FAR 6 Module 5 & 6 Flashcards
1
Q
What are the fund Accounting basics?
Governmental
Proprietary
Fiduciary
Measurement focus?
Accounting basis?
A
2
Q
What are the three primary user groups of external financial reports for a state government?
A
3
Q
What are the characteristics of Info in Gov F/S?
Which is the most difficult to report?
A
Most difficult to report: Relevance
4
Q
What are the Governmental Funds?
and F/S?
GSP-CD SE CIPPOE
Generally speaking, debt can persist
A
5
Q
What are the Proprietary Funds?
GSP-CD SE CIPPOE
Generally speaking, debt can persist
A
S = internal Services funds
E = Enterprise funds
6
Q
What are the Fiduciary Funds?
GSP-CD SE CIPPOE
Generally speaking, debt can persist
A
7
Q
What is the purpose of presenting separate fund financial statements for governmental and proprietary funds under GASB 34?
A
