Government Flashcards
Government Revenue
taxes licenses permits intergov rev charges for services fines forfeits misc
special rev fund
specific rev sources that are restricted or committed to expenditure for specific purpose other than debt service or capital project
debt service fund
legally mandated or fin resources are being accumulated for principal or interest payments to be made in future years. fund life is tied to debt
capital project fund
fin resources that are committed or restricted or assigned to expenditure for capital outlays.(not used for proprietary). used to construct or acquire major fixed assets.
gov funds have five fund balances
non spendable (gen, spec rev, perm) restricted committed assigned unassigned
general fund is the only fund that has a
positive unassigned fb. all other accounts have a negative one.
permanent funds
account for resources held in trust by gov for benefit of gov.
economic resource measurement focus
accrued
proprietary financials
statement of net position
statement of rev expenses and changes in fund net position
statement of cash flows
statement of net position equity section (proprietary fund)
net investment in capital asset
restricted
unrestricted
statement of cashflows government 4 sections
direct method required
operating
noncapital financing
capital and related financing
investing activities
cashflows from noncapital fin activities
debt issued to finance operations
interest related to such debt
transfers not related to capital acquisition
cashflows related to capital and related financing activities
issuance and repayment of debt issued to acquire capital asset
interest related to such debt
acquisition and sale of capital asset
cashflows from investing activities
acquisition and sale of investments in debt and equity instruments
interest and dividend on such payments
loans made and collected (except operating loans)
fiduciary statements for pension account
statement of fiduciary net position
statement of changes in fiduciary net position
instead of using expenses and revenues pensions statement use
additions and deductions
agency funds acts as a
intermediary a=l
private purpose trust fund
accounts for resources held in trust by the gov for the benefit of individuals. does not account for pension plans, investment pools, permanent funds.
Budgetary accounting
what is the entry for a surplus budget
est rev 110
appropriation 100
fb 10
budgetary accounts are opposite.
encumbrance.
encumbrance entry
to help control spending
formally record commitments in the acc system until order is received
encumbrance 100
budgetary fb 100
order filled
budgetary fb 80
encumbrance 80
(reverse out estimated)
expenditure 81
voucher payable 81
(record actual)
budgetary fb 20
encumbrance 20
(close out outstanding at yr end)
fund balance unassigned 20
fb assigned or committed 20
(show fb assigned or committed for encumbrance obligations at yr end)
short term loans
long term loans
due to due from
advance to advance from
modified approach
gov can elect not to depreciate infrastructure if it. gov must meet two conditions
preserves the infrastructure in a condition equal to or above the original condition.
documentation of condition status
record keeping
4 interfund transaction types
quasi external transactions
loans
transfers
reimbursement
quasi external transactions-interfund
internal service fund and and enterprise fund activities providing services for a fee to other units of gov
I.S fund
due from gf 30
due from ent fund 20
rev-billings to dept 50
expenses 40
inv 40
(25% markup)
gf
expenditure-supply 30
due to i.s fund 30
ent fund
expenses 20
due to I.S 20
Government wide
expenses 24
expenses 16
inv 40
reimburesements-interfund
reimburse one fund for expenditures or expenses recorded that should have been recorded in another fund.
gf
expenditure 5
cash 5
(paid by gf to external vendor in error)
gov wide
expenses 5
cash 5
ent fund
supply 5
due to gf 5
(reimbursement)
GF
due from end fund 5
expenditure 5
transfers-nonreciprocal transfer between fund with no repayment requirement.-interfund
GF
OFU-transfer out to D.S fund 10
cash 10
DS Fund
Cash 10
OFS-Transfer in
Loans-interfund
amounts transferred between funds that are expected to be repaid
due to due from- short term
advance-long term
GF
Due from cap project 12
advance to ent fund 17
cash 29
capital project fund
cash 12
due to gf fund 12
ent fund
cash 17
advance from gf fund 17
other fin source includes
transfers and proceeds from bonds. neither of which are revenue
gov funds use_____
proprietary and fiduciary funds use______
expenditure and Fund balance
net position and expense
nonexchainge transactions are
derived tax rev
imposed tax rev
gov mandated
voluntary
cafr sections
introductory
financial
statistical
gov wide financials
statement of net position
statement of activities
min requirements for fin reporting gov wide statements
MD&a
basic financials
RSI
basic fin statements (gov wide)
gov wide statements
fund statements
notes to financials
