F9

Question 1

what do you report as the change in net position for governmental activities? if given IS accts and/or changes in fund balance?

Answer 1

G-change in Governmental fund balance
O-Other financing sources (borrowings)
E-Expenditure-capital outlay (net of depr exp)
S-service (internal) fund net income

Question 2

government-wide financial statements focus the reader on accountability in which way(s)?

Answer 2

Operational accountability

Takes economic view that reports on the long-term efficient & effective use of resources. Are we financially sound(BS)? operating effectively (IS)? pg3

Question 3

what are the 3 parts reporting requirements of GASB 34 for governmental financial reporting?

Answer 3

1- MDandA - mgmt discussion and analysis
2- Basic Financial stmts (gov-wide FS, Fund FS, and notes to FS)
3- required supplementary info

Question 4

Certain budgetary schedules are required supplementary info. what is the minimum bedgetary info required to be reported?

Answer 4

The original budget, the final appropriations budget, actual inflows and outflows, and balances on a budgetary basis. (note- presentations of variances are OPTIONAL).

Question 5

fund financial statements focus the reader on accountability in which way(s)?

Answer 5

Fiscal accountability

Are we using the money for specifically what we said it should be used for?
Takes short-term view that focuses the reader on compliance & current year performance.

Question 6

For NFP’s, how is the contribution revenue determined?

Answer 6

amount transferred/contributed - FV of purchases =contrib rev

NFP received $50,000. In return gave donor 25 tickets @100 (2,500). so contribution rev= 50,000-2,500 = 47,500 contrib rev pg.59

Question 7

when are the following contributions to NFP’s recognized?

• cash
• unconditional promises
• conditional promises

Answer 7

• cash - recognized when received
• unconditional promises - recognized when promis is made.
• conditional promises - when earned; the conditions are substantially met

Question 8

NFP orgs are considered financially interrelated orgs if one of the orgs:

Answer 8

is able to influence the operating & financial decisions of the other
AND (both)
has an ongoing economic interes in the net assets of the other