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FAR > F9- Gov't Acct > Flashcards

F9- Gov't Acct Flashcards

1
Q

Operational Accountability

A
  • Focus of Gov’t F/S
  • To report the extent to which the Gov’t has met Operational objectives:

~Efficiently & Effectively

  • Using all resources avail. for that purpose
  • The extent to which it can continue to meet its objectives for the future
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2
Q

Fiscal Accountability

A
  • Focus of the Fund F/S
  • To Demonstrate that Gov’t Entity actions in the current period have Complied with public decisions.
  • Concerning the raising & spending of public funds in the short-term
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3
Q

GOV’T -WIDE F/S Required for General Purpose Gov’t Units

A
  • Statement of Net Position

- Statement of Activities

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4
Q

F/S Required for Gov’t Funds

A
  • St. of Net Position/ Balance Sheet

- Statement of Revenues, Expenditures & Changes in Fund Balance

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5
Q

F/S Required for Proprietary Funds

A
  • Statement of Net Position

- Statement of Revenues, Expenditures & Changes in Fund Net Position

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6
Q

F/S Required for Fiduciary Funds

A
  • Statement of Fiduciary Net Position

- Statement of Changes in Fiduciary Net Position

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7
Q

Supplementary Information:

[Reporting General Purpose Gov’t Units]

A
  • Optional

- Variance between final amended budget & actual

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8
Q

Optional Reporting

[Reporting General Purpose Gov’t Units]

A

Comprehensive Annual Fin. Report:

  • Introductory Section (Unaudited)
  • Basic Financial Statements & Required Suppl. Info (Audited)
  • Statistical Section
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9
Q

Primary Gov’t Entities: Special Purpose

“SELF”

A

Meets all criteria: “SELF”

  • Has a Separately-Elected governing body
  • Is Legally separate
  • Is Fiscally independent of other state & local Gov’t

Example: Hospital/ School

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10
Q

Blended Presentation

A
  • Some Boards of the Component units are intertwined with the Primary Gov’t. that they are same as P. Gov’t
  • Component Unit serves the primary gov’t exclusively or almost exclusively.
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11
Q

What is in a MG’s Discussion & Analysis?

A
  • Narrative that provides a brief, objective, & easily readable analysis of the Gov’t’s Financial activities
  • Based upon currently known facts, decisions & conditions
  • Provides an opportunity to present both a short-term & long-term analysis of activities
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12
Q

F/S in the MG’s Discussion & Analysis

A
  • Easily Readable analysis of the Gov’t Financial Activities.
  • Condensed F/S info derived from the Gov’t-wide F/S
  • To support the Gov’t overall Fin. Position & results of operations.
  • 3 yrs of date are required if Comparative.
  • Analysis of signif. Variations between original & final budget.
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13
Q

MG’s Discussion & Analysis: Supplementary Info

A
  • Description of the F/S
  • Identity of the Primary Gov’t & Discrete Component Units
  • Economic Conditions & Outlook
  • Major Initiatives
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14
Q

3 Components of Net Position: ‘RUN’

A
  • Net Investment In Capital Assets
  • Restricted
  • Unrestricted
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15
Q

Capitalization of Assets: Infrastructure Examples

A
  • Refers to Streets, Bridges, Gutters & other Assets of the Gov’t
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16
Q

Modified Approach Reporting Requirements

A
  • A schedule reporting the condition of the Gov’t infrastructure
    &
  • Comparison sch. of needed & actual expenditures to maintain the Gov’t infrastructure
17
Q

Capitalization of Artwork & Historical Treasures

A
  • Gov’t has choice to not capitalize works of art

- Regardless of whether the collection items were donated or bought.

18
Q

NOT Capitalize: Artwork & Historical Treasures

A

When all are met:

  • Held for public, education or research
  • Protected, kept unencumbered, cared for & preserved.
  • Subject to an organization policy that requires the proceeds from the sale of the collection items to be used to acquire other items for collections
19
Q

Program Revenue Category Types:

[Statement of Activities]

A

‘SOC’

  • Charges for Services
  • Operating Grants & Contributions
  • Capital Grants & Contributions
20
Q

Major Fund Rules: 2 Criterias

[Fund F/S]

A

GRaSPP Funds are individually compared to the total of all Gov’t funds & Enterprise Funds

  • 10% or more
  • 5% or more
21
Q

10% or More Criteria of Major Fund Rule

A

~ Total revenues
~ Expenditures/exp,
~ Assets & deferred outflows of resources
or
~ Liabilities & deferred inflows Resources of:

All Gov’t Funds
OR
All Enterprise Funds

22
Q

5% or more Criteria of Major Fund Rule

A

~ Revenues
~ Expenditures/exp,
~ Assets & deferred outflows of resources
or
~ Liabilities & deferred inflows of resources of :

All Gov’t Funds
AND
All Enterprise Funds

23
Q

Statement of Cash Flows

A

Similar to Commercial Enterprise version:

  • Direct Method is required (indirect not allowed)
  • Recon. of operating income to net cash provided by operations is required.
  • Capital Asset purchases reported as ‘Financing Act.’
24
Q

4 Categories in St. of Cash Flow

A
  • Order of Financing & Investing Categories are reversed, Gov’t entities before Investing
  • Operating Activities
  • Capital & related financing activities
  • Non-Capital Financing activities
  • Investing Activities
25
Q

Captial & Related Financing Activities

A
  • Cash Flows from issuing Debt associated with Capital Assets
  • Cash Inflows from:
    ~ Capital Grants
    ~Contribution activity associated with Capital assets
  • Cash Activity related to special assessments associated with capital assets
26
Q

Non-Capital Financing Activities

A
  • Cash Receipts from grants or subsidies
  • Cash received from property taxes
    (Not restricted for capital use)
  • Operating Transfers
27
Q

Budgetary Comparison schedules

A
  • Must show the original budget, the final amended budget & actual amounts
  • Optional Computation of:

~ Variances betwn Budget & Actual

~Differences betwn Original & Final amended budget

28
Q

Financial Statement Displays

A
  • Within the Gov’t activities column of the Gov’t-Wide F/S: (Eliminated)
  • Within the Business-type Activities column of the Gov’t-Wide F/S: (Eliminated)
  • Betwn the Gov’t activities & Business-type Activities displayed on the Gov’t-Wide F/S
  • Betwn the primary Gov’t & its Fiduciary Funds
29
Q

St. of Cash Flows: Interest

A
  • Interest income/cash receipt are reported as ‘Investing act’
  • Interest Exp./cash payments are either:
    ~ Capital or Non-Capital
30
Q

What items in a Basic F/S are reported according to GASB 34?

A
  • Gov’t Wide F/S
  • Fund F/S Statements
  • Notes to the F/S
31
Q

Basic F/S & Require supplementary info for general purpose Gov’t should consist of?

A
  • MD&A
  • Basic F/S
  • Req. Supplementary information
32
Q

In financial reports, Non- Major Funds within its fund types MAY include?

A
  • Combining F/S for non-major funds for each fund type in the Supplementary information
33
Q

A Gov’ts MD&A would not include?

A
  • Reconciliation of Fund F/S
    &
  • Gov’t-Wide F/S
34
Q

Under the Modified Approach to Capitalizing Infrastructure, Gov’t apply what principle to record current yr additions?

A
  • Infrastructure Expenditures are reported as Expenses

- Except for Outlays that result in additions or improvements, which would be Capitalized.

35
Q

In preparing Gov’t-Wide F/S, Interfund Rec & Payables betwn Gov’t & Enterprise Funds should be Reported as?

A
  • Internal Balances
36
Q

Notes to the Basic F/S of Gov’t Entities

A
  • Notes that are considered essential to Basic F/S need to be presented
  • Acceptable to present notes in a very extensive format
  • Gov’t Notes can be identical to notes presented in Bus. F/S
37
Q

Reconciliation of Gov’t Fund F/S to a Govt-Wide Presentation would most likely be found in?

A
  • Basic Financial Statement
38
Q

If a City Gov’t is the Primary reporting entity, what method is acceptable to present component units in its Combined F/S?

A
  • Discrete Presentation

FAR (24 decks)

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