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FAR > FARE 9 Governmental Accounting > Flashcards

FARE 9 Governmental Accounting Flashcards

1
Q

The basic sections of external financial reports for governmental entities using the integrated reporting model

A
  1. Management’s discussion and analysis
  2. Government-wide financial statements
  3. Fund financial statements
  4. Notes to the financial statements
  5. Required supplementary info
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2
Q

What sections of the external financial reporting model represent the basic financial statements?

A
  1. Government-wide financial statements
  2. Fund financial statements
  3. Notes to the financial statements
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3
Q

The detailed external financial reporting requirements:

Reporting government-wide statements

A
  1. Statement of net assets

2. Statement of activities

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4
Q

The detailed external financial reporting requirements:

Reporting governmental fund financial statements

A
  1. Balance sheet
  2. Statement of revenues, expenditures, and changes in fund balances
  3. Reconciliation to the government-wide statements
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5
Q

The detailed external financial reporting requirements:

Reporting proprietary fund finanacial statements

A
  1. Balance sheet/Statement of net assets
  2. Statement of revenue, expenses, and changes in fund net assets
  3. Statement of Cash Flows - direct format
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6
Q

The detailed external financial reporting requirements:

Reporting fiduciary fund financial statements

A
  1. Statement of fiduciary net assets

2. Statement of changes in fiduciary net assets

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7
Q

The detailed external financial reporting requirements:

Combining statements for major component units

A
  1. Statement of net assets

2. Statement of activities

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8
Q

The detailed external financial reporting requirements:

Note to the financial statements

A
  1. Schedule of changes in capital assets

2. Schedule of changes in long-term liabilities

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9
Q

The detailed external financial reporting requirements:

Required suppl. info

A
  1. MD&A
  2. Budgetary comparison schedules
  3. Pension and infrastructure info
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10
Q

CAFR

A

CAFR: Comprehensive Annual Financial Report

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11
Q

CAFR includes

A
  1. Introductory section
  2. Basic financial statements and required suppl. info
  3. Statistical section
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12
Q

CAFR’s introduction section includes

A

Letter of transmittal
Organization chart
List of principal officers

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13
Q

CAFR’s basic FS and suppl. info includes

A

MD&A
Government-wide FS
Fund FS
Required suppl. info

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14
Q

Minimum disclosure requirements on the government-wide statement of net assets

A 
Primary government 
1. Government activities
2. Business type activities 
3. Total primary government activities 
Discretely presented component units
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15
Q

Management’s Discussion & Analysis includes info:

A 
Description of the basic FS
Primary government
Discrete component units
Economic conditions and outlook
Major initiatives
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16
Q

Components of net assets displayed on govern-wide FS

A

Invested in capital assets, net of related debt
Restricted
Unrestricted

17
Q

Infrastructure assets

A

Streets, bridges etc
Reported as assets in the g-w FS
Historical cost
Depreciated (unless some conditions met)

18
Q

Donated works of arts

A

Capitalized unless displayed and proceeds from any future sales are going to be reinvested in other works

19
Q

Eliminating entries

A

Interfund activities between funds that are consolidated within governmental or business type reporting categories are eliminated when preparing G-W FS

20
Q

The components of program revenues in the statement of activities

A

Service charges
Operating grants and contributions
Capital grants and contributions

21
Q

State the reporting treatment of internal service funds

A

Internal service funds reported in proprietary funds, but should be in the governmental activities column of G-W FS unless the government’s enterprise funds are the primary recipient of internal service fund services

22
Q

Format of the G-W statement of activities

A

Net cost format:

  1. Revenues separated into program revenues and general revenues
  2. Expenses are reduced by program revenues resulting in net expenses/revenue and changes in net assets
  3. General revenues, extraordinary items, and special items are reported separately
  4. Results in change in net assets
23
Q

Threshold for identification as a major fund

A

Total assets, liabilities, revenues or exp of the individual fund are at least 10% or more total of all major funds
5% of total of all governmental and enterprise funds combined

24
Q

Reconciling items between fund balance accounts displayed on the BS of the governmental funds FS and net assets displayed in the G-W FS

A 
Governmental Fund Equity 
\+ Assets noncurrent
- Long term debt
\+ Internal Services Fund net assets 
Basis of accounting
Accrual differences resulting in receivables and payable
Revenue converted from modified to full accrual or
Expenses
25
Q

Reconciling items between fund balance accounts displayed on the statement of the revenue expenditures and changes in fund balances in the governmental funds FS and the change in net assets displayed in the G-W FS

A

Governmental fund changes in fund balance
+ other financing sources
Expenditure-capital outlay (net of depreciation) principal payments on debt
Service (internal) fund change in net assets may need to be added
Basis of accounting

26
Q

Statement of Cash flows is prepared for:

A

Proprietary funds

27
Q

Sections of the statement of cash flows

A 
Cash flows from activities:
operating
noncapital financing 
capital and related financing
investing
28
Q

Types of interfund transactions

A

Reciprocal interfund activity

Nonreciprocal interfund activity

29
Q

Reciprocal interfund activity

A

Interfund loans

Interfund services provided and used

30
Q

Nonreciprocal interfund activity

A

Interfund transfers

Interfund reimbursements

31
Q

Primary government

A 
represented by a general-purpose government that stands by itself:
Separately
Elected boards
Legally separate entity
Financially self-sufficient
32
Q

Component unit

A

Does not meet criteria of a primary government

Intertwined with the primary government

33
Q

Methods available for reporting component units of a primary government in the primary government’s FS

A

Blended

Discrete

34
Q

Describe blended, method available for reporting component units of a primary government in the primary government’s FS

A

Blended: consolidated with the primary government

35
Q

Describe discrete, method available for reporting component units of a primary government in the primary government’s FS

A

Discrete: Shown in a separate column as a component unit

36
Q

The criteria for blended presentations of component units

A

Blended: when the component unit is the same as the primary government:

  • a board of the component unit is the same
  • serves the primary government exclusively
  • not a legal entity
37
Q

The criteria for discrete presentations of component units

A

when the criteria for blended presentation are not met.
Blended: when the component unit is the same as the primary government:
- a board of the component unit is the same
- serves the primary government exclusively
- not a legal entity

38
Q

The basic criteria used to determine the reporting entity for a governmental unit

A

The reporting entity is an oversight unit and all related component units. The basic criteria include financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations, and accountability of fiscal matters.

FAR (41 decks)

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