F8 - Gov acctg Flashcards
for governmental entities, what are the 3 classifications of fund categories?
Governmental funds (current only [no FA or LTD]- Current financial resources meas. focus), Proprietary and Fiduciary funds (everything [curr and noncurr]- Economic resources meas focus)
In complying w GASB #34, a government will present separate FS for its 3 types of funds in order to:
report additional and detailed info about the primary government
Governmental fund types include what?
what basis of acctg?
GRaSPP (no profit motive): -general fund -special Rev funds and -debt Service funds -capital Projects funds -Perm fund
modified accrual acctg - rev recognized when measurable and available
Proprietary funds include what?
what basis of acctg?
SE (treat like customer):
- internal Service funds
- Enterprise funds
accrual basis - rev recognized when earned, exp when incurred.
Fiduciary funds include what?
what basis of acctg?
PAPI (trust accounts):
- Pension trust funds
- Agency trust funds
- Private purpose trust funds
- Investment trust funds
accrual basis - rev recognized when earned, exp when incurred.
What is the the focus/primary emphasis for governmental funds?
flow of funds. flow of current financial resources - sources, uses, and balances of current financial resources.
what is the focus of proprietary and fiduciary funds?
income determination - NI and capital maintenance.
what are restricted fund balances?
they represent resources whose use has been limited by external sources (creditors, contributors, other gov.s, laws, legislation, etc).
how do you depr/amortize fixed assets for governmental funds?
you don’t! all assets are expensed. no capitalizations in gov acctg.
what are derived tax revenues?
(non-exchange)- represent taxes imposed on from exchange transactions (commercial sales/sales taxes, taxpayer income, etc) pg19
