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BAR > Governmental Accounting > Flashcards

Governmental Accounting Flashcards

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1
Q

What do Government funds not have?

A

Profit motive
income statements
matching principle
accrual method

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2
Q

Operational accountability

A

Timeliness, consistency, comparability

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3
Q

What financials represent operational accountability

A

Government wide financials

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4
Q

What type of accrual does government wide financials use?

A

full accrual

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5
Q

fiscal accountability

A

government shows that they used the money in the current period for the purpose that they were supposed to use the money for and that the resources were not diverted to other needs

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6
Q

what financials demonstrate fiscal accountability

A

fund based financials

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7
Q

what accrual basis does fund based financial use?

A

modified accrual

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8
Q

What is budgetary accounting used for?

A

Controlling spending

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9
Q

What is activity accounting used for?

A

flow of current financial resources and has an annual budgetary focus

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10
Q

What is encumbrance accounting used for?

A

Recording purchase orders and is designed to monitor spending for increased budgetary control.

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11
Q

What funds is budgetary used for?

A

General
Revenue (special fund)
Service (debt) fund
Projects (capital) fund
Permanent fund

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12
Q

T/F budgets are based on actual revenues and appropriations

A

F - based on estimated revenue and appropriations

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13
Q

What are the main sources of government revenue?

A

Taxes and fines/penalties
Debt proceeds
Interfund transfers

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14
Q

What account does the difference between estimated revenues and appropriations go to at the beginning of the year?

A

Budgetary control

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15
Q

What is the journal entry for budgetary control?

A

Dr. Estimated revenue control
Dr. budgetary control (negative/deficit)
Cr. Appropriations control
Cr. budgetary control (positive/surplus)

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16
Q

What happens to the budgetary control account at the end of the year?

A

budget is reversed and closed using the same amounts that were recorded at the beginning of the period +/- any amendments

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17
Q

What is the journal entry to close the budgetary control account?

A

Dr. Appropriations control
Dr. Budgetary control (positive)
Cr. Estimated revenue control
Cr. Budgetary control (negative)

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18
Q

T/F budgetary accounts and actual activity are included in the year end adjusting entry

A

F - actual activity is closed out separately

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19
Q

What are the requirements used used for governmental fund financial statements?

A

Time and eligibility

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20
Q

Non-exchange transactions

A

entity gives/receives value without directly receiving/giving equal value in return

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21
Q

Derived tax revenue

A

taxes imposed on exchange transactions or wealth such as commercial sales or taxpayer income

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22
Q

Imposed non-exchange revenue

A

taxes imposed on non-exchange transactions such as fines or property taxes

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23
Q

When are receivables recorded?

A

When government has an enforceable legal claim

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24
Q

What is the journal entry to record accrual of real property taxes

A

Dr. Real property tax receivable
Cr. Revenue
Cr. Allowance for uncollectible tax

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25
Q

What is the journal entry to record the collection of property taxes

A

Dr. Cash
Cr. Real property tax receivable - current

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26
Q

What is the journal entry to reclassify receivables as delinquent

A

Dr. Property tax receivable - delinquent
Cr. real property tax receivable - current

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27
Q

What is the journal entry to reclassify current allowance for uncollectible taxes and adjust revenue?

A

Dr. Revenues
Dr. Allowance for uncollectible tax - current
Cr. Allowance for uncollectible tax - deliquent

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28
Q

When are revenues recognized?

A

In the period in which resources must be used and revenue is measurable and available

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29
Q

When is revenue measurable and available?

A

Collection periods doesn’t exceed 60 days after year end

30
Q

What are expenditures?

A

capital purchases, debt service payments, and operating expenditures

31
Q

purchase method

A

record an expenditure when purchased and record a current asset and non-spendable fund balance at year end for any items not used

32
Q

consumption method

A

record a current asset when purchased and record an expenditure as consumed during the period

33
Q

Journal entry to record buying an item under Purchase vs Consumption

A

Purchase
Dr. Expenditure
Cr. Vouchers Payable

Consumption
Dr. Supplies inventory
Dr. Payable

34
Q

Journal entry to record use of an item under Purchase vs Consumption

A

Purchase
None

Consumption
Dr. Expenditure
Cr. Supplies

35
Q

Journal entry to record on hand at year end under Purchase vs Consumption

A

Purchase
Dr. Supplies
Cr. Nonspendable fund balance

Consumption
None

36
Q

How are expenditures classified?

A

According to the appropriate fund

37
Q

Function or program classification

A

provides information on the overall purchase of the expenditures

38
Q

Function

A

major services

39
Q

Program

A

activities, operations, organizational units

40
Q

Which of the following are function vs program

Elderly services
highways
public safety
drug addiction

A

Elderly services - P
highways - F
public safety - F
drug addiction - P

41
Q

Organizational unit

A

organizational structure of the governmental entity

42
Q

current expenditures

A

benefit the current fiscal period

43
Q

capital outlays

A

presumed to benefit both the present and the future

44
Q

debt service

A

prior fiscal periods

45
Q

intergovernmental

A

one governmental unit transfers resources to another

46
Q

Which funds use modified accrual vs full accrual?

A

governmental funds use modified accrual
proprietary and fiduciary funds use full accrual

47
Q

Other financing sources

A

proceeds from long-term debts are recorded in governmental funds

48
Q

What is the journal entry to record a lease receivable (lessor)

A

Dr. Lease receivable (full amount)
Cr. Revenue
Cr. Deferred inflows of resources

Dr. Interest receivable
Cr. Interest revenue

49
Q

Journal entry to record the lease (lessee)

A

Dr. Right of use asset
Cr. Lease liability

50
Q

Journal entry to record lease payments (lessee)

A

Dr. lease liability
Dr. Interest expense
Cr. Cash
Dr. Amortization expense
Cr. Accumulated ROU

51
Q

Journal entry for recording short term leases for GRSPP funds vs SE-CIPPOE funds (lessor)

A

Dr. Receivable
Cr. Revenue

52
Q

Journal entry for recording contracts that transfer ownership (lessor)

A

GRSPP
Dr. Receivable
Cr. current revenue and deferred inflow

SE-CIPPOE
Dr. Receivable
Cr. Revenue

53
Q

journal entry for leases other than short term vs contracts that transfer ownership (lessor)

A

GRSPP
Dr. Receivable
Cr. current revenue and deferred inflow

SE-CIPPOE
Dr. Receivable
Cr. Deferred inflow

54
Q

Journal entry for recording short term leases for GRSPP funds vs SE-CIPPOE funds (lessee)

A

Dr. Lease expense
Cr. Cash/payable

55
Q

Journal entry for recording contracts that transfer ownership (lessor)

A

GRSPP
Dr. Capital outlay expenditure
Dr. Other financing source

SE-CIPPOE
Dr. Capital asset acquired
Cr. Lease liability

56
Q

journal entry for leases other than short term vs contracts that transfer ownership (lessee)

A

GRSPP
Dr. Capital outlay expenditure
Dr. Other financing source

SE-CIPPOE
Dr. Right of use asset
Cr. Lease liability

57
Q

What requirements are unique to voluntary non-exchange transactions?

A

contingency

58
Q

what is used to record the details of budgetary accounts, and encumbrances

A

subsidiary ledger

59
Q

what is the journal entry to record an encumbrance?

A

Dr. Encumbrance
Cr. Budgetary control

60
Q

what is the journal entry to record actual expenditure?

A

Dr. Expenditures
Cr. Vouchers payable

61
Q

T/F encumbrances are generally used for recurring expenditures

A

F - recorded for spending/appropriations control purposes

62
Q

how are encumbrances recorded if they are outstanding at year end?

A

Reverse the journal entry and include outstanding encumbrances in an appropriate fund balance classification such as “fund balance, committed” or “fund balance, assigned”

63
Q

T/F outstanding encumbrances at year end will be carried forward

A

T

64
Q

What is the journal entry to close budgetary accounts related to outstanding purchase orders

A

Dr. Unassigned fund balance
Cr. Fund balance, committed

65
Q

how are budget, activity, and encumbrances closed

A

Budget closed for same amount as booked
Activity is closed for actual amount
Encumbrance is reversed so same amount as booked

66
Q

Interfund activity

A

represents the flow of resources between funds and between the primary government and its component units

67
Q

Reciprocal interfund activity

A

exchange type transactions

68
Q

Nonreciprocal interfund activity

A

non exchange type transactions

69
Q

Which are reciprocal vs nonreciprocal activities

Interfund loans
interfund transfers
Interfund reimbursements
Interfund services provided and used

A

Interfund loans - R
interfund transfers - NR
Interfund reimbursements - NR
Interfund services provided and used -R

70
Q
A

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