GASB Flashcards by David Coyne

List the three categories of funds for state and local governmental entities.

Governmental Funds;
Proprietary Funds;
Fiduciary Funds.

How well did you know this?

Not at all

Perfectly

What fund is used to account for business-type activities?

Proprietary Fund.

How well did you know this?

Not at all

Perfectly

What is the measurement focus basis of accounting for proprietary fund types?

Accrual accounting: Flow of economic resources.

How well did you know this?

Not at all

Perfectly

What are the revenue recognition criteria under modified accrual accounting?

Measurable; Available.

How well did you know this?

Not at all

Perfectly

List the five types of governmental funds.

General Fund;
Special Revenue Funds;
Capital Project Funds;
Debt Service Funds;
Permanent Funds.

How well did you know this?

Not at all

Perfectly

What is the measurement focus basis of accounting for governmental fund types?

Modified accrual: Flow of current expendable financial resources.

How well did you know this?

Not at all

Perfectly

List the four types of fiduciary funds.

Pension Trust Funds;
Private-Purpose Trust Funds;
Investment Trust Funds;
Agency Funds.

How well did you know this?

Not at all

Perfectly

List the two types of proprietary funds.

Enterprise Funds;

Internal Service Funds.

How well did you know this?

Not at all

Perfectly

What is the basis of accounting in which budgetary accounting is used?

Modified Accrual Basis.

How well did you know this?

Not at all

Perfectly

Is the normal balance of the encumbrances account a credit or a debit?

debit

How well did you know this?

Not at all

Perfectly

What budgetary account represents the estimated dollar value of outstanding purchase orders?

Encumbrances account.

How well did you know this?

Not at all

Perfectly

What are encumbrances?

the estimated dollar value of outstanding purchase orders

How well did you know this?

Not at all

Perfectly

What budgetary account represents the legally mandated spending limit?

Appropriations account.

How well did you know this?

Not at all

Perfectly

What do appropriations represent?

the legally mandated spending limit

How well did you know this?

Not at all

Perfectly

Is the normal balance of appropriations account a credit or a debit?

Credit

How well did you know this?

Not at all

Perfectly

What funds must report budget-to-actual comparisons?

General Funds;

Major Special Revenue Funds.

What are the required Government-wide Financial Statements?

Statement of Net Assets;

Statement of Activities.

List the three sections of the comprehensive annual financial report (CAFR).

Introductory Section;
Financial Section;
Statistical Section.

What fund is always a major fund?

General Fund

What criteria are used to determine a major fund?

10% of total assets, liabilities, revenues, or expenditures/expenses of the total for all funds in that fund type and at least 5% for the same element for all governmental and enterprise funds combine.

What funds are reported in a separate column in the fund level financial statements for governmental fund types?

Major funds.

List the three component parts of Net Assets.

Invested in capital assets, net of related debt;
Restricted net assets;
Unrestricted net assets.

What is the purpose of the Capital Projects Fund?

Used to accumulate resources and manage expenditures related to major capital projects in government accounting.

What is the basis of accounting used by Special Revenue Funds?

Modified Accrual

What is the basis of accounting used by the General Fund?

Modified Accrual

When is revenue related to expenditure-driven grants recognized for government accounting?

When the expenditure is made and reimbursement is requested.

What is the purpose of a permanent fund?

To record receipt of an endowment where the earnings are to be expended on a public purpose.

What is the primary function of the debt service fund?

Payment of interest and principal on general long-term debt.

What account is credited when general fund revenues are received before they are legally due?

Deferred revenue.

For what fund is major fund reporting not required?

Internal Service Fund

What accounts do agency funds use?

Agency funds accounts consist only of current assets and current liabilities; they do not recognize revenues, expenditures, or net assets.

What equity account is used by Pension Trust Funds?

Net Assets Held in Trust for Pension Benefits.

What funds are used to account for any resources managed in trust by the governmental entity where the beneficiaries are outside of the governmental entity itself?

Private Purpose Trust Funds