FAR 9 Flashcards
Government wide financial statements are designed primarily to provide info. to asses …
Operational accountability
what is required to be included in the basic FS and MD&A of budgetary information?
the original budget, final appropriations budget, actual inflows and outflows, and balance on a budgetary basis
What are classified under operations on stm. of cash flows?
activities associated with ongoing and central activities.
ex.- a company in the business of providing loans, provides a loan.
What is the statistical section under CAFR considered?
It is not apart of the basic FS.
What is GASB 34?
It provides the presentation of CAFR:
- Intro section
- basic FS
- Statistical section
What is included in GASB 34?
budget vs. actual performance including disclosure of the original adopted budget is included in the final amended budget
what is included under the modified approach for infrastructure assets?
describe the assessed condition of the infrastructure (once every 3 years) and the estimated annual amount to maintain and preserve the condition level established and disclosed
How do you handle interfund receivables?
The should be reported as internal balances. They are not eliminated from individual fund activities prior to preparation of gov. wide FS
What is considered governmental cash and cash equivalents?
both the treasury bill and certificate of deposit meet this definition and highly liquid items that mature within 3 months.
what method should proprietary fund use in the statement of cash flows?
Direct Method
What would be classified as cash receipts from grants or subsidies, property taxes
Noncapital financing activities
What do reciprocal interfund activities include?
they include interfund loans and services provided and used.
ex: billing by the internal service fund to the department financed by the general fund, for services rendered.
How would you classify a gift restricted for the purchase of endowment securities?
restricted cash and a non-current asset
What is included in FASB ASC 958?
It primarily focuses on the basic information for the organization as a whole.
What is the quasi-endowment fund?
Not restricted: it is to account for assets that have been internally designed by the institution for a specific purpose. (displayed as unrestricted net assets)
