Government Cash Flow Statement Flashcards

1
Q

Which method is allowed

A

Direct only.

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2
Q

How many sections are there

A

1- Operating
2- Capital and related Financing (Borrowed money to purchase Capital assets (Growth
3- Noncapital Financing (Borrowed money for paying bills or deficits (Non-Growth)
4- Investing (Loan to other, Investment in debt or equity. Interest and dividend income is also investing. Interest paid as well.)

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3
Q

Which fund has the SCF

A

Proprietary funds only. Internal Service Fund and Enterprise Fund

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4
Q

City of Mississauga received interest on long-term investment in bonds.

A

Investing Inflow

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5
Q

City of Mississauga levied property taxes to subside its ongoing operations of Water and Sewer Fund

A

Non-Capital Financing Inflow

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6
Q

City of Mississauga enterprise fund earn interest of $25,000 on its investments

A

Investing Inflow

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7
Q

Lee Township was awarded operating grant to subsidize the ongoing operations of its Water and Sewer Fund

A

Non-Capital Financing

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8
Q

Cash inflow to fund the construction of City Hall

A

None. It’s a General Fund

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9
Q

Lee Township’s Water and Sewer Fund paid for the construction costs for the improvement of Water and Sewer System

A

Capital and related Financing

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10
Q

Bond Proceeds of $60,000 to be used to buy long lived assets

A

$60,000 Capital and related Financing Inflow

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11
Q

Bond Proceeds of $60,000 to be used to pay emergency payments, Payroll and Bills

A

$60,000 Non-Capital Financing

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12
Q

Purchase of long-lived assets for $30,750 from the $60,000 bond Proceeds

A

$(37,750) Capital and related Financing Outflow

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13
Q

Accrual basis revenue received from customers was $85,000 beginning accounts receivable was $40,000 and ending receivable were 70,000

A

$55,000 Operating Cash Inflow

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14
Q

Transfer made to other funds amounted to $6,200

A

($6,200) Non-Capital Financing Cash Outflow

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15
Q

Interest paid on bonds used to finance capital assets amounted to $5,000

A

($5,000) Capital and Related Financing Cash Outflow

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16
Q

Principle of $25,000 was paid on debt to finance capital Asset

A

($25,000) Capital and Related Financing Outflow

17
Q

Long-Live Assets were Sold for Proceeds of $32,000. Gain on Sale was 5,000

A

$32,000 Capital and Related Financing Inflow.

BIG DIFFERENCE WITH OTHER CFS

18
Q

Interest Received from Investments, $4,100

A

$4,100 Investing Inflow

19
Q

Dividends received from Investment $910

A

$910 Investing Inflow

20
Q

Cash paid to suppliers was $17,000 after adding the increase in inventory for the year of $5,000

A

($17,000) Operating Cash Outflow

21
Q

Accrual basis expense was $7,000 accounts payable began the year at $1,000 and ended the year at $400.

A

($7,600) Operating Cash Outflow

22
Q

Investments were sold for cash proceeds of $70,000. Loss on sale

A

$70,000 Investing Cash Inflow.