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FAR - Cram > GASB > Flashcards

GASB Flashcards

1
Q

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

A

Governmental Funds;
Proprietary Funds;
Fiduciary Funds.

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2
Q

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

A

Proprietary Fund.

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3
Q

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

A

Accrual accounting: Flow of economic resources.

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4
Q

What are the revenue recognition criteria under modified accrual accounting?

A

Measurable; Available.

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5
Q

List the five types of governmental funds.

A 
General Fund;
Special Revenue Funds;
Capital Project Funds;
Debt Service Funds;
Permanent Funds.
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6
Q

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

A

Modified accrual: Flow of current expendable financial resources.

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7
Q

List the four types of fiduciary funds.

A

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

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8
Q

List the two types of proprietary funds.

A

Enterprise Funds;

Internal Service Funds.

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9
Q

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

A

Modified Accrual Basis.

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10
Q

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

A

debit

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11
Q

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

A

Encumbrances account.

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12
Q

What are encumbrances?

A

the estimated dollar value of outstanding purchase orders

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13
Q

What budgetary account represents the legally mandated spending limit?

A

Appropriations account.

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14
Q

What do appropriations represent?

A

the legally mandated spending limit

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15
Q

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

A

Credit

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16
Q

What funds must report budget-to-actual comparisons?

A

General Funds;

Major Special Revenue Funds.

17
Q

What are the required Government-wide Financial Statements?

A

Statement of Net Assets;

Statement of Activities.

18
Q

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

A

Introductory Section;
Financial Section;
Statistical Section.

19
Q

What fund is always a major fund?

A

General Fund

20
Q

What criteria are used to determine a major fund?

A

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.

21
Q

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

A

Major funds.

22
Q

List the three component parts of Net Assets.

A

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

23
Q

What is the purpose of the Capital Projects Fund?

A

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

24
Q

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

A

Modified Accrual

25
Q

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

A

Modified Accrual

26
Q

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

A

When the expenditure is made and reimbursement is requested.

27
Q

What is the purpose of a permanent fund?

A

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

28
Q

What is the primary function of the debt service fund?

A

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

29
Q

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

A

Deferred revenue.

30
Q

For what fund is major fund reporting not required?

A

Internal Service Fund

31
Q

What accounts do agency funds use?

A

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

32
Q

What equity account is used by Pension Trust Funds?

A

Net Assets Held in Trust for Pension Benefits.

33
Q

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?

A

Private Purpose Trust Funds

FAR - Cram (5 decks)

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