Government-wide financial statement

Question 1

what are the basic info about government-wide FS?

Answer 1

• has statements: statement of net position and statement of activities
• use for all governmental activities (GRaSPP + S) and all business-types activities (E)
• GASB 34 requires to use economic resources measurement focus and full accrual of accounting
• includes all assets and liabilities over which government has control or responsibility
• excludes fiduciary funds
• includes component units

Question 2

what are components of statement of net position?

Answer 2

RUN
- net investment in capital assets: capital assets, A/D, reduced by outstanding balances of bonds, mortgages, notes, and included deferred in/out flows
- restricted = externally imposed
- unrestricted = everything else
- eliminated interfund activities

Question 3

how to record a debt to be repaid from general resources?

Answer 3

any debt (ex: special assessment debt) to be repaid from general resources will be recorded as general long-term liabilities in the governmental activities column of the government-wide statement

Question 4

how to record interfund receivables and payables b/w governmental and business-type activities in government-wide FS?

Answer 4

• report as internal balances
• they are not eliminated in the individual column but recorded and aligned in both columns so that they sum to zero prior to prepare the govt-wide FS

Question 5

what are the two required schedules of supplementary info using modified approach reporting?

Answer 5

• a schedule reporting the condition of the government’s infrastructure
• a comparison schedule of needed and actual expenditures to maintain the infrastructure

Question 6

what is to be based on when recording expenses?

Answer 6

functions and program listed

Question 7

what are the 3 main program revenue classified by functions in the statement of activities in govt-wide FS?

Answer 7

the govt can SOC away these revenue:
- Services (charges for)
- Operating grants and conditions
- Capital grants and conditions

Question 8

how to report a non-exchange revenue in support of government activities?

Answer 8

activity like levi tax to improve roads is reported as “general fund”

Question 9

what is the difference b/w the govt fund FS and govt-wide FS on fixed asset disposal?

Answer 9

NBV of the assets sold