Government

Question 1

Government Revenue

Answer 1

taxes
licenses permits
intergov rev
charges for services
fines forfeits
misc

Question 2

special rev fund

Answer 2

specific rev sources that are restricted or committed to expenditure for specific purpose other than debt service or capital project

Question 3

debt service fund

Answer 3

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

Question 4

capital project fund

Answer 4

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.

Question 5

gov funds have five fund balances

Answer 5

non spendable (gen, spec rev, perm)
restricted
committed
assigned
unassigned

Question 6

general fund is the only fund that has a

Answer 6

positive unassigned fb. all other accounts have a negative one.

Question 7

permanent funds

Answer 7

account for resources held in trust by gov for benefit of gov.

Question 8

economic resource measurement focus

Answer 8

accrued

Question 9

proprietary financials

Answer 9

statement of net position
statement of rev expenses and changes in fund net position
statement of cash flows

Question 10

statement of net position equity section (proprietary fund)

Answer 10

net investment in capital asset
restricted
unrestricted

Question 11

statement of cashflows government 4 sections

direct method required

Answer 11

operating
noncapital financing
capital and related financing
investing activities

Question 12

cashflows from noncapital fin activities

Answer 12

debt issued to finance operations
interest related to such debt
transfers not related to capital acquisition

Question 13

cashflows related to capital and related financing activities

Answer 13

issuance and repayment of debt issued to acquire capital asset
interest related to such debt
acquisition and sale of capital asset

Question 14

cashflows from investing activities

Answer 14

acquisition and sale of investments in debt and equity instruments
interest and dividend on such payments
loans made and collected (except operating loans)

Question 15

fiduciary statements for pension account

Answer 15

statement of fiduciary net position

statement of changes in fiduciary net position

Question 16

instead of using expenses and revenues pensions statement use

Answer 16

additions and deductions

Question 17

agency funds acts as a

Answer 17

intermediary a=l

Question 18

private purpose trust fund

Answer 18

accounts for resources held in trust by the gov for the benefit of individuals. does not account for pension plans, investment pools, permanent funds.

Question 19

Budgetary accounting

what is the entry for a surplus budget

Answer 19

est rev 110
appropriation 100
fb 10

budgetary accounts are opposite.

Question 20

encumbrance.

encumbrance entry

Answer 20

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)

Question 21

short term loans

long term loans

Answer 21

due to due from

advance to advance from

Question 22

modified approach

gov can elect not to depreciate infrastructure if it. gov must meet two conditions

Answer 22

preserves the infrastructure in a condition equal to or above the original condition.

documentation of condition status
record keeping

Question 23

4 interfund transaction types

Answer 23

quasi external transactions
loans
transfers
reimbursement

Question 24

quasi external transactions-interfund

Answer 24

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

Question 25

reimburesements-interfund

Answer 25

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

Question 26

transfers-nonreciprocal transfer between fund with no repayment requirement.-interfund

Answer 26

GF
OFU-transfer out to D.S fund 10
cash 10

DS Fund
Cash 10
OFS-Transfer in

Question 27

Loans-interfund

Answer 27

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

Question 28

other fin source includes

Answer 28

transfers and proceeds from bonds. neither of which are revenue

Question 29

gov funds use_____

proprietary and fiduciary funds use______

Answer 29

expenditure and Fund balance

net position and expense

Question 30

nonexchainge transactions are

Answer 30

derived tax rev
imposed tax rev
gov mandated
voluntary

Question 31

cafr sections

Answer 31

introductory
financial
statistical

Question 32

gov wide financials

Answer 32

statement of net position

statement of activities

Question 33

min requirements for fin reporting gov wide statements

Answer 33

MD&a
basic financials
RSI

Question 34

basic fin statements (gov wide)

Answer 34

gov wide statements
fund statements
notes to financials