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CPA > FAR8 > Flashcards

FAR8 Flashcards

1
Q

GASB

A

Governmental Accounting Standards Board

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2
Q

Standards for Not-for-Profit Organizations

A

FASB

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3
Q

Government-wide Presentations (consolidated f/s)

A

Full accrual accounting and Economic resources measurement focus

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4
Q

Governmental Funds (no profit motive)

A

Modified accrual accounting and Current resources measurement focus (no fixed assets or long-term debt): GRaSPP
General, Special Revenue, Debt Service, Capital Projects, Permanent Funds

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5
Q

Proprietary Funds (business enterprise)

A

Full accrual accounting and Economic resources measurement focus: SE
Internal Service Funds and Enterprise Funds

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6
Q

Fiduciary (Trust) Funds

A

Full accrual accounting and Economic resources measurement focus: PAPI
Pension, Agency, Private Purpose, Investment Trust Funds (no cash flows statements)

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7
Q

I/S Modified Accrual

A

Revenue is recognized when measurable and available, Expenditures are recorded when the related fund liability is incurred

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8
Q

I/S Full Acrrual

A

Revenue is recognized when earned, Expenses are recognized when incurred

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9
Q

Classification of Government Fund Balances: Constraints (NU CAR)

A

Nonspendable: prepaid expenses, inventories
Restricted: external authorities requirements
Committed: highest governing authority establishes limits
Assigned: intention without formal commitment
Unassigned: no constraint as to use (General fund = positive)

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10
Q

Governmental Funds (modified accrual)

A

Book: BAE (booked twice a year)
Budget, Activity, Encumbrances
Close: BAE (same amount)
Budget, Activity, Encumbrances

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11
Q

Budgetary Accounting “estimated accounts”

A

DR: Estimated revenue control
DR: Estimated other financing sources
DR: Budgetary control (negative/deficit)
CR: Appropriations control (approved $)
CR: Estimated other financing uses
CR: Budgetary control (postive/surplus)
(Opposite JE for ending period)

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12
Q

Activity (not matching principle)

A

Revenue: measurable and available (>60 days)
Expenditures: all spending (purchases)
Assets: expenditures
Debts: other financing sources (not CA/LTD)

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13
Q

Expenditure Recognition (purchase method)

A

DR: Expenditure (buying item)
CR: Vouchers payable

DR: Supplies Inventory (on-hand at year end)
CR: Nonspendable fund balance - inventory

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14
Q

Expenditure Recognition (consumption method)

A

DR: Supplies inventory (buying item)
CR: Vouchers payable

DR: Expenditure (use of item)
CR: Supplies inventory

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15
Q

Fixed Assets Gov’t funds

A

DR: Expenditure - capital outlay
CR: Vouchers payable (or cash)

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16
Q

Debts (long-term) Gov’t funds

A 
DR: Cash
CR:    Other financing sources (bonds issued)
DR: Expenditure - principal
DR: Expenditure - interest
CR:     Cash
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17
Q

Remaining available appropriations

A

Budget: Appropriations

  • Activity: Expenditures
  • Encumbrances
18
Q

Gov’t-wide Statement of Net Position (same as proprietary and fiduciary statements)

A

Assets + deferred outflows of resources
- Liabilities + deferred inflows of resources
= Net Position

19
Q

Gov’t fund B/S

A

Assets + deferred outflows of resources
= Liabilities + deferred inflows of resources
+ Fund balance + Total liabilities, deferred inflows of resources, and fund balance

20
Q

In order to qualify for hedge accounting treatment, a derivative

A

must be Effective

21
Q

Imposed nonexchange revenue transactions recorded as receivable prior to the period when resources are required to be used

A

reported as deferred inflows

22
Q

Incremental portion of current rates established at a level adequate to recover costs that are expected to be incurred in the future

A

displayed as deferred inflows of resources

23
Q

Gov’t-wide f/s: Pensions

A

Either expensed (if changes result from service costs and interest net of return on plan assets)

Or Deferred outflows and inflows for changes in actuarial assumptions, differences between expected and actual, and prior service costs) but prior service costs already earned are EXPENSED

24
Q

Deferred inflows

A

received or collected before performed or due

25
Q

General Fund F/S

A

1) B/S (current assets + def. outflows = current liabilities + def. inflows + fund balance)
2) Statement of rev, expenditures, and changes in fund balance
3) required supplementary info: budgetary comparison schedule

26
Q

Special Revenue Fund

A

legally restricted/committed for specific purpose: principal and interest (resources are expendable)

Grants - “monitoring”

27
Q

Debt Service Fund

A

Pays off the debt of the gov’t funds

- Encumbrances is not applicable

28
Q

Capital Projects Fund (purchasing department)

A

Established for the construction, purchase, leasing of significant fixed assets.

The life is short and limited to a construction period of 1-3 years

29
Q

Capital Grants

A

Unrestricted gov’t grant:
DR: Cash
CR: Revenue “now”
Restricted gov’t grants (rev. when spent):
DR: Cash
CR: Revenue collected in advance “deferred”

30
Q

Permanent Fund

A

Used to report resources that are legally restricted to the extent that only earnings (not principal, interest only) reported at FV
- Encumbrances is not applicable

31
Q

Bond premium/discount

A

not amortized in its governmental funds

32
Q

Internal Service Fund

A

Established to finance and account for services/supplies provided to other departments as its customer (includes fixed assets, long term debt, and depreciation)

33
Q

Internal Service Fund: Net Position

A

Categories of equity: “RUN”

unrestricted, restricted (for purpose) and net investment in capital assets

34
Q

Governmental Activities: Gov’t wide f/s

A

Gov’t funds (GRaSPP) + Internal Service Fund

35
Q

Enterprise Fund (gov’t-wide business activities)

A

Used to account for operations that are financed/operated in a manner similar to private business enterprise (ex/ public hospital, lottery)

36
Q

Municipal Landfills costs (MSWLF)

A

Liability: Cost of equipment expected to be installed, cost of gas monitoring, and cost of final cover (capping) = estimated is adjusted annually

37
Q

Enterprise Fund Statement of Cash Flow

A

1) Cash flows from operating activities
2a) Cash flows from noncapital financing activities
2b) Cash flows from capital and related financing activities
3) Cash flows from investing activities
Reconcile to operating income (not NI)

38
Q

Pension Trust

A

For government sponsored defined benefit and defined contribution plans and other employee benefits (fiduciary funds)

39
Q

Agency Trust

A

Collects cash to be held temporarily for an authorized recipient to be disbursed later (no I/S): “no monitoring” or “not otherwise obligated” (fiduciary funds)

Current assets = current liabilities

40
Q

Private Purpose Trust

A

The designated fund for reporting all other trust arrangements under which principal and income are the benefit of either: Specific individuals, Private organizations, Other governments (fiduciary funds)

41
Q

Investment Trust

A

Established that a governmental entity that sponsors one or more external investment pools (sponsoring gov’t) should report the external portion of each pool as a separate investment trust fund (fiduciary funds)

CPA (11 decks)

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