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Becker - FAR > F9 > Flashcards

F9 Flashcards

1
Q

Encumbrancces

A

To set up
Dr. Encumbrances
Cr. Budgetary control

To reverse to adjust price
Dr. Budgetary control
Cr. Encumbrance - same amount

To record actual expenditure
Dr. Expenditure
Cr. Vouchers payable/cash

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2
Q

Closing encumbrances

A

To close outstanding
Dr. Budgetary control
Cr. Encumbrances

To close budgetary accounts related to outstanding purchase orders
Dr. Unassigned fund balance
Cr. Fund balance-committed

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3
Q

How to calculate available appropriations

A

Budgeted appropriations minus activity(expenditures minus encumbrances

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4
Q

Reciprocal interfund activity

A

Exchange type transactions like loans and services provided or used

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5
Q

Nonreciprocal underfund activity

A

Nonexchange transactions like interfund transfers and reimbursements

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6
Q

Categories of fund balance

A

Nonspendable: prepaid expenditures & inventories

Restricted: resources restricted by external authority like legislation, grantors or creditors - bond indenture

Committed: encumbered appropriations-most restrictive

Assigned: government intends to obligate

Unassigned: no constraint

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7
Q

Government wide net position categories

A

Net investment in capital assets

Restricted

Unrestrinced

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8
Q

Net investment in capital assets

A

Include tangible and intangible assets but exclude unspent resources accumulated for capital resources and equity interest in capital assets of joint ventures

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9
Q

Restricted

A

Externally imposed by creditors, grantors, and contributors

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10
Q

Unrestricted

A

Represent managements intentions

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11
Q

General Fund sources of revenue

A

Measurable and available

  • taxes
  • fees, fines, license, and permits
  • intergovernmental
  • charges for services
  • other revenues like investment earnings and miscellaneous earnings
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12
Q

General Fund expenditures

A
  • general government
  • public safety
  • culture and recreation
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13
Q

General Fund Balance sheet

A

Current assets and deferred outflows equals current liabilities and deferred inflows plus fund balance

Current items only

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14
Q

General Fund income statement

A

Statement of revenues, expenditures, and changes in fund balance

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15
Q

Special revenue fund

A

Revenues and expenditures legally restricted for committed for special purposes

Monitoring equals special revenue fund

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16
Q

Debt service fund

A

Does not use encumbrances

Accumulated resources of cash and investments and payment of currently due interest and principal on long term general obligation debt; pays off general funds like the ones that use accrual

17
Q

Other financing “use” vs “source”

A

Other financing use is giving and source is receiving

18
Q

Interest accumulation for modified accrual

A

Does not accrue instead you record it when it is time, not over a period of time

19
Q

Capital projects fund

A

Construction, purchase, or leasing of significant fixed assets

Proceeds from bonds are other financing sources

20
Q

Capital grants

A

Need to spend it to earn it, if restricted its revenue when earned but unrestricted its immediately

21
Q

Capital grant journal entries

A

Unrestricted
Dr. Cash
Cr. Revenue

Restricted
Dr. Cash
Cr. Revenue collected in advance

Recognize restricted revenue
Dr. Expenditure
Cr. Vouchers payable
Dr. Revenue collected in advance
Cr. Revenue
22
Q

Construction in progress

A

Reported in government-wide financial statements since capital projects fund in closed out at year end

23
Q

Internal service fund revenue J/E

A

Dr. Cash/due from other fund

Cr. Billings to other departments

24
Q

How do you establish internal service fund

A

With contributions nonreciprical
Dr. Cash
Cr. Interfund transfers

Asset contribution
Dr. Capital assets
Cr. Contribution

25
Q

Enterprise shared revenues

A

Literally when one fund collects something like sales tax and shares with another fund

26
Q

Enterprise revenue valuation

A

Can be reported either net or gross

27
Q

Enterprise contributed capital and special & extraordinary items

A

Displayed after nonoperating revenues and expense

28
Q

Order of items in statement of revenues, expenses, and changes in fund net position

A 
Income
Nonoperating income & expense
Capital
Additions to endowments
Special items
Extraordinary items
Transfers
29
Q

Enterprise and capital contributions

A

Not classified as transfer

30
Q

Cost components of landfill

A
  • cost of equipment
  • cost of gas monitoring
  • cost of final cover

Becker - FAR (10 decks)

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