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FAR 5 Flashcards

1
Q

FAR 5

What is the main use of fund accounting by a governmental organization?

A

Financial Control and Legal Restrictions.

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2
Q

FAR 5

In complying with GASB #34, a government will present separate fund financial statements for its governmental and proprietary funds. The purpose of this presentation is to?

A

Report additional and detailed information about the primary government.

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3
Q

FAR 5

What fund most appropriately uses the current financial resources measurement focus and modified accrual basis of accounting in their fund financial statements?

A

Governmental funds.

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4
Q

FAR 5

The economic resources measurement focus and accrual basis of accounting would be used for?

A

Proprietary and Fiduciary funds.

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5
Q

FAR 5

What characteristic is most difficult to report for a governmental entity?

A

Relevance.

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6
Q

FAR 5

The measurement focus of governmental-type funds is on the determination of?

A

Current financial resources and financial position.

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7
Q

FAR 5

Fund accounting is used by governmental units with resources that must be?

A

Segregated for the purpose of carrying on specific activities or attaining certain objectives.

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8
Q

FAR 5

The governmental fund measurement focus is on the determination of?

A

Financial position and current financial resources.

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9
Q

FAR 5

The orientation of accounting and reporting for all proprietary funds of governmental units is?

A

Income determination.

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10
Q

FAR 5

The orientation of accounting and reporting for all governmental funds of governmental units is?

A

Flow of funds.

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11
Q

FAR 5

What is an example of a governmental unit that uses the modified accrual basis of accounting?

A

Special revenue funds.

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12
Q

FAR 5

What are the three types of fund?

A

Governmental, Proprietary and Fiduciary

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13
Q

FAR 5

What makes up the Governmental Funds? (Modified Accrual)

A

General, Special Revenue, Debt Service, Capital Projects, Permanent

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14
Q

FAR 5

What makes up the Proprietary Funds? (Accrual)

A

Internal Service, Enterprise

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15
Q

FAR 5

What makes up the Fiduciary Funds? (Accrual)

A

Pension, Agency, Private Purpose, Investment Trust

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16
Q

FAR 5

Government-wide financial statements are presented on the what basis of accounting?

A

Accrual basis.

17
Q

FAR 5

General fund resources that are limited as to use by constraints imposed by law through constitutional or enabling legislation would be classified within fund balance as?

A

Restricted.

18
Q

FAR 5

What does it mean if a fund balance is committed?

A

They represent resources that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest level of decision making authority.

19
Q

FAR 5

What does it mean if a fund balance is assigned?

A

Assigned means that the balances are constrained by government’s intent to be used for specific purpose, but neither restricted or committed.

20
Q

FAR 5

The only fund that should show a positive amount in its unassigned fund balance classification would be the?

A

General fund. This classification represents fund balance that has not been assigned to other funds and has not been restricted, committed, or assigned to specific purpose within the general fund.

21
Q

FAR 5

What does it mean to be non-spendable?

A

Non-spendable fund balances represent resources in form that cannot be spent (inventories, prepaid expenditures) or are legally or contractually required to remain whole (permanent fund principal).

22
Q

FAR 5

If the gov’t over spends in the special revenue fund, the deficit would be displayed as?

A

Negative fund balance-unassigned

23
Q

FAR 5

Debt service fund resources that are subject to the terms and conditions of a bond indenture would be classified within fund balance as?

A

Restricted.

24
Q

FAR 5

If a city received a gift, the principal of which is to be invested in perpetuity with the income to be used to support the local library, which fund should this gift be recorded?

A

The permanent fund.

25
Q

FAR 5

What are permanent funds used for?

A

To report resources that are legally restricted to the extent income, and not principal, may be used for purposes supporting the reporting government’s programs for the benefit of the public.

26
Q

FAR 5

What are private purposes trust funds used for?

A

They don not meet definition of pension, agency or investment trust fund and are intended for the benefit of specific individuals, private organizations or other governments.

27
Q

FAR 5

What are special revenue funds used for?

A

Account for revenues from specific taxes or other earmarked sources that (by law) are restricted or committed to finance particular activities of a government.

28
Q

FAR 5

What is the paramount objective of financial reporting by state and local govt’s?

A

Accountability.

29
Q

FAR 5

What is the measurement focus and basis of accounting for government wide financial statements?

A

Economic Resources and Accrual Accounting.

30
Q

FAR 5

The measurement focus of governmental fund accounting is on ?

A

Current Financial Resources.

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