F9 Flashcards
What are the 3 required parts of the Government F/S?
MD&A, Basic F/S, RSI
What is included in the MD&A?
description of F/S, identity of primary govt & comp units, economic conditions & outlook, major initiatives
What is included in the Basic F/S?
Govt wide F/S, Fund F/S, Notes
What is included in the RSI?
Pension, Budget, Infrastructure
What is included in option reporting? CAFR
intro (unaudited), required, statistical section
What are the primary government entities?
state, gen purpose local, special purpose local
How does an entity qualify as special purpose local government?
SELF. Separate Elected governing body, Legally separate, Fiscally independent
When do you use blended presentation for component unit?
board is same as primary board, comp unit serves primary govt exclusively, or comp unit is not separate legal entity
When do you use discrete presentation for NFP as component unit?
exclusive benefit, access, significant
What is included in the govt-wide F/S?
Statement of Net Position & Statement of Activities for (GRaSPP + S, E)
What is the govt-wide statement of net position?
Assets – Liabilities = Net Position (RUN)
In the govt-wide statement of activities, what are the program rev types?
SOC = charges for Services, Operating grants & contributions, Capital grants & contributions
What is included in the fund F/S?
Major governmental, proprietary, and fiduciary funds
What are the major fund rules?
must meet 10% of total govt/ent funds…. & 5% of total govt + ent
How do you reconcile governmental fund F/s to govt-wide?
GALS BARE GOES BARE. GALS = GraSPP Fund Balance + A – L + ISF… GOES = GRaSPP change fund balance – Other fin source + Expenditure + ISF… BARE = BA: Accrued Rev & Exp
