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MISC > govern > Flashcards

govern Flashcards

1
Q

governmental funds

A

general, special revenue, capital projects, debt service, and permanent

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2
Q

proprietary funds

A

enterprise funds and internal service funds

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3
Q

A component unit

A

legally separate organization for which the primary government is financially accountable
financial accountability exists if the separate organization (1) is financially dependent on the primary government and (2) has a financial benefit or burden relationship with the primary government.

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4
Q

Imposed nonexchange revenues.

A

Property taxes and fines ,forfeitures represent

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5
Q

where general long term lia report in gover?

A

general long term lia report in the governmental activity column of G WIDE;
ex; general long term liability
long term lia is not recog on govern FUND

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6
Q

short term lia report in gover?

A

short term lia report in both gover WIDE and FUND

ex: tax anticipation note, utility bond ( in enterprise fund)

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7
Q

wut is debt service fund ?

A

A debt service fund is created specifically to account for resources restricted, committed, or assigned to expenditure for principal and interest.

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8
Q

budgetary fund balance entry?

A 
Dr estimated rev (asset, debit)
              Cr appropriation (lia) , amt authorized to spent for the government
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9
Q

encumbrance? entry?

A

to record commitments to purchase goods or services

Dr encumbrance , Cr encumbrance outstadning

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10
Q

wut entry when govern issue purchase order?

A

Dr encumbrance, Cr encumbrance outstanding

when goods received, reverse encumbrance entry , then book Dr expenditure, Cr voucher payable

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11
Q

in gover WIDE, wut is special items

A

Special items are significant transactions or other events within the control of management that are either unusual or infrequent. They are reported separately after extraordinary items.

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12
Q

expenditure for principal and interest in government fund r recognized when?

A

recog only when these amount r due

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13
Q

Imposed nonexchange revenues other than from property taxes recog wen in acctg period?

A

recognized at the same time as the recognition of the assets unless time requirements apply`

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14
Q

where to report construction in progress?

A

not in capital project fund,

report it in gov WIDE

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15
Q

wut is budgetary comparison schedule?

A

it is a required supplementary information,

contain orginal, final budget and actual inflow, outflow

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16
Q

property tax entry in gover FUND ?

A

DR Property taxes receivable – current $600,000
Cr Property tax revenue 575,000
Cr Allowance for uncollectible property taxes – current
25,000

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17
Q

wut RSI include? where it present

A

it present in Annual Financial Report
RSI include: schedule, STAT, budgetary comparison schedule, 4) other information that is an essential part of financial reporting

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18
Q

in govern,a fund is

A

basic accounting unit,

used to ensure fiscal compliance

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19
Q

private purpose trust fund

A

is not a special revenue fund

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20
Q

how to report prepaid insurance in govern FUND ?

A

(1) the purchases method, in which an expenditure is reported when the policy is purchased
(2) the consumption method, in which an expenditure is reported when the asset is consumed.

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21
Q

when to use discrete presentation ?

A

when it is legally separated entity AND have no financial benefit or burden relationship

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22
Q

wut is correct approach to note in Govern FS ?

A

notes r essential in presentation

focus on primary govern : 1) govern acti 2) busines acti 3) major funds , 4) nonmajor funds in aggregated

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23
Q

wut is a component unit of a goverN?

A

component unit is a legally separated entity
a component unit must be blended OR discretely present
A blended component unit is in effect the same as the primary government. Thus, its balances and transactions are reported in a manner similar to those of the primary government. Discrete presentation involves reporting component unit information in columns and rows separate from the information of the primary government.

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24
Q

wut statements r required for special purpose govern that engaged only in business type activities (utility) ?

A

the basic financial statements and RSI include (1) MD&A, (2) enterprise (proprietary) fund statements (statement of net position; statement of revenues, expenses, and changes in fund net position; and statement of cash flows), (3) notes, and (4) RSI other than MD&A.

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25
Q

three primary user groups of the external financial reports of a state government

A

citizen, lawmakers, and advocate group

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26
Q

when resources r actually available and measurable to recog in govern FUND ?

A

when it available and measurable , it can also include previous year amt, cuzz these were not available back then
sale tax collected but not remited ( as long as it is within 60 days)

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27
Q

when does defer inflow of resource increases ?

A

when govern has legally enforceable right to levy

treat it as unearn rev, debit defer inflow , cre revenue when the period begin for which property taxes are levied

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28
Q

intergovernmental revenue ?

A

should be included in estimated revenue

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29
Q

how to report interfund transfer in proprietary fund statement of rev, exp and changes in fund net position ?

A

should be reported separately after nonoperating revenues and expenses

30
Q

CAFR , comprehensive annual financial report

A 
CAFR = Indiana Farm Soybean = Infor section, Financial, Stat
Infor = Lot Of Nutrient = Letter, Organization Chart, Names
Fina = Many Green Field Never Brown = MD&A n audit report, Government wide, Fund statement, Note, Budgetary schedule
Stat= Farmer Rev Decrease During Oct = Financial trend, Rev capacity, Debt capacity, Demographics, Operating Infor
31
Q

Stat is not

A

not part of basic financial statement

32
Q

estimated rev should be reported where

A

Reported on the modified accrual basis of accounting in a budgetary comparison schedule or statement.

33
Q

RSI other than MD&A is presented where and included wut

A

presented after the notes to the basic financial statements in a separate section of the CAFR
(1) schedules, (2) statistical data, (3) budgetary comparison schedules, and (4) other information that is an essential part of financial reporting
not part of basic FS of govern

34
Q

MD&A of govern

A

MDnA is required RSI and precede basic FS

35
Q

estimated transfer to debt service fund shown up on the budget, how does this affect budgetary balance?

A

Dr Estimated Rev, Cr Appropriation, Cr Estimated other financing uses , Cr budgetary fund bal

36
Q

fund bal changes =

A

do not include appropriation acc

37
Q

encumbrance at year end ? entry ?

A 
Dr encumbrance outstanding, Cr encumbrance
then reclass portion to  assigned fund bal or commited fund bal
[debit unassigned fund balance, and credit fund balance -- committed (or assigned)
38
Q

wut to do with outstanding encmbrance at year end ?

A

Outstanding encumbered amounts at year end are reclassified from unassigned fund balance to committed or assigned fund balance (as appropriate). If the constraint on the use of resources was imposed by the government’s highest decision maker, the amounts are reclassified as fund balance – committed. Thus, encumbrances are never reported in the body of the statements. However, significant encumbrances are disclosed in the notes.

39
Q

wut is da focus of major fundS?

A

focus on governmental and enterprise fund

major if 10% governmental, 5% enterprise

40
Q

bond anticipation note issued at face, and proceeds was placed in capital project fund, entry ?

A

Dr cash, cr bond anticipation note payable
report in capital project FUND, and gover WIDE
report ONLY in govern ACTIVITY column if (1) all legal steps have been taken to refinance the notes and (2) the intent is supported by an ability to consummate the refinancing on a long-term basis

41
Q

using modified approach in govern,

A

no need to depreciate the asset

42
Q

infrastructure asset in govern?

A

do not need to be depreciated

43
Q

governmental activity column

A

general capital asset and general long term lia

lia: general oli bond, compensated absences, salaries payable

44
Q

business type activity column

A

enterprise fund,

internal fund report in govern ACTIVITY if they r mainly serve government

45
Q

fiduciary fund in govrn WIDE ?

A

government WIDE does not report fiduciary fund

46
Q

long-term liabilities are directly related to and expected to be paid from a proprietary fund, such as an enterprise fund, where to report ?

A

in the proprietary fund and govern WIDE NET POSITION,

NOT ON GOVERN WIDE, cuzz these lia r specific fund lia

47
Q

Reconciling the net increase in fund balance to the change in net position for governmental activities

A

requires adding $6,000 ($9,000 modified accrual basis expenditure – $3,000 accrual basis expense). The change in net position is $7,500 ($1,500 + $6,000 reconciling item).

48
Q

reconciliation for fund balance / balance sheet

A

GALS BARE = GRASPP fund bal + asset (non curr) - lia (non curr) + service fund bal from Internal service

49
Q

reconciliation for fund balance / income statement

A

GOES BARE = GRASPP change in fund balance - other financing sources + expenditure from capital outlay (net of depre) + service income from internal service rev

To remember where the additions and subtractions go, I just think of the movie 21 Jump Street. The number 21 will tell me when to subtract. I subtract the 2nd item in GALS and the 1st item in GOES

50
Q

a reconciliation for govern WIDE and fund statement report where

A

at the bottom of fund statements

51
Q

net investment in capital asset

A

net position include = net investment , restricted net position , unrestricted net position

capital asset only (no inventory) cost of truck - AD - outstanding debt related to truck

52
Q

a defer outflow of resources from an enterprise fund is ?

A

is not lia, it is a consumption of net assets that applies to a future period, not a lia

53
Q

internal service fund received an interfund transfer of 100k in cash from general fund, how to report this in proprietary fund ?

A

the final item b4 the change in statement of rev, expe and change in fund net position
for governmental fund, it is a other financing use

54
Q

FS for proprietary fund ?

A

emphasize of operating income, changes in net position, financial position and CF (direct CF is required)
net position = [(assets + deferred outflows of resources) – (liabilities + deferred inflows of resources) = net position]

55
Q

CF of proprietary fund ?

A

operating
non cap and cap related financing (grants, tax receips, debt proceeds, cash received or paid to other fund)
investing: making, collecting loan, acquiring and disposing debt and equity instruments, interest, dividends received as return on loans

56
Q

public benefit corporation

A

proprietary fund

57
Q

in proprietary fund, cash outlay for parking meter, depreciation of parking meter is ?

A

cash outlay for parking meter is NOT operating expense, it is capital and related financing activity
depreciation of parking = operating expense

58
Q

enterprise fund received a unrestricted grant, wut is this ?

A

nonoperating rev

59
Q

wut FS r required for fiduciary ?

A

statement of fiduciary net position
statement of changes in fiduciary net position ( take out agency fund, total addition, total decution and change in net position)

60
Q

wut FS is required for gover FUND ?

A

statement of rev, expenditure and changes in fund balances

61
Q

a defined contribution pension plan must report

A 
include class of employee covered
employer , employee obligation to contribute
62
Q

reconciliation of the statement of revenues, expenditures, and changes in fund balances to the government-wide statement of activities

A

add capital asset purchased
add payment of long term debt principal
add internal service fund
subtract book value of capital asset sold

63
Q

general capital asset report where ?

A

r all capital ssets not reproted in proprietary fund or fiduciary fund.
report only in governmental activities column of WIDE

64
Q

if agency fund received 1% fee, how to record this ?

A

due to general fund, since agency fund do not recog rev

65
Q

govern WIDE statement of activities

A

may not be required to allocate depreciation

66
Q

state appropriations to a state university ? wut is this in proprietary fund ?

A

nonoperating rev

67
Q

combining fund statements are

A

part of the comprehensive financial report but not part of the basic financial statements.

68
Q

nonmajor fudn

A

As a nonmajor fund, the financial information for the Road Tax fund is combined with other nonmajor funds in the basic financial statements.
Individual fund financial statements would be required to demonstrate compliance with state law in this case. Whether shown in RSI or as part of the basic financial statements, the budgetary data would not otherwise show the details of individual, nonmajor funds. In combining nonmajor funds, it does not matter if only one of the governmental funds was a special revenue fund. Because the focus of fund financial reporting is on major funds, nonmajor funds should be aggregated and do not need to be shown individually.

69
Q

defer income tax expense

A

The temporary difference generated in the year is the noncurrent part of the tax expense
get the temp diff * rate

70
Q

govern allocate indirect expenses, where to report?

A

in a column separate from the direct expenses to enhance comparability with other governments
Special and extraordinary expenses are reported separately at the bottom of the statement of activities.

71
Q

expected postretirement health care benefit period

A

begins at employee’s date of hire and ends at the full eligibility date

72
Q

depreciable life in lease ?

A

Douglas Co. should capitalize the lease because the lease term (five years) is equal to 83% (equal to or more than 75%) of the economic life (six years). Under a capital lease, the lease is depreciated using the life of the lease if the 75% or 90% of fair market value criteria are met. If the lease transfers ownership or has a bargain purchase, the life of the asset is used to determine depreciation. (FASB ASC 840-30-35-1)

MISC (6 decks)

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