets associated with unavailable revenues
DR: AR CR: Deferred inflow of resources
42
Govt'l funds presentation of financial position equation
Assets and deferred outflows of resources equals liabilities and deferred inflows of resources plus fund balance
43
How will a derivative qualify for a hedge accounting treatment?
If it is effective
44
How are changes in a government's pension liability that result from changes in actuarial assumptions are accounted for?
Deferred outflows and deferred inflows
45
How are property taxes collected in advance of the year in which they are levied accounted for (governmental funds)
Deferred inflows of resources
46
Which govt'l fund would a special tax levy to retire and pay interest on general obligation bonds
Debt Service
47
How should capital assets donated to a governmental unit be recorded at
Estimated FV when received
48
How would proceeds from general obligation bond issue be reported as?
Other Financing sources
49
What is special revenue funds?
Account for the proceeds of specific revenue sources (other than permanent funds or for major capital projects) that are legally restricted or committed to re expenditures for specific purposes
50
What is the debt service fund account for?
Accounts for the accumulation of resources for, and the payment of, general long-term liability principal and interest.
51
What are permanent fund?
Are used to account for principal that is restricted and may not be expended (earnings may be used for purposes that benefit the public
52
What is a major exception to the general rule of expenditure accrual for govt'l funds under MAA
Is the treatment of interest and principal payments for long-term debt.
53
What is the term used to identify the equity section in proprietary funds?
"Net Position"
54
J/E in internal service fund for the billings for transportation services provided to other govt;l units
DR: Due from other funds CR: Operating Revs
55
The estimated total current cost of Municipal Solid Waste Landfill Enterprise fund closure and post-closure care, should include
1. Cost of a final cover to be applied to the landfill | 2. cost of equipment to be installed to monitor methane gas buildup
56
Under PF, what is included in cash flows from capital and related financing activities
Proceeds from capital debt, capital contributions, purchases of capital assets, principal paid on capital debt, interest paid on capital debt
57
What is an enterprise fund used for?
To account for the provision of goods and services that are financed mainly by user charges.
58
What PF are required to present a statement of CF
ALL of them
59
How should shared revenues received by a PF be recorded?
Non-operating
60
J/E for PF Internal Service Fund billing for services to other funds
DR: Due from other Funds CR: Operating Revenues Control
61
Does due from other funds affect an internal service fund's change in net position?
No - Due from other funds appears on the BS. They are not a component of changes in net position
62
What is an enterprise fund?
It accounts for a government's for-profit type operations, which provide goods or services to the general public.
63
What is an internal service fund?
Accounts for the providing of goods or services by one department to other departments on a cost-reimbursement basis. Municipal motor pools are a good example of internal service funds.
64
Are both Govt'l Funds and PF affected by interfund transfers
Yes. Govt'l Funds -these are recorded as other financing sources rather than revs(exp).
65
J/E for Taxes and fees collected by the agency fund
DR: Cash CR: Due to other govt (taxes) CR: Due to other funds (fees)
66
Private Purpose Fund
is the designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the following
67
How are employer contribution additions to a governmental pension fund recorded?
As expenditures and expenses in the appropriate fund FS. The annual required contribution, not the benefits paid or the unfunded actuarial liability, is the amount of the expense.
68
Dual objectives of govt'l accounting ?
Objectivity and Accountability
69
Fund Structure
GF, PF, FF
70
What are sources of Governmental Resources? Revenue Other Financing Sources
Revenue: Taxes - Income & Sales Taxes - Property & Real estate Fines & Penalties Other Financing Sources: Debt Proceeds (bonds & notes) Interfund Transfers
71
Property Tax J/Es ~Property Tax levied ~Collection of Property Taxes ~Reclassify receiv to deliquent ~Reclassify current allowance for uncollectible
Property Taxes Levied: DR: Real property taxs receivable (current) CR: Revenues (property taxes) CR: Allowance for uncollectible taxes receivable (current) Collection of Property taxes: DR: Cash CR: Real property taxes receivable - current J/E to reclassify receivables to delinquent: DR: Property taxes receivable - deliquent CR: Property Taxes Receivable - current J/E to reclassify curr allowance for uncollectible DR: Revenues -- prop taxes DR: Allowance for uncollect -current CR: Allow for uncoll taxes - deliquient
72
J/E to book an encumbrance J/E to reverse estimated encumbrance J/E to record actual expenditure J/E for outstanding POs
DR: Encumbrance CR: Budgetary Control DR: Budgetary Control CR: Encumbrance DR: Expenditures CR: Vouchers Payable (or cash) DR: Unassigned fund bal CR: Fund fal commities

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