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ACCT 4421 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

GASB Stmt No. 65 is pertaining to what topic?

A

subsequent events

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2
Q

What are subsequent events

A

events that occur after fiscal year end but before the financial statement release

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3
Q

What internal controls weaknesses allowed Rita Crundwell to embezzle so much

A

segregation of duties

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4
Q

under what code can a municipality file for bankruptcy

A

chapter 9

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5
Q

What is GASB statement 34

A

governments account for infrastructure assets just as they do with other capital assets

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6
Q

When can a government (according to GASB stmt 34) avoid charging depreciation?

A

if the government can demonstrate they are incurring the costs necessary to maintain the assets

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7
Q

governments receive _____ amounts of cash

A

large

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8
Q

Can GASB tell governments how to invest their funds?

A

no

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9
Q

Do governments have to disclose investment risk according to GASB?

A

yes

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10
Q

What is a derivative

A

a security whose value depends on (derived from) that of some underlying asset, a reference rate, or an index

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11
Q

what chapter of bankruptcy code can local governments file under

A

chapter 9

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12
Q

can states file for bankruptcy

A

no- theres not na provision under bankruptcy code

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13
Q

what are bond issues referred to as (not revenue)

A

other financing sources

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14
Q

general obligation bonds are backed by

A

the full faith and credit of the government

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15
Q

revenue bonds are backed by

A

the revenue of whatever it is financing

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16
Q

what is overlapping debt

A

the obligations of property owners within a particular government for their proportionate share of debts of other governments with overlapping geographic boundaries

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17
Q

Is overlapping debt reported in the financial statements?

A

No

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18
Q

is overlapping debt disclosed in the notes of the financial statements?

A

yes

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19
Q

what is conduit debt

A

when a government issues bonds on behalf of a corporation

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20
Q

do governments have to report conduit debt on FS

A

no unless the corporation goes bankrupt or something and will be unable to pay then it would have to report it

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21
Q

Do proprietary funds have statement of cash flows?

A

yes

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22
Q

Do governmental funds have statement of cash flows?

A

No

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23
Q

The cash flow statement has ____ parts

A

4

24
Q

What are the four parts of the cash flow statement

A
  • from operating activities
  • from noncapital financing activities
  • from capital and related financing activities
  • cash flows from investing activities
25
Q

When do hospitals accrue litigation expense?

A

When it is probable and measurable OR if it is material ( does not have to be probable and measurable)

26
Q

What is a component unit

A

separate and apart from government but government has power over it

27
Q

Is LSU a component unit?

A

Yes

28
Q

What are the three sections that make up the ACFR

A

intro section, financial section and statistical section

29
Q

What do governments have to disclose in relation to budgets

A

original adopted budget, final revised budget and. actual spending

30
Q

Can GASB govern how governments do their budgets?

A

No

31
Q

Is Tulane under FASB or GASB

A

FASB

32
Q

Is LSU under FASB or GASB

A

GASB

33
Q

When a nonprofit receives a pledge it considers that to be _________

A

revenue

34
Q

nonprofits only report the amount of pledges it ______________ as revenue

A

believes they’ll actually receive

35
Q

How many types of fund balances do nonprofits have

A

two

36
Q

what are the two types of fund balances nonprofits have

A

restricted and unrestricted

37
Q

Nonprofits have to disclose how much they spend on ___________ activities

A

fundraising activities

38
Q

if ___________, __________ and ____________ are valid then a non profit could say activities are not just fundraising

A

purpose, audience, and content

39
Q

if purpose, audience and content are proven by nonprofit it may allocate amount spent between

A

fundraising and general functions

40
Q

What is the yellobook

A

GAO issued governmental auditing standards

41
Q

what are auditing standards

A

additional procedures and reports

42
Q

if more than $___________ of federal money spent in a year then government subject to a ___________

A

750,000; single audit

43
Q

what is a single audit

A

audit conducted that makes sure you are in compliance

44
Q

cognizant agency definition

A

whoever gave the largest grant

45
Q

the threshold in findings report is ______

A

$25,000

46
Q

what is the authoritative body for federal

A

FASAB

47
Q

Interperiod equity refers to a condition where

A

current year revenues are sufficient to pay for current year services provided

48
Q

What is the modified accrual accounting based on?

A

the flow of current resources approach

49
Q

the flow of current resources approach is similar to what

A

cash flow

50
Q

Which event(s) is (are) supportive of interperiod equity as a financial reporting objective of a governmental unit?

I. a balanced budget is adopted
II. residual equity transfers out equals residual equity transfers in

A. I only
B. II only
C. Both I and II
D. Neither 1 nor II

A

A. I only

51
Q

What is the bases of accounting required to be used in the government-wide financial statements?

A

modified cash basis for both governmental activities and business- type activities

52
Q

what is an item recognized for governmental activities in the government-wide statement of activities and not the statement of revenues, expenditures and changes in fund balance for governmental funds

A

transfers between governmental funds

53
Q

while complying with GASB 34 a government will present separate fund financial statements for its governmental and proprietary funds. the purpose of the presentation is to :

A

report additional and detailed information about the primary government

54
Q

a permanent fund of a municipality would have the same measurement focus as a(an):

A. general fund
B. internal service fund
C. custodial fund
D. investment trust fund

A

A. general fund

55
Q

All of the following funds use the accrual basis of accounting and the economic resources measurement focus, except:

A. internal service funds
B. investment trust funds
C. capital projects funds
D. private purpose trust funds

A

C. capital projects funds

56
Q

do proprietary funds report budgetary accounts or encumbrances

A

no

57
Q

At December 31, year 1, the following balances were due from the state government to clare city’s various funds:

capital projects: $300,000
custodial and trust: $100,000
enterprise: $80,000

what amount should be reported in governmental funds as of dec 31

A. $100,000
B. $180,000
C. $300,000
D. $480,000

A

C. $300,000

ACCT 4421 (8 decks)

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