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FAR MC > F9 > Flashcards

F9 Flashcards

1
Q

Interperiod equity

Gov accounting

A

Balancing the budget

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2
Q

Characteristics of financial reporting for gov

A 
Understandability
Reliability
Relevant
Timeliness
Consistency
Comparability
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3
Q

Fund categories for gov

A

Government
Proprietary
Fiduciary funds

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4
Q

Financial and legal control lead to what for gov accounting

A

Fund accounting

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5
Q

Gov Financial reporting objectives may not fully address…

A

Budgets and other special purpose reports

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6
Q

Gov financial reporting objectives pertain to

A

General purpose external financial reporting

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7
Q

Gov summary results of the city’s performance relative to budget for previous fiscal year can be found where?

A

Required supplementary information

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8
Q

Gov city’s compliance with laws, rules, and regulations can be found where in the financials?

A

Budgets and other special purpose reports

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9
Q

Fund financial statements are displayed why?

A

To report additional and detailed information about the primary gov in compliance with GASB #34

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10
Q

What is the paramount objective of gov accounting?

A

Accountability

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11
Q

What is the most difficult to report characteristic of information for a gov entity?

A

Relevance - just a lot of info and a wide variety of users

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12
Q

Fund balance on b/s for gov =

A

Current assets - current liabilities

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13
Q

What is the biggest difference between government fund accounting and fiduciary / proprietary fund accounting? (BS)

A

Government fund accounting has NO fixed assets and NO non-current liabilities

No non-current at all

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14
Q

Modified Accrual basis balance sheet difference

A

Current financial resources

No non-current (no fixed assets / no long term debt)

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15
Q

Government funds

A

GRaSPP

General Fund
special Revenue funds
debt Service funds
capital Project funds
Permanent funds
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16
Q

Proprietary funds

A

SE

Internal Service Funds
Enterprise funds (external service)
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17
Q

Fiduciary funds

A

PAPI

Pension trust funds
Agency trust funds
Private purpose trust funds
Investment trust funds

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18
Q

Measurement focus of gov funds

A

Current financial resources (primary focus) and financial position

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19
Q

Primary emphasis in accounting and reporting for governmental funds is

A

Source, use, and balance of current financial resources

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20
Q

Gift of a library endowment fund (gov) would be what kind of fund?

A

Permanent fund

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21
Q

Modified accrual basis (gov) - revenues are recognized when?

A

They become available and measurable

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22
Q

Permanent Fund

A

Endowment where principle can’t be touched

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23
Q

General fund

A

Ordinary ops

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24
Q

Special revenue fund

A

Special tax project

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25
Q

Debt service fund

A

Debt payments

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26
Q

Capital projects funds

A

Construction of major capital assets

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27
Q

Private purpose fund

A

Benefit of specific, private individuals vs the public at large, or other governments

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28
Q

BAE

A

Budget
Activity
Encumbrance

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29
Q

BAE - BAE accounting

A

BAE are temporary accounts (like IS accounts), closed at the end of the year to the BS

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30
Q

What is the measurement focus of modified Accrual method?

A

Current financial resources measurement focus

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31
Q

What is the measurement focus of full Accrual method?

A

Economic resources measurement focus

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32
Q

Is the matching principle used in modified accrual?

A

No, - because there is no profit motive, so there is no income statement to measure profit, and therefore no matching principle

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33
Q

Encumbrance

A

Record purchase orders (like AP outstanding except you also restrict cash to pay off the invoice)

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34
Q

Appropriations

A

Appropriate things to spend revenues on

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35
Q

Revenue sources of government resources

A 
Taxes - income and sales
Taxes - property and real estate
Fines and penalties
Licenses and permits
Intergovernmental revenue
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36
Q

Other financing sources of government resources

A

Debt proceeds

Interfund transfers

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37
Q

Gov budget entry @ year beg.

A

Estimated Revenue Control
Appropriations control

Plug:
Budgetary control (if deficit)
       Budgetary control (if surplus)
Deficit = don't forecast enough revenues to cover expenses
Surplus = forecast more revenues than needed to cover expenses
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38
Q

Appropriations control

What is it and what balance (DR / CR)?

A

Approved spending budget for the year

Credit balance

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39
Q

How are control (budget) account different from activity accounts?

A

Their natural balances are on the opposite side

Revenue control (budgeted revenue) has a debit balance and appropriations control (approved spending) has a credit balance

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40
Q

What does the account “budget control” measure in governmental accounting?

A

Whether the government has enough revenues to cover approved spending (surplus if more, deficit if not enough)

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41
Q

What is non-exchange revenue?

A

Entity receives the money without directly receiving / giving equal value in return (police / fire / etc. you pay for it but enjoy the benefits indirectly for the most part)

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42
Q

Types of non-exchange revenue

A

Derived tax revenues

Imposed non-exchange revenues

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43
Q

Derived tax revenues

A

Sales tax / income tax

Recognize revenue when received

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44
Q

Imposed non/exchange revenues

A

Real estate taxes
Fines and penalties

Recognize revenue when BILLED

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45
Q

Measurable and available criteria for recognizing revenue for gov accounting

A

Collection period won’t exceed 60 days after fiscal YE

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46
Q

Time requirement for gov accounting

A

Gov must spend the money in a reasonable time period

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47
Q

When to recognize expenditures for governmental funds

A

Same rules as accrual accounting

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48
Q

Expenses in gov accounting are called

A

Expenditures

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49
Q

Payables in gov accounting are called

A

Voucher payable

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50
Q

When are restricted grants earned revenue?

A

When spent

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51
Q

Supplies / inventory accounting for gov fund accounting

A

Purchase method and consumption method

For supplies / inventory

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52
Q

Purchase method (gov fund accounting)

A

Record all as expenditures and at YE reverse for amount left in inventory

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53
Q

Consumption method (gov fund accounting)

A

Like commercial inventory accounting, expenditure as used

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54
Q

Year end JE for purchase method inventory to record inventory left over (gov fund accounting)

A

Supplies inventory

Nonspendable fund balance (inventory)

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55
Q

Classification hierarchy of gov fund expenditures

A
  • Function or program (public safety)
  • Org unit (police / fire)
  • Activity (drug enforcement / highway patrol)
  • Character
  • Object
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56
Q

Character of expenditures (gov fund accounting)

A
  • Current expenditures (period expense)
  • Capital outlays (FA)
  • Debt transfers (pay off LTD debt)
  • Other transfers (intergovernmental / interfund transfers)
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57
Q

JE to record police car purchase for gov fund accounting

A

Expenditure - capital outlay

Vouchers payable

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58
Q

Object classes (gov fund accounting)

A

Chart of accounts for gov

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59
Q

JE for payment of principle and interest for gov fund accounting s

A

Expenditures - principle
Expenditures - interest
Cash

(Pretty much cash basis it seems?)

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60
Q

JE for recording encumbrance

A

DR: Encumbrance
CR: Budgetary Control*

  • same budgetary control as difference between forecasted revenues and budgeted appropriations?
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61
Q

JE to record unreceived POs @ YE (gov fund accounting)

A

Unused fund balance

Committed fund balance

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62
Q

What kind of revenue for the gov are taxes on hotel rooms?

A

Derived tax revenue

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63
Q

When would a city recognize taxes that have yet to be remitted from the merchants to the state?

A

If measurable and available? (Collectible within 60 days of year end), recognize similar to Accrual basis (taxes earned in that month even though they weren’t ‘collected’)

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64
Q

Revenues control account vs estimated revenues control

A

Be careful with this distinction. The estimated revenue control is a budget account. The revenue control is an activity account that increased when property taxes are levied or sales / income tax as are received

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65
Q

Expenditure - salaries and wages is an example of which classification?

A

Object

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66
Q

Are estimated other financing sources for gov funds revenue?

A

No

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67
Q

Expenditure extending over life of more than one period - how recorded? For example - prepaid insurance over 2 years

A

Purchased or consumption method

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68
Q

Expense vs expenditure gov

A 
Expenditure = gov fund
Expense = proprietary fund
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69
Q

Are sales of capital assets fall under revenues on the general fund statement of revenues, asset expenditures, and changes in fund balances?

A

No, they are considered other financing sources. Not revenues.

70
Q

Are special items reported as revenues or expenditures on the statement of revenues, expenditures, and changes in fund balances?

A

No - separate

71
Q

Are payments to a debt service fund expenditures for gov funds?

A

No - they are transfers out

72
Q

Are purchase of capital assets expenditures?

A

Yes - they are considered an expenditure of character “capital outlay”

73
Q

How is the receipt of state appropriations reported on a proprietary fund’s statement of revenues, expense, changes in net position?

A

Non-operating

74
Q

What is the major difference between an exchange transaction and a non-exchange transaction for governmental units?

A

The relationship between the amount given and received

75
Q

JE for recording taxes levied Receivable net of 5% uncollectible

A

AR
Revenues
Allowance for Doubtful

76
Q

Do governmental funds record depreciation expense?

A

No b/c no fixed assets. Depreciation expense does not reflect the flow of current financial resources

77
Q

Is estimated transfer to debt service fund an appropriation?

A

No, it’s its own separate budget

78
Q

Is revenue from a property garage owned by the city accounted for in a governmental fund?

A

No, proprietary fund

79
Q

What does unassigned fund balance represent?

A

Appropriations (estimated) exceed actual expenditures

Amount of current resources carried forward into following year

80
Q

Unexpended appropriation

A

BAE

Appropriations credit balance netted against debit balances of encumbrances and activities

= cash free to use

81
Q

Credit account used when recording encumbrances

A

Budgetary control

82
Q

Unassigned fund balance

A

Degree of spendable available resources that can be carried forward into next spending cycle

83
Q

Reciprocal synonym

A

Exchange type transactions

84
Q

Nonreciprocal synonym

A

Non-exchange transactions

85
Q

Special vs extraordinary items (GASB)

A

Special - unusual or infrequent

Extraordinary - unusual AND infrequent

86
Q

Which funds can have a positive unassigned fund balance?

A

Only the general fund

87
Q

NU CAR

A

Categories of fund balances for gov funds

Nonspendible
Restricted
Committed
Assigned
Unassigned
88
Q

Nonspendable fund balance

A

Inventories, prepaid expenditures, supplies

Equity of a governmental fund that is represented by the above

Only for general and special revenue funds

89
Q

JE for unreceived POs (encumbrances) @ YE

A

Budgetary Control
Encumbrance

Unassigned fund balance (year end surplus)
Fund balance, commuted

90
Q

What kind of transactions are deferred inflows and outflows

A

Commercial equivalent? OCI type transactions

Also for special gov accounting transactions

91
Q

Restricted fund balance

A

Restricted by external authorities (legislation, grantors, creditors)

92
Q

Committed fund balance

A

POs (encumbrances) not received

93
Q

Are encumbered appropriations specially identified on the face of a gov’s financials?

A

No

94
Q

Assigned fund balance

A

Intentions to obligate but without formal commitment

95
Q

Unassigned fund balance - which funds carry a positive unassigned fund balance?

A

Only the general fund

96
Q

Three categories of net position for proprietary funds (SE) government wide financials

A

Net investment in capital assets
Restricted - externally imposed
Unrestricted - all other

97
Q

What assets are excluded from calculation of net investment in capital assets?

A

Unspent resources accumulated for capital purposes

Equity interest in capital assets of joint ventures (financial instruments)

98
Q

If funds are restricted and outstanding POs related to the restricted funds at x at year end, is x committed or not?

A

No. Restricted funds are restricted until expensed (when received)

99
Q

County commission designates $50K for public parks, which how to categorize the fund balance?

A

Unassigned. Unassigned is also the plug, so may be negative to plug to the total

100
Q

If expenditures incurred for specific purposes overspend on available resources, the deficit in the fund is displayed as

A

Unassigned

101
Q

Examples of extraordinary items

A

Terrorist attack

Environmental disaster

102
Q

Transfer of $$$ from general fund to establish a new enterprise fund is what kind of interfund activity?

A

Non-reciprocal

103
Q

Multiyear grant max revenue that can be recognized in one year?

A

Due to time requirements only 1/x of the grant can be recognized in one year, although more may be earned. The excess earned (those that cannot be recognized due to time requirements) is classified as deferred inflows of resources.

104
Q

GRaSPP fund accounting - Prior service costs (earned and unearned) are…

A

Earned? Expenses
Unearned? Deferred outflow

Whereas for commercial it’s a choice to expense or fridge in OCI

105
Q

Do deferred inflows of resources include property taxes Receivable recognized in advance of the year they are levied OR collected in advance of the year they are levied?

A

Both

106
Q

Do interfund transfers in affect the results of operations in governmental funds? What about proprietary funds?

A

Yes to both. They are recorded as follows:

Governmental: Other financing sources
Proprietary: interfund transfers

Not recorded as revenues and expenditures

107
Q

What fund would normally have a non-spendable inventory of supplies?

A

General fund

108
Q

At year end encumbrances outstanding must be reported as

A

A component of committed or assigned fund balance

109
Q

Do internal transfers give rise to operating expenditures and revenues?

A

Generally no.

Exception: internal services like electric, heating, etc.

110
Q

$$$ due to and due from other funds are netted. If positive = asset. If negative = liability.

True or false?

A

False.

A liability and asset are recorded separately

111
Q

Is inventory included in SE net investment in capital assets?

A

Is inventory a capital asset? No :)

112
Q

When a grant is received, if the fund is monitoring, what kind of fund?

A

Special revenue fund

113
Q

If the fund is non-monitoring; what kind of fund?

A

Agency trust fund

114
Q

Monitoring

A

Right or responsibility to monitor what is being spent or who it’s being spent on and determining eligibility

115
Q

Fund where encumbrances are not applicable

A

Debt service fund

116
Q

True or false. The debt service fund pays off the debt of the GRaSPP and SE PAPI funds

A

False

GRaSPP funds only

117
Q

How is payment to a pension trust fund classified on the general fund financials?

A

Expenditures

118
Q

How would transfer to a debt service fund be classified on the general fund financials?

A

Other financing uses

119
Q

Year end for GRaSPP funds - how is interest recorded?

A

Interest and principal payments are recorded when PAID - there is NO ACCRUAL

120
Q

Tax anticipation notes

A

Notes issued by states or municipalities to finance current operations b4 taxes are received

121
Q

How is a capital outlay categorized on the statement of revenues, expenditures, and changes in fund balance for the general fund?

A

Expenditures

122
Q

How are proceeds from the sale of land categorized on the statement of revenues, expenditures, and changes in fund balance?

A

Special items

123
Q

What is the last item on the statement of revenues, expenditures, and changes in fund balance before ending fund balance?

A

Beginning fund balance

124
Q

Are tax anticipated notes long term debt (LTD) or current or both?

A

Always current debt on GRaSPP funds

125
Q

Is payroll accrued for GRaSPP funds?

A

Yes

126
Q

How is a capital lease recorded for GRaSPP funds? JE

A

Expenditures - Capital outlay
Other financing sources - Debt proceeds

Both will be in the EQUITY section

127
Q

What revenue account is credited for due from other governments?

A

Intergovernmental revenue

Example: gas tax to fund special revenue fund

128
Q

A special tax levy exclusively restricted for debt repayment would be accounted for in which fund?

A

Debt service fund

NOT special revenue

129
Q

Which account DECREASES when interest on debt is paid in a GRaSPP fund for interest accumulated in the year prior?

A

JE

Interest Expense
Fund Balance

Fund balance is the GRaSPP equivalent of retained earnings

130
Q

Levied on affected property owners for installation of new sidewalks - which fund?

A

Capital projects

131
Q

Gas taxes to finance road repairs

A

Special projects - NOT capital projects - because general repairs and maintenance are expensed, not capitalized

132
Q

How is cash in and cash out of a debt service fund accounted for?

A

Transfers in

Expenditures

133
Q

A special tax assessed by local governments to pay for a capital project financed by county debt is accounted for in which fund on the county’s books?

A

Debt service for the county’s books

134
Q

Should accrued interest be included in the fund balance of the debt service fund as an interest payable?

A

No

135
Q

Which fund would revenues be recorded in for a trust?

A

Private purpose fund

136
Q

Interfund transfer JE

A

Cash

Interfund transfer

137
Q

Special Assessment

A

Taxes levied against property owners who will directly benefit from the project (sidewalk)

138
Q

Are special tax assessment revenues displayed as tax revenue on financials?

A

No - program revenue because they specifically defray a particular cost

139
Q

When the gov is NOT liable for the debt associated with a special assessment which fund handles special assessments?

A

Agency fund (fiduciary fund)

140
Q

When gov IS liable for the debt of a special assessment, which fund?

A

Capital projects / debt service

141
Q

Which financial statement contains other financing sources?

A

Income statement (GRaSPP funds equivalent)

142
Q

Do GRaSPP funds amortize bond premiums or discounts?

A

No

143
Q

JE for capital project $ earning interest

A

Cash
Interest Rev
Interfund Transfer (to debt service)
Cash

144
Q

JE to record bond proceeds at a premium for GRaSPP funds

A

Cash
Other Financing Sources - bond issue proceeds
Other financing sources - premium on bonds

Interfund transfer (to debt service)
     Cash (amount of premium)
145
Q

Construction Progress Signed and Progress Billing (GRaSPP funds)

A

Budgetary Control xxx
Encumbrances xxx

When vvv of xxx is approved for payment: 
Encumbrances         vvv
       Budgetary Control    vvv
Expenditures            vvv
       Vouchers Payable     vvv
146
Q

Is the cumulative balance of the constructed capital asset displayed in the capital projects fund?

A

No, it was expenditured

147
Q

If short term borrowings will be refinanced with long term debt, how recorded for GRaSPP funds?

A

Other financing sources. Do not record as Liability

Otherwise record as Liability

148
Q

What type of fund balance (NU CAR) will outstanding encumbrances at YE be recorded as for capital projects funds?

A

Restricted

NOT committed

149
Q

Which two funds are encumbrances not applicable?

A

Debt service and permanent funds

150
Q

Permanent fund

A

Principle is permanently kept

151
Q

Special Rev Fund vs Permanent Fund

A

Special Rev - principle and interest are available

Permanent - interest only

152
Q

Are bond proceeds recorded in the debt service fund?

A

No - debt service funds are only used for the accumulated of resources for payment of gov fund debt

Proceeds are recorded in fund benefitting

153
Q

Is the discount for a bond moved to the debt service fund like a premium would be?

A

No. A premium is moved because the extra money received will be used to service the debt

154
Q

What is recorded as revenue in the capital projects fund?

A

Restricted grants revenue earned (through expenditure - similar to non-profits)

155
Q

Land held as investments by endowments in a gov permanent fund should be measured at

A

Fair value

156
Q

Construction in process is an account in which GRaSPP fund?

A

Trick question. None of them. All capital projects are expenditured. They are never recorded in CIP

157
Q

The proceeds of a bond or grant should be reflected in which account?

A

The account relevant to the project records the proceeds. The debt service fund is for accumulation of resources to service the GRaSPP fund debts

158
Q

When a state grant Receivable is recorded is the revenue considered earned or unearned?

A

Earned if a Receivable is being recorded, else cannot record the Receivable

159
Q

When will capital projects record a liability related to debt?

A

Anticipation notes - current liability only that will not be refinanced into LTD

160
Q

Revenues earned from a previously awarded grant for GRaSPP funds

A

Debit deferred inflows of resources

161
Q

Deferred inflows of resources vs deferred revenue

A

If revenue will be deferred to a future reporting period, credit deferred inflows of resources instead

162
Q

What statement do deferred inflows of revenues appear on?

A

Not IS, BS for GRaSPP funds

163
Q

Will debt service fund record implied interest as an expenditure?

A

Yes. Split the payment between principle and (implied) interest.

PV of minimum lease payment * interest % = expenditure

164
Q

Does a city’s budget address proposed longer term goals and capital expenditures?

A

Yes

165
Q

Is one measurement focus on government type funds financial position?

A

Yes! That is the BS for gov type funds

166
Q

What liabilities should be recorded for gov type funds?

A

Amount to be paid from current financial resources - modified Accrual method

NOT amount due within one year of the balance sheet date - that’s Accrual

167
Q

Is bad debt expense recognized for proprietary funds?

A

No

168
Q

What type of account is deferred inflows of resources?

A

Liability - NOT equity even though we may store OCI equivalent stuff in there

169
Q

Shared Revenues should be reported on proprietary income statement as

A

Non-operating revenues

170
Q

If a fund is primarily supported by user fees by receives a tax subsidy to keep rates low, what fund should be used?

A

If the fund is PRIMARILY supported by user fees: enterprise fund

FAR MC (10 decks)

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