FAR 10

Question 1

How to Reconciliation of Change in Govt fund balance to Govt wide financial statements

Answer 1

CAN (BS) CPAs Rides or SIT (IS) mnemonics

+Capital Assets
- Accumulated Depreciation
- Non current liabilities (Long term debt)
+C-Capital Outlay
+P-Principal payments
-A-Asset disposals
-sources(other financing sources)
+R-Revenue - Sales tax
-I- interest exp
-D - Depreciation exp
+I- internal service change
+/- - internal transfers

Question 2

The portion of special assessment debt maturing in five years, to be repaid from general resources of the government, should be reported in the:

Answer 2

When special assessment debt is to be repaid from general resources of the government, the debt should be recorded as general long-term liabilities in the governmental activities column of the government-wide
statement of net position. Any debt that is to be repaid from general resources would be displayed in this way.

Question 3

What is required on budgetary comparison schedule presented by a state or local government as part of required supplementary information

Answer 3

The budgetary comparison schedule must show
1) the original budget,
2) the final amended budget, and
3) actual amounts.

Question 4

How do you record leased equipment on Govt wide and Govt fund financial stmt?

Answer 4

Gove wide is accrual accounting so as General Capital Asset. And
Govt fund financial stmt is modified accrual so as other financing sources.

Question 5

What government fund type most likely would have a fund balance non spendable inventory of supplies?

Answer 5

The general fund is most likely to have a fund balance classified as a non spendable inventory of supplies General fund normally have a supplies on hand at the end of the period.