Governmental Accounting Flashcards

1
Q

Governmental Stakeholders

A
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2
Q

Objectivy

A

Operation Accountability
1) Effective and efficient in operations
2) Gov-wide Financial Statements

Fiscal Accountability
1) Compliance with Budget
2) Fund Financial Statements

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3
Q

Focus

A
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4
Q

GASB

A

Mission - Providing a framework to educate users and support public policies, investments, and management by those users

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5
Q

Organizational Structures

A
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6
Q

Revenue

A

Taxes, Services,

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7
Q

Annual Budget

A

Legal Document
Prepared on Modified Accrual basis

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8
Q

Purpose of Governmental Accounting

A

Accountability

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9
Q

Fund Accounting

A

Segregates financial sources into

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10
Q

Comprehensive Annual Report

A

Annual, Into and

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11
Q

Government Financial Statements

A

1) Introductory Section
Letter of Transmittal
List of Principal Officers
Organizational Chart
2) Management Discussion and Analysis
3)Government Wide Financial Statements
4) Fund Financial Statements
Governmental Funds Financial Statements
Proprietary Funds Financial Statements
Fiduciary Funds Financial Statements
Component Units Financial Statements
Notes to Financial Statements
5) Required Supplementary Information other than MD&A
6) Statistical Section
10-Years of Selected Financial Data
10-Years of Economic Data

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12
Q

Modified Accrual

A

Revenues recognized when measurable and available
Expenditures recognized when they occur

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13
Q

Reporting Standards

A

Adhere to GASB

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14
Q

Hierarchy - State and Local Government

A

A) GASB statements
B) GASB bulletins and AICPA literature cleared by GASB

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15
Q

General Fund

A

Used to report transfers to other funds as an “other financing use.” Only governmental funds (general, special revenue, debt service, capital projects, and permanent) report transfers to other funds as “other financing use.”

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16
Q

Special Revenue Fund

A

Restricted
current financial resources measurement focus

17
Q

Capital Projects Fund

A

Account for Proceeds of General Obligation Bonds

18
Q

Debt Service Funds

A
19
Q

Permanent Fund

A
20
Q

GSPCD

A

Five Types of funds
G-eneral
S-pecial
P-permanet
C-apital Projects Fund (modified accrual)
D-ebt

21
Q

Proprietary Funds

A

Accrual Reporting
Enterprise - financed through usage charges (water, sewer)
Internal Service Funds - goods or services provided to other dept or agencies within the gov (ie central printing, fleet mgmt, IT); Records depreciation

22
Q

Fiduciary Funds

A

Accrual Reporting
Pension - held for retirement (most prevalent)
Investment - investment on behalf of external entities
Custodial - taxes collected on behalf of another government
Private - benefit of other governments, etc

23
Q

Component Units

A

Legally separation but closes related to gov unity; Primary government includes financial activities in its financial statements.
1) Primary gov appoints a voting majority of voting board; impose will
2) Organization is dependent on primary government for financial purposes (state university, housing authority, public transport)

24
Q

GASB Concepts Statement No. 1,

A
25
Q

GASB Concepts Statement No. 2 - Service Accomplishments

A

Measures of service accomplishment focus on outputs and outcomes

26
Q

SEA Concepts Statements

A
  • Goal - Provide fundamental reporting characteristics to help preparers develop consistent reporting
  • SEA reporting helps bring performance results information to citizens to help with their assessment, program selection, and implementation.
27
Q

Measurement Focus

A

Government Funds - Flow of financial resources and financial position

28
Q

GASB Definition of Assets

A

Resources with present service capacity that the government presently controls

29
Q

Derived Tax Revenue

A
30
Q

SEA Reporting (Service Efforts and Accomplishment Reporting

A
31
Q

Fixed Assets in Enterprise Fund

A

Enterprise fund and depreciation on fixed assets is recorded

32
Q

Measurement Focus & Accounting Basis for Governmental Financial Statements

A

Accounting Basis

Measurement Focus

Government-wide Financial Statements

Accrual Basis

  • Economic Resources
  • Measurement Focus

Governmental Funds Financial Statements

Modified Accrual Basis

  • Current Financial Resources
  • Measurement Focus

Proprietary Funds Financial Statements

Accrual Basis

  • Economic Resources
  • Measurement Focus

Fiduciary Funds Financial Statements

Accrual Basis

  • Economic Resources
  • Measurement Focus

Component Units Financial Statements

Accrual Basis

  • Economic Resources
  • Measurement Focus
33
Q

Private Purpose Trust Fund

A

Measurement Focus - Economical
Accounting Method - Accrual