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Becker - Final Review > Governmental Accounting 3 > Flashcards

Governmental Accounting 3 Flashcards

1
Q

Integrated approach for governmental accounting

A
  1. Management discussion & analysis
  2. Basic financial statements which include fund accounts reconciled to government wide financial statements and it includes notes to financials
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2
Q

Required reporting for general purpose governmental units

A
  1. MD&A and required supplementary disclosures
  2. Government Wide financial statements
  3. Fund Financial statements
  4. Notes to financial statements
  5. Required Supplementary Information(RSI) other than MD&A
  6. Other supplementary information
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3
Q

List of government wide financial statements

A
  1. Statement of net position

2. Statement of activities

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4
Q

List of general fund financial statements

A
  1. Balance sheet

2. Statements of revenues. expenditures, and changes in fund balances

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5
Q

List of proprietary fund financial statements

A
  1. Statement of net position
  2. Statement of revenues, expenditures, and changes in fund net position
  3. Statement of cash flows
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6
Q

List of fiduciary fund financial statements

A
  1. Statement of fiduciary net position

2. Statement of changes in fiduciary net position

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7
Q

What’s included in RSI?

A
  1. Information about the last 10 years for pension shit
  2. budgetary comparison schedules
  3. infrastructure
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8
Q

What are your basic financial statements?

A
  1. Government wide financial statements
  2. Fund financial statements
  3. Notes to financial statements
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9
Q

What’s included in the Comprehensive annual financial report (CAFR)

A
  1. Introductory section (unaudited)
  2. Basic Financial statements & Required Supplementary information (audited)
  3. Statistical Section (unaudited)
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10
Q

What is in the introductory section of CAFR?

A
  1. Letter of transmittal
  2. Organizational chart
  3. List of principal officers
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11
Q

What is in the Basic financial statements & required supplementary information section of CAFR?

A
  1. Managements Discussion & Analysis
  2. Government wide financial statements
  3. Fund financial statements
  4. Notes to financial statements
  5. Required supplementary information
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12
Q

What is included in statistical section of CAFR?

A
  1. Ten years of selected financial statements
  2. Ten years of economic data like millage, rates, appraised values
  3. Other data
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13
Q

Component Units - Blended vs discrete

A
  1. Board of component unit is the same as the primary government

OR

  1. Component unit serves the primary government exclusively

If these tests aren’t met then use the discrete method

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14
Q

Financial entity reporting

A

If the entity depends on the government then it is part of primary government, but if not then it is a component unit and from there you have to decide if blended or discrete

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15
Q

Format for Statement of Net Position for government wide financial statements

A

Assets & deferred outflows of resources minus liabilities & deferred inflows of resources equals net position

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16
Q

Acronym of Net Position in government wide financial statements

A

“RUN”

Restricted
Unrestricted
Net Investment in capital assets

17
Q

Net investment in capital assets

A

Reported net on any depreciation, and reduced by outstanding balances of bonds, notes, and mortgages

18
Q

Business like activities vs government like activities for government wide financial statements

A
  1. GRaSPP and S(internal service) are included in government section while enterprise is the business part
19
Q

Construction period interest for governmental accounting

A

Not capitalized, expensed as interest expense

20
Q

Modified approach requirements

A
  1. government maintains up to date inventory of eligible infrastructure assets
  2. Condition assessment if good or poor is performed and results have a measurable scale
  3. Estimate is made each year about amount necessary to preserve eligible assets
21
Q

Documentation for modified approach

A
  1. condition assessment performed every 3 years

2. reasonable assurance that the assessment supports that shit is good

22
Q

Statement of Activities for government wide financial statement categories for revenue

A

SOC

S = charges for Services
O = Operating grant and contributions 
C = Capital grant and contributions
23
Q

Major fund criteria

A
  1. 10% of all governmental or enterprise funds
  2. 5% associated with total of both
  3. General fund is always a major fund
24
Q

Statement of Cash flow categories for proprietary funds

A
  1. Operating
  2. Capital and related financing activities
  3. Noncapital financing activities
  4. Investing activities
25
Q

Notes about statement of cash flows for proprietary fund

A
  1. Interest income/cash receipts are investing activities
  2. Interest expense/cash payments are either capital or noncapital financing activities
  3. Capital asset purchases are financing activities
26
Q

Operating activities

A
  1. Cash inflows from sales of goods or services
  2. Cash outflow for supplies & salaries
  3. Inflows from interfund reimbursements & transfers including tax payments
27
Q

Capital and related financing activities

A
  1. issuing debt associated with capital assets including interest expense
  2. inflows from capital grants
  3. inflows from contribution activity associated with capital assets
  4. special assessments related to capital assets
28
Q

Noncapital financing activities

A
  1. Issuing debt for noncapital purposes including interest expense
  2. inflows from grants and subsidies
  3. inflows from property taxes not associated with capital assets
  4. operating transfers
29
Q

Investing activities

A
  1. Inflows and outflows associated with loans to others including interest income
  2. Inflows and outflows associated with equity transactions
30
Q

How to calculate operating activities

A

Same so GAAP indirect so no gains or losses

Becker - Final Review (19 decks)

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