government Flashcards
Government-wide
- Full accrual
- economic resource
- classified as govenmental activities or business type
- major fund presented, non major fund displayed in aggregate
government wide presentation, 2 types
- statement of net position
- statement of activities
government accounting, 3 types
- governmental funds
- proprietary fund
- fiduciary fund
- financial resources measurement
governmental fund
- current financial resources
- modified accrual
5 types of governmental fund
- general
- special revenue
- capital project, acquisition or construction
- debt service, make interest and principal payment
- permanent
classification of fix asset
- governmental fund will expenditure
- proprietary and fiduciary will capitalize asset, acquisition and depreciate them
proprietary fund, accrual
- internal service-render service or provide to other fund within government
- enterprise- to outside government entity
Fiduciary fund
- pension trust
- investment trust
- private purpose trust
- agency
- exclude from government wide
agency trust fund
- collect cash to be held temporary
- no recognized revenue/expense
governmental reporting
- MD&A
- government wide
- fund financial statement
- note of financial statement
- RSI(require supplement information) other than MD&A
modified accrual
-revenue recognized when measurable and available
full accrual
- revenue recognized when earned
- expense recognized when incurred
debt recognition in governmental fund
- governmental fund recorded as other financing sources
- repayment recorded as expenditures of both principal and interest
fund balance, governmental ,modified accrual
- non spendable
- unassigned
- committed
- assigned
- restricted by external
primary government entities,report by itself
- state: general purpose
- local government: special purpose
financing activities
- common stock
- preferred
- APIC
- N/P
- bond payable
exchange revenue
good/service/cash exchange
non exchange revenue
- derive tax-sale tax, income tax
- imposed- property tax
encumbrance
open order, can be considered a form of estimate expenditure
function or program
identify the purpose or objective of expenditure. highway, street , education, public safety
4 types of RSI
- budgetary comparison schedule
- information about infracture asset
- claim development info when the government sponsor a public entity risk pool
- pension schedule
Appropriations
an account created as a restriction of revenues
Encumbrances
similar to a purchase order, specifically designates funds for a specific future purchase of goods or services
other financing sources and uses
Transfers between funds