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FAR > FAR 8 (Governmental Accounting) > Flashcards

FAR 8 (Governmental Accounting) Flashcards

1
Q

Derived tax Revenue

A

Tax derived from exchange transactions, such as commercial sales
collected when people are doing something
Example sales tax, income tax

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2
Q

Imposed non-exchange revenues

A

tax impose on non-exchange transactions
collected because things exist
(fines & penalities, property tax)

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3
Q

Government-mandated transaction

A

Higher level of government provides funds and mandates certain activities
Revenue for certain activities

Example: Grant

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4
Q

Voluntary non-exchange

A

Govt receives resources and does not provide similar value

Represent contribution

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5
Q

Budgetary comparison must be presented…

A

on the same basis of accounting as the adopted budget

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6
Q

Object

A

Chart of account

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7
Q

Program

A

Classification of groups activities, operations, or organizational units that are directed to attainment of specific purpose

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8
Q

Activity

A

Provides data for calculating expenditures per unit activity
Activity is a specific and distinguisable line of work

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9
Q

Encumbrances

A

Recorded when resources are committed for future expenditures

Is Fund balance commitment in general fund, not restriction in general fund

DR when purchase order is approved
CR when goods are received

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10
Q

Governmental Funds Fixed Assets is recorded in

A

Government-wide statement of net assets

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11
Q

Appropriations

A

Represents total authorized expenditures for current fiscal period
Record when budget is formally created (CR)

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12
Q

Nonspendable current resources (e.g. inventory or prepaid)

A

Generally may be allocated between or among accoutning periods
May be accounted for as expenditures of the period of acquisition

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13
Q

Revenues Formula for Governmental Fund

A

Collections in the year + collections during the firs 60 days of the next year

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14
Q

Restricted Fund

A

Fund restricted for specific purpose by external parties like grantors, debtors contributors, or laws

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15
Q

Committed Fund

A

Fund results in constraints for specific purpose due to imposing restrictions by HIGH LEVEL OF GOVERNMENT

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16
Q

Assigned Fund

A

Fund with the INTEND to use for specific purpose, but are not restricted or committed

17
Q

Measurable but unavailable more than 60 days after year-end reported in

A

Deferred inflow of resources

18
Q

Statement of financial position

Governmental Funds

A

Assets and deferred outflows = Liabilities and deferred inflows + fund balance

19
Q

Government wide F/S
Statement of Financial position
(Proprietary & Fiduciary Funds)

A

Assets and deferred outflows - Liabilities and deferred inflows = Net positions

20
Q

Hedge accounting treatment is contingent upon

A

Effectiveness

21
Q

Treatment of imposed nonexchange revenue transactions not available (i.e. billed, license not available)

A

Deferred inflow

22
Q

Sales and leaseback transactions

Treatment of Gain/loss

A

in deferred inflow/outflow and recognized over life of the lease

23
Q

Pension Liability

‘The treatment’

A

Expense - SIR

Deferred outflows and deferred inflows - AGE

24
Q

Governmental Fund

A

General Fund - funds not in other categories
special revenue fund - revenues received restricted for specific project
debt service fund - fund exclusively to pay for L/T debt for GOVERNMENTAL FUND ONLY
Capital project fund - fund to build/construction
Permanent fund - resources that are legally restricted to the extent income, not principal,

25
Q

Proprietary Fund

A

Internal Service Fund - fund received from servicing internal departments
Enterprise fund - fund that receive from user charges (external parties)

26
Q

Modified Accrual Basis

Revenue should be recognized…

A

when it is available and measurable

27
Q

F/S for Governmental Fund

A
  1. Balance sheet

2. Statement of revenues, expenditures, and changes in fund balance

28
Q

F/S for Proprietary Fund

A
  1. Statement of Net position
  2. Statement of revenues, expenses, changes in fund position
  3. Statement of cash flow
29
Q

F/S for Fiduciary Fund

A
  1. Statement of Fiduciary net position
  2. Statement of changes in fiduciary net position

AGENCY FUND DOES NOT HAVE STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

30
Q

Encumbrances is not needed for which two governmental fund

A

Permanent and service fund

FAR (12 decks)

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