F9 Flashcards
Interperiod equity
Gov accounting
Balancing the budget
Characteristics of financial reporting for gov
Understandability Reliability Relevant Timeliness Consistency Comparability
Fund categories for gov
Government
Proprietary
Fiduciary funds
Financial and legal control lead to what for gov accounting
Fund accounting
Gov Financial reporting objectives may not fully address…
Budgets and other special purpose reports
Gov financial reporting objectives pertain to
General purpose external financial reporting
Gov summary results of the city’s performance relative to budget for previous fiscal year can be found where?
Required supplementary information
Gov city’s compliance with laws, rules, and regulations can be found where in the financials?
Budgets and other special purpose reports
Fund financial statements are displayed why?
To report additional and detailed information about the primary gov in compliance with GASB #34
What is the paramount objective of gov accounting?
Accountability
What is the most difficult to report characteristic of information for a gov entity?
Relevance - just a lot of info and a wide variety of users
Fund balance on b/s for gov =
Current assets - current liabilities
What is the biggest difference between government fund accounting and fiduciary / proprietary fund accounting? (BS)
Government fund accounting has NO fixed assets and NO non-current liabilities
No non-current at all
Modified Accrual basis balance sheet difference
Current financial resources
No non-current (no fixed assets / no long term debt)
Government funds
GRaSPP
General Fund special Revenue funds debt Service funds capital Project funds Permanent funds
Proprietary funds
SE
Internal Service Funds Enterprise funds (external service)
Fiduciary funds
PAPI
Pension trust funds
Agency trust funds
Private purpose trust funds
Investment trust funds
Measurement focus of gov funds
Current financial resources (primary focus) and financial position
Primary emphasis in accounting and reporting for governmental funds is
Source, use, and balance of current financial resources
Gift of a library endowment fund (gov) would be what kind of fund?
Permanent fund
Modified accrual basis (gov) - revenues are recognized when?
They become available and measurable
Permanent Fund
Endowment where principle can’t be touched
General fund
Ordinary ops
Special revenue fund
Special tax project