government

Question 1

Government-wide

Answer 1

• Full accrual
• economic resource
• classified as govenmental activities or business type
• major fund presented, non major fund displayed in aggregate

Question 2

government wide presentation, 2 types

Answer 2

• statement of net position

- statement of activities

Question 3

government accounting, 3 types

Answer 3

• governmental funds
• proprietary fund
• fiduciary fund
• financial resources measurement

Question 4

governmental fund

Answer 4

• current financial resources

- modified accrual

Question 5

5 types of governmental fund

Answer 5

• general
• special revenue
• capital project, acquisition or construction
• debt service, make interest and principal payment
• permanent

Question 6

classification of fix asset

Answer 6

• governmental fund will expenditure

- proprietary and fiduciary will capitalize asset, acquisition and depreciate them

Question 7

proprietary fund, accrual

Answer 7

• internal service-render service or provide to other fund within government
• enterprise- to outside government entity

Question 8

Fiduciary fund

Answer 8

• pension trust
• investment trust
• private purpose trust
• agency
• exclude from government wide

Question 9

agency trust fund

Answer 9

• collect cash to be held temporary

- no recognized revenue/expense

Question 10

governmental reporting

Answer 10

• MD&A
• government wide
• fund financial statement
• note of financial statement
• RSI(require supplement information) other than MD&A

Question 11

modified accrual

Answer 11

-revenue recognized when measurable and available

Question 12

full accrual

Answer 12

• revenue recognized when earned

- expense recognized when incurred

Question 13

debt recognition in governmental fund

Answer 13

• governmental fund recorded as other financing sources

- repayment recorded as expenditures of both principal and interest

Question 14

fund balance, governmental ,modified accrual

Answer 14

• non spendable
• unassigned
• committed
• assigned
• restricted by external

Question 15

primary government entities,report by itself

Answer 15

• state: general purpose

- local government: special purpose

Question 16

financing activities

Answer 16

• common stock
• preferred
• APIC
• N/P
• bond payable

Question 17

exchange revenue

Answer 17

good/service/cash exchange

Question 18

non exchange revenue

Answer 18

• derive tax-sale tax, income tax

- imposed- property tax

Question 19

encumbrance

Answer 19

open order, can be considered a form of estimate expenditure

Question 20

function or program

Answer 20

identify the purpose or objective of expenditure. highway, street , education, public safety

Question 21

4 types of RSI

Answer 21

• budgetary comparison schedule
• information about infracture asset
• claim development info when the government sponsor a public entity risk pool
• pension schedule

Question 22

Appropriations

Answer 22

an account created as a restriction of revenues

Question 23

Encumbrances

Answer 23

similar to a purchase order, specifically designates funds for a specific future purchase of goods or services

Question 24

other financing sources and uses

Answer 24

Transfers between funds

Question 25

Debt service fund

Answer 25

used to account for payments of the maturing principal and related interest of general government long-term debt and the accumulation of financial resources for these payments. The resources for these payments may be accumulated from tax levies specifically designated for debt service and/or by transfers from other funds.