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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
Q

Reconciliation between Fund & Gov’t

A

IS - Net changes(-)Other financing sources (+)Expend cap. Outlay (+)internal Service funds net income

26
Q

Reciprocal Interfund Activity

A

Exchange like, Book Revenue and Expense

27
Q

Nonreciprocal Interfund Activity

A

Book Other financing sources & expenses

28
Q

Not-for-Profit F/S Presentation info

A

BS: A = L + Net Assets (PUT) IS: Chg total assets + PUT

29
Q

Not-For-Profit Revenue Recognition

A

Cash = NOW, Unconditional = NOW, Conditional =WHEN EARNED

30
Q

Unrestricted Contribution

A

Unrestricted due to time constraint

31
Q

Restricted Contribution

A

Spend it = Earn it

32
Q

N-F-P Transfers (Recipient)

A

w/Variance Power= Asset & Revenue, w/out Variance Power= Asset & Liability

33
Q

N-F-P Transfers (Beneficiary)

A

Fin. Interrelated = Asset & Equity, Rec/Asset = Rec/Int & Revenue

34
Q

Endowment Fund

A

(Donated Assets) Permanent (principal restricted), Term (specified term), Quasi (spec. purpose)

35
Q

Fair Value

A

(Exit Price) not forced, market based, received or paid

36
Q

Most Advantageous Fair Value

A

Highest value minus transaction costs; equal FV

37
Q

FV Level 1

A

Quoted prices in active market

38
Q

FV Level 2

A

Similar, observable in active; identical in “inactive” market

39
Q

FV Level 3

A

Unobservable, discounted cash flow

40
Q

Partnership BS

A

Assets @ FV, Liabilities @ Present Value

41
Q

Add New Partner (Exact method)

A

Determine $ to contribute based on % projected ownership; (Get 1/4(25%) = 4-1=X divided by 3)

42
Q

Add New Partner (Bonus method)

A

Calculate what should have been invested per %, extra goes to old partners, less goes to new partner

43
Q

Add New Partner (Goodwill method)

A

Total implied value = $ paid x portions

44
Q

Withdrawal (Bonus method)

A

Revalue assets to FV, other partners make up deficit

45
Q

Withdrawal (Goodwill method)

A

Debit goodwill to ge buyout exact

46
Q

Partnership Liquidation

A

Convert noncash assets to Cash & recognize gain/loss, remaining partners must absorb partner deficit

47
Q

Variable Interest Entity

A

Have a say but didn’t put in enough equity

48
Q

Asset Retirement Obligation

A

Book accretion over time to get liability to future value owed at retirement

49
Q

Troubled Debt Restructuring (transfer asset)

A

(1) Adjust asset to FV; calculate gain (2) Calculated gain between FV asset & debt given up

50
Q

Troubled Debt Restructuring (equity)

A

Recognize Gain; Debt discharge diff. Fair value equity

51
Q

Loss Contingencies (Probable)

A

Probable/Reasonably estimated; Min in range accrued & disclose

52
Q

Loss Contingencies (Possible)

A

Disclose Only

53
Q

Loss Contingencies (Remote

A

Ignore

54
Q

Disclosure Concentration Credit Risk

A

Required

55
Q

Disclosure Market Risk

A

Encouraged but not required

56
Q

Derivative Option Contract

A

Call Option: Right to buy Put Option: Right to sell

57
Q

Derivative Futures Contract

A

(publicy traded) obligated to perform, book gain/loss

58
Q

Derivative Forward Contract

A

(non-public) obligated to perform, book gain/loss

59
Q

Recognition Fair Value Hedge

A

Gain/losses in current period I/S

60
Q

Recognition Cash Flow Hedge

A

Ineffective: I/S now, Effective: OCI now, I/S later

CPA - FAR (4 decks)

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