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CPA - FAR > F8 - F10 > Flashcards

F8 - F10 Flashcards

1
Q

Gov’t Accounting Objectives

A

Operational = Fin. Stmt Fiscal =$ used for specific purpose

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2
Q

Governmental Funds (GRaSPP) Method/Focus

A

Modified Accrual, current financial resources focus; no FA or LTD

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3
Q

Proprietary Funds (SE) Method/Focus

A

Full Accrual, Economic resources focus; Book FA & LTD

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4
Q

Fiduciary Funds (PAPI)Method/Focus

A

Full Accrual, Economic resources focus; Book FA & LTD

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5
Q

Gov’t Revenue Recognition

A

Measurable/available collectible within 60 days

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6
Q

Fund Constraints

A

NUCAR - Nonspendable, Unassigned (general only), Committed, Assigned, Restricted

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7
Q

Modified Accrual Acct Rules

A

BAE - BAE: Budget, Activity, Encumbrances; Close @ same amount

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8
Q

Gov’t Transfers

A

Other Financial Resources

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9
Q

Encumbrances

A

DR: Encumbrances CR: Budgetary Control; If balance @ year end book to fund constraint

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10
Q

Deferred Outflow

A

Ex: Prepaid Asset

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11
Q

Deferred Inflow

A

Ex: Deferred Revenue

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12
Q

Special Revenue Fund

A

Legally restricted for specific purpose

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13
Q

Debt Service Fund

A

Pay off debt of GRaSPP funds

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14
Q

Capital Projects Fund

A

Construction for GRaSPP funds only

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15
Q

Permanent Fund

A

Legally restricted only earnings can be used

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16
Q

Internal (S)ervice Fund & (‘E)nterprise Funds

A

Equity = (‘R)estricted (U)nrestricted (N)et Position

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17
Q

Statement Cash Flows

A

Proprietary (Cap. & Noncap Finan) Fiduciary (Not Required)

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18
Q

GASB (34)

A

MD&A,Basic F/S (Gov’t Wide, Fund, Notes), Req’d Supplementary

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19
Q

Primary Gov’t

A

(S)eparately (‘E)lected body (L)egally separate (F)iscally indep.

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20
Q

Component Unit

A

Blended: not legally separate Discrete: legally separate

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21
Q

Infrastructure Requirements

A

No depreciation if condition maintained; assessment every (3) years

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22
Q

Gov’t Program Revenue

A

(S)ervices (O)perating grants/contri. (‘C)apital Grants/Contr.

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23
Q

Major Funds Requirement

A

> 10% individual GRSPP funds OR >5% total gov’t/enterprise funds

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24
Q

Reconciliation between Fund & Gov’t

A

BS - Fund Balance(+)Assets(-)Liabilities(+)internal Service funds balance

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25
Reconciliation between Fund & Gov't
IS - Net changes(-)Other financing sources (+)Expend cap. Outlay (+)internal Service funds net income
26
Reciprocal Interfund Activity
Exchange like, Book Revenue and Expense
27
Nonreciprocal Interfund Activity
Book Other financing sources & expenses
28
Not-for-Profit F/S Presentation info
BS: A = L + Net Assets (PUT) IS: Chg total assets + PUT
29
Not-For-Profit Revenue Recognition
Cash = NOW, Unconditional = NOW, Conditional =WHEN EARNED
30
Unrestricted Contribution
Unrestricted due to time constraint
31
Restricted Contribution
Spend it = Earn it
32
N-F-P Transfers (Recipient)
w/Variance Power= Asset & Revenue, w/out Variance Power= Asset & Liability
33
N-F-P Transfers (Beneficiary)
Fin. Interrelated = Asset & Equity, Rec/Asset = Rec/Int & Revenue
34
Endowment Fund
(Donated Assets) Permanent (principal restricted), Term (specified term), Quasi (spec. purpose)
35
Fair Value
(Exit Price) not forced, market based, received or paid
36
Most Advantageous Fair Value
Highest value minus transaction costs; equal FV
37
FV Level 1
Quoted prices in active market
38
FV Level 2
Similar, observable in active; identical in "inactive" market
39
FV Level 3
Unobservable, discounted cash flow
40
Partnership BS
Assets @ FV, Liabilities @ Present Value
41
Add New Partner (Exact method)
Determine $ to contribute based on % projected ownership; (Get 1/4(25%) = 4-1=X divided by 3)
42
Add New Partner (Bonus method)
Calculate what should have been invested per %, extra goes to old partners, less goes to new partner
43
Add New Partner (Goodwill method)
Total implied value = $ paid x portions
44
Withdrawal (Bonus method)
Revalue assets to FV, other partners make up deficit
45
Withdrawal (Goodwill method)
Debit goodwill to ge buyout exact
46
Partnership Liquidation
Convert noncash assets to Cash & recognize gain/loss, remaining partners must absorb partner deficit
47
Variable Interest Entity
Have a say but didn't put in enough equity
48
Asset Retirement Obligation
Book accretion over time to get liability to future value owed at retirement
49
Troubled Debt Restructuring (transfer asset)
(1) Adjust asset to FV; calculate gain (2) Calculated gain between FV asset & debt given up
50
Troubled Debt Restructuring (equity)
Recognize Gain; Debt discharge diff. Fair value equity
51
Loss Contingencies (Probable)
Probable/Reasonably estimated; Min in range accrued & disclose
52
Loss Contingencies (Possible)
Disclose Only
53
Loss Contingencies (Remote
Ignore
54
Disclosure Concentration Credit Risk
Required
55
Disclosure Market Risk
Encouraged but not required
56
Derivative Option Contract
Call Option: Right to buy Put Option: Right to sell
57
Derivative Futures Contract
(publicy traded) obligated to perform, book gain/loss
58
Derivative Forward Contract
(non-public) obligated to perform, book gain/loss
59
Recognition Fair Value Hedge
Gain/losses in current period I/S
60
Recognition Cash Flow Hedge
Ineffective: I/S now, Effective: OCI now, I/S later

CPA - FAR (4 decks)

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