Government Flashcards
3 fund categories
Government
Proprietary
Fiduciary
Government - 5 funds
GRaSPP
General fund Revenue (special) fund Service (debt) fund Projects (capital) fund Permanent fund
Government funds traits
Modified accrual, no fixed assets, no long term liab
Measurement focus is current financial resources
No profit motive
Deferred outflows
Assets
Deferred inflows
Liabilities
Assets, deferred outflows minus
Liabilities, deferred inflows equals fund balance
Proprietary funds
Internal service
Enterprise
Proprietary fund characteristics
Charge user fees, treat others like a customer
Full accrual basis - revenues when earned
Fiduciary funds (Trust) CIPPoe…4 funds
Custodial funds Investment trust funds Private purpose funds Pension and other employee benefits O E
Fiduciary fund characteristics
Only 2 financial stmts- no stmt cash flows
Full accrual basis
Economic resources measurement focus
Not in government wide financials
Government wide statements are full accrual- how to convert the GRaSPP
Add in the assets
Subtract the long term liabilities
BAE-BAE
Book the. budget - close the budget
Book activity - close actual activity
Book encumbrance - close for same as start
Government financial statement focus
- Operational Accountability -
Timeliness, consistency, comparability - Fiscal accountability
Statement of cash flows
Must be direct- only proprietary funds Operating Non capital financing activities Capital and related financing activities Investing activities
Comprehensive Annual Financial Report (CAFR)
Not required by GASB 34
Takes the basic financial report and adds an introductory section and a Statistical section
Primary government component unit
SELF
Separately Elected governing board
it is a Legal entity
it is Financially independent
Government revenues include intergovernmental revenues
Yes
Government expenses get recorded to
Expenditure control
Property taxes levied in year 1 to finance year 2 should be reported as revenue when
Year 2
Property tax revenues that are measurable but not available at year end are recorded as
Deferred inflows of resources
Gov wide basic financial statement
Statement net position RUN
Restricted
Unrestricted
Net position
Includes deferred outflows of resources and deferred inflows of resources
