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FAR > F9 > Flashcards

F9 Flashcards

1
Q

Who is the main authoritative body for GAAP for governmental entities

A

GASB

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2
Q

What are the three accounting themes addressed by governmental accounting

A

fund structure
fund accounting
external reporting

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3
Q

Identify the major categories of funds used by state and local governmental units

A

governmental
propriteal
fiduciary

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4
Q

What are the fund accounting principles applicable to governmental funds

A

current fincanical resources measurement focus &

modified accrual basis of accounting

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5
Q

can you name each of the 5 governmental fund types

GRaSPP

A 
General Fund
special Revenue fund
And
Service (debt) fund
Projects (capital) fund
Permanent fund
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6
Q

What are the fund accounting principles applicable to proprietary funds? specifically the measurement focus and basis of accounting

A

Measurement focus: economic resources

basis of accounting: full accrual

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7
Q

Can you name the two types of proprietary funds (SE)

A

Internal Service funds
and
Enterprise funds

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8
Q

What are the fund accounting principles applicable to fiduciary funds? specifically the measurement focus and basis of accounting

A

Measurement focus: economic resources

basis of accounting: full accrual

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9
Q

Name each of the 4 fiduciary fund types

CIPPOE

A

Custodial funds
Investment trust funds
Private purpose trust fund
Pension and Other Employee benefit trust funds

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10
Q

What is modified accrual? and what funds use it

A 
it's when revenues should be recognized when measureable and available; expenses are gernally recognized when the liability is incurred
GRSPP uses it
General Fund
special Revenue fund
debt Service fund
capital Projects fund
Permanent fund
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11
Q

What do the terms ‘measurable’ and ‘available’ mean in the context of the modified accrual basis of reveue accounting

A

measurable means quantifiable in monetary terms

available means collectible within 60 days of year end

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12
Q

Tell me the basic strcture of the statement of revenues, expenditures, and change sin fund balance for the governmental funds

A

Revenues
(expenditures)
+/- other financing sources and uses
=Net change in fund balance

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13
Q

What specialized accounting practices are followed by the governmental funds? this is also the order of the order of recording the journal entrys during the year and at end of year

BAE - BAE

A

Budgetary Accounting
Activity (actual) accounting
Encumbrance accounting

and then repeat it to close it out

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14
Q

Pwease tell me the journal entry to record the annual budget

A

DR: estimated revenues
CR: appropriations
CR: Budgetary control

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15
Q

When do you accrue/recognize real estate tax and fines/penalties

A

When billed/ recorded

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16
Q

When do you accrue/recognize income and state taxes

A

When received

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17
Q

When do you accrue/recognize revenue collected in advance, real estate tax paid in advance and restricted grants

A

when earned

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18
Q

tell me the journal entries to recognize the buying, use, and year end supplies remaining under the purchase method

A

purchase method:
Buying: DR: Expenditure CR: Vouchers Payable

Use: No Entry

End of year:
DR: supplies on hand inventory
CR: Nonspendable fund balance- inventory

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19
Q

Tell me the JE to recognize a Purchase order on supplies

A

DR: Encumbrance
CR: Budgetary control

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20
Q

What journal entries are recoreded when goods are received and the commitment to purchase those goods had been previously reocrded as an encumbrance

A

DR: expenditure
CR: Vouchers payable

DR: Budgetary control
CR: encumbrance

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21
Q

What are the budget , activity, and encumbrance journal entries at the beginning of year

This is just a sample, also everything is literally reversed at YE

A

Budget: DR: Estimated Revenue, DR: Budgetary Control (if negative/deficit) CR: Appropriations control, CR: Budgetary Control (if positive/surplus)

Activity: Number of activites to record for

Encumbrance: DR: Encumbrance, CR: budgetary control

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22
Q

When do you combine the activity, budget and encumbrance journal entries? What amount do you close the budget and activity? what amount do you reverse the encumbrance

A

NEVER COMBINE THEM

and

ALWAYS THE SAME AMOUNT

23
Q

When do you post the activity, budget and encumbrance journal entries. as it pertains to beginning of the year, throughout the year, and year end

A

beg of year: book the budget
Throughout: book accruals and book ecumbrances
End of year: close out the budget, accrual, and encumbrances

24
Q

List the two types of interfund transactions

A

Reciprocal interfund activity and non-reciprocal interfund activity.

25
Q

What are two components to Reciprocal interfund activity

A

Interfund loans and Interfund services provided and used

26
Q

What are two components to non-Reciprocal interfund activity

A

Interfund transfers and interfund reimbursements

27
Q

What are the 5 classifications of fund balances used by governmental fund types

U NARC

A

Unassigned

Nonspendable
Assigned
Restricted
Committed

28
Q

Identify the three components of net position displayed on government wide financial statements

A

Invested in capital assets (net)
Restricted (from external sources by category)
Unrestricted

29
Q

What is the purpose of a general fund

A

it’s created at teh beginning of the governmental unit and exists throughout the life of the unit. this fund accounts for the general activities which are not accounted for in other funds

30
Q

Waht are the typical revenue sources for a general fund

A 
Taxes
Public safety and regulations
intergovernmental
charged for service 
Interest
31
Q

What are the required fund fincnaical statements for the individual governmental fund types (GRSPP)

A

they require a balance sheet and statement of revenues, expenditures, and changes in fund balances

32
Q

What is the basic strucutre of the balance sheet for the governmental funds? think equation

A

CA + Deferred outflow of resources = CL + Deferred inflow of resources + fund balance

33
Q

What is a special revenue fund and give examples of sources of revenue

A

its a fund where the revs/expense are legally restricted

examples: ton of taxes and fees and state/federal grants

34
Q

What is the purpose of a debt service fund

A

it is designed to account for currently due interest and long term obligation debt

it will pay GRSPP debt but NOT SE CIPPOE debt

35
Q

Whats the purpose of a capital projects fund

A

to account for restricted resources put toward capital projects such as leasing fixed assets relating to governmental (GRSPP) funds.

NOT RELATED TO proprietary (SE) or finducuiary (CIPPOE) funds

36
Q

What are examples of revenues relating to capital projects funds

A

Investment earnings
tax revenues levied to fund capital improvement
capital gains

37
Q

What is the purpose of a permanent fund

A

to report resources that are legally restricted to the extent which only earnings and not principal may be used for purposes that support the governments programs.

38
Q

For Governmental funds, GRSPP. What portion of assets and liabilities do you report

A

ONLY current assets and liabilities

39
Q

For Fiduciary and proprietary funds, SE CIPPOE. What do you report

A

EVERYTHING IS REPORTED

40
Q

Does Governmental funds (GRSPP) follow modied or full accrual? What about SE Cippoe (proprietary and fiduciciary)

A

GRSPP = Modified Accrual

SE Cippoe = Full Accrual

41
Q

There is another acronym which correlates to GRSPP, it is MAC, what is that

A

Modified
Accrual accounting
Current financial resource measurement focus

42
Q

There is another acronym which correlates to SE Cippoe, it is SCARE, what is that

A 
SE
Cippoe
Accrual accounting
Record fixed assets and LTD (everything)
Economic resource measurement focus
43
Q

tell me the journal entries to recognize the buying, use, and year end supplies remaining under the consumption method

A

Buying: DR: Supplies inventory CR: Voucher payable
Use: DR: Expenditure CR: Supplies Inventory
Year End: None

44
Q

When you buy a fixed asset as a government expenditure, what do you record? and is it depreciated or capitalized?

A

DR: Expenditure-CAPITAL OUTLAY
CR: Voucher payable (or cash)

and FUCK ASS NO ITS NOT CAPITALIZED or DEPRECIATED

45
Q

WHAT EVEN IS AN ECUMBERANCE?

A

It’s an obligation to spend money, on an purchase order more specifically

46
Q

When recording JE’s for booking and closing amounts do you do it for the same amount or different amounts due to changes

A

you close it for the same amount you booked it at, the other entry will represent the activity

47
Q

The only fund that should show a positive amount in its unassigned fund balance is which fund

A

General fund

48
Q

What kind of non exchange transaction are property taxes and fines?

A

Imposed non exchange revenues

49
Q

What entry should be used by a governmental unit to record salaries and wages for a period?

A

DR: Expenditures-salaries and wages
CR: Salaries Payable

50
Q

What entry should be used by a governmental unit to record appropriations for a period?

A

DR: Budgetary Control
CR: Appropriations

51
Q

What entry should be used by a governmental unit to decrease the encumbrance account

A

DR: Budgetary Control
CR: Encumbrances

52
Q

The modified accrual method (used with GRaSPP) is used with this type of resource measurement

A

the current financial resource measurement

53
Q

The full accrual method (used with SE CIPPOE) is used with this type of resource measurement

A

economic resources measurement focus

54
Q

What two governmental funds (GRaSPP) do not record encumbrances

A

Debt Service Fund

Permanent Fund

FAR (15 decks)

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