F9 - Govermental Accounting

Question 1

Encumbrances outstanding at year-end in a state General fund would most likely be reported as a:

Answer 1

Fund Balance commitment in the General fund

Question 2

What does Reciprocal and Non-Reciprocal mean

Answer 2

Reciprocal is an EXCHANGE = loan payments or services

Non-Reciprocal ia an NON-EXCHANGE = Transfer or reimbursement.

Question 3

Categories of Fund Balance

NU CAR is?

Answer 3

1- N = Nonspendable - $ spent (
Purchase method not consumption)
5- U = Unassigned General fund only (positive bal.)
3- C = Committed - Gov. Set aside - Encumbrances
4- A = Assigned - intention without formal commitment
2- R = Restricted - Legislation, grantor, Bond convenant

Question 4

Net Position and components
For SE and Government-wide categories are?
RUN

Answer 4

1- Net Investment in Capital Asset - assets
2- Restricted - externally imposed by creditor, grantor, contributor and law.
3- Unrestricted - management intention.

Question 5

Repoted on statement of revenue, Expense, and changes in net position? Income statement government

Answer 5

INCASET
I = Income
N = Nonoperating
C = Capital
A = Additions
S = Special
E = Extraordinary 
T = Transfer