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FAR > Governmental > Flashcards

Governmental Flashcards

1
Q

three standard sections of a governmental comprehensive annual financial report

A

Introductory, Financial and Statistical

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2
Q

enterprise fund

A

Enterprise funds account for government entities which are partially or wholly supported by voluntary payments, which often take the form of user fees.

Only a proprietary fund such as an enterprise fund reports operating revenue.

If the fees charged by an activity are intended to recover its costs, the activity should be classified as an enterprise fund activity.

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3
Q

imposed non-exchange revenues

A

Property taxes and fines are imposed non-exchange revenues because they are assessed and not derived from transactions.

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4
Q

Derived tax revenues

A

derived from a transaction, such as sales taxes

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5
Q

Government mandated nonexchange transactions

A

are funds provided by one level of government to another.

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6
Q

Voluntary nonexchange transactions

A

are those entered into willingly by the paying party, such as grants and donations.

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7
Q

internal service fund

A

Services provided by one agency to other governmental departments on a cost reimbursement basis are accounted for in internal service funds

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8
Q

debt service fund

A

A debt service fund is used to make principal and interest payments on the tax supported debts of the government and collect funds for that purpose.

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9
Q

revenue

A

Revenues include funds that are derived from taxes, assessments, fines, and activities of the governmental unit. Funds received from the proceeds of bond issues and operating transfers to other funds are considered other financing sources and are not considered revenue

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10
Q

Reciprocal interfund activity

A

includes interfund loans and interfund services provided and used.

Nonreciprocal transfers include interfund transfers to establish a new fund and routine interfund reimbursements.

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11
Q

What is the measurement focus and the basis of accounting for the government-wide financial statements?

A

Similar to GAAP, government-wide financial statements are prepared on the accrual basis and with an economic resources measurement focus. This basis and measurement focus together are generally considered to provide a truer representation of entity performance.

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12
Q

appropriation

A

expenditures that’s expected to occur in the period

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13
Q

basic financial statements should include

A

government-wide financial statements (statement of net position and statement of activities), fund financial statements, and notes.

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14
Q

three primary user groups of state and local governmental financial reports

A
  1. The citizenry of the reporting governmental entity
  2. Legislative and oversight bodies
  3. Investors and creditors
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15
Q

Which format must a proprietary fund use to report cash flow.

A

proprietary funds prepare cash flow statements using the DIRECT method

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16
Q

interest revenue received in cash by a governmental proprietary fund is reported

A

in the investing activities’ section

17
Q

Interfund operating transfers are not treated as revenue

transfer from one fund to another

A

but as “other financing sources,”

Therefore transfer from the general fund should not be recognized as revenue.

18
Q

Business-type activities

A

are those that are financed through user charges and would include enterprise funds

19
Q

government wide statement of net position is prepared on an accrual basis

A

will account for depreciation.

20
Q

The statement of net position in government wide financial statements will have four columns

A
  1. column for governmental activities
  2. one for business type activities
  3. followed by a total column
  4. a column reporting component units
21
Q

proprietary fund

A

A proprietary fund is, in many ways, comparable to a for-profit business enterprise. Its financial statements consist of a statement of net position, a statement of revenues, expenses, and changes in fund net position, and a statement of cash flows

22
Q

revenue

A

Revenues include funds that are derived from taxes, assessments, fines, and activities of the governmental unit

23
Q

other financing sources

A

proceeds of debt issues and operating transfers from other funds

24
Q

Other financing use

A

an operating transfer from one fund within a government to another.

Other Financing Sources (Uses) is only on a governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances, NOT in the government-wide financial statements.

25
Q

minimum budgetary information required to be reported

A

A schedule showing the original budget, the final appropriations budget, and actual inflows, outflows, and balances on a budgetary basis

26
Q

fund

A

a fund is the basic accounting unit and is used to assist in ensuring fiscal compliance.

Funds help ensure fiscal compliance by segregating financial resources into sets of self-balancing accounts with each set controlled by a government entity with a specific mission and legal restrictions on the use of the resources.

27
Q

program revenue

A

program revenues are “resources that are generated in the process of providing a particular service or operating a particular part of a government.” Therefore, charges for services provided would be reported as program revenues.

28
Q

required financial statements for fiduciary funds are

A

statement of fiduciary net position

statement of changes in fiduciary net position.

29
Q

modified accrual basis utilizes the expenditure principle

A

which requires that virtually all outflows be recorded as expenditures.

The modified accrual approach is characterized by the current financial resources measurement focus.

30
Q

permanent fund

A

Permanent funds account for and report resources that are restricted such that only earnings, not principal, may be expended for the support of government programs for the benefit of a government or its citizens. The principal must be invested in perpetuity

31
Q

characteristics that GASB concept statements indicate that the financial reports of state and local governments should possess include

A

understandability, reliability, relevance, timeliness, consistency, and comparability

32
Q

measurement focus for govt wide fs

A

economic resources

33
Q

basis of accounting for govt wide fs

A

accrual

34
Q

governmental funds

A 
Permanent
Debt service
Capital projects
Special revenue
General fund
35
Q

fiduciary funds

A

Private purpose
Investment trust
Pension
Agency fund

36
Q

proprietary funds

A

Internal service fund

Enterprise fund

37
Q

not included in govt wide financial statements?

A 
fiduciary funds:
private purpose
investment
pension cost
agency fund

FAR (33 decks)

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