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CPAEXCEL FAR TOPICS (WEAKNESSES) > Governmental Accounting > Flashcards

Governmental Accounting Flashcards

1
Q

List the Levels of Governmental Authority (GASB 55)

A

Level 1: GASB STMT’s & Interpretations (Officially established Acct. Principles)
Level 2: GASB Technical Bulletins & AICPA Industry Guides & AICPA SOP’s specifically applicable to state and local governments if cleared by the GASB
Level 3: AICPA Practice Bulletins if made specifically applicable to State and Local Government and cleared by GASB and consensus positions of groups organized by GASB (GASB has not created such a group)
Level 4: GASB Implementation Guides and widely recognized practices prevalent in State and Local Government.

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2
Q

What are the 6 Characteristics of Financial Reporting?

A 
TRUCCR (Trucker) 
Timeliness
Relevance
Understandability
Comparability 
Consistency
Reliability
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3
Q

What are GASB STMT No. 1’s two paramount objectives for Financial Reporting in Government?

A
  1. Accountability

2. Interperiod Equity

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4
Q

Recall the 4 Fiduciary Fund Types: PIPPA

A
  1. Pension Trust Fund
  2. Investment Trust Fund
  3. Private Purpose Trust Fund
  4. Agency Funds
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5
Q

What are the 5 Governmental Funds?

A
  1. General
  2. Special Revenue
  3. Capital Projects
  4. Debt Service
  5. Permanent
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6
Q

What are the 2 Proprietary Funds?

A
  1. Internal Service

2. Enterprise

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7
Q

To Summarize, The Modified Accrual Funds are (PD-Consents-to-Smoking-Grass)

A
  1. Permanent
  2. Debt Service
  3. Capital Projects
  4. Special Revenue
  5. General
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8
Q

The Accrual Funds are (I-PIPE-Alot)

A
  1. Internal Service
  2. Pension Trust
  3. Investment Trust
  4. Private-Purpose Trust
  5. Enterprise
  6. Agency
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9
Q

Describe the JE to record a budget at the beginning of the year?

A

Estimated Revenue XXX
Other Financing Sources XX
Budgetary Fund Balance (Plug)
Appropriations XXX
Other Financing Uses XX
Budgetary Fund Balance (Plug)

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10
Q

Encumbrances 1:

How do you record purchase order (Issued)?

A

Encumbrances 100,000

Budgetary Fund Balance 100,000

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11
Q

Encumbrances 2:

How do you record purchase order (Filled)?

A

Budgetary Fund Balance 80,000

Encumbrances 80,000

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12
Q

Encumbrances 3:

How do you record an invoice for goods Actually Received?

A

Expenditures 81,000
Vouchers Payable (or Cash) 81,000
(Actual Amounts)

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13
Q

What are the changes in Fund Balance Classifications?

Before GASB 54 ——-> After GASB 54

A

Reserved —————————-> Nonspendable
Restricted
Committed
Designated ————————–> Assigned
Unreserved—————————> Unassigned

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14
Q

Major Funds and Fund Level Reporting:

Is the General Fund ALWAYS a Major Fund?

A

Yes

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15
Q

Major Funds and Fund Level Reporting:

What are the 2 rules for determining a Major Fund?

A

Total Assets and Deferred Outflows of Resources, Liabilities and Deferred Inflows of Resources, Revenues, Expenditures/Expenses of any individual governmental fund or enterprise fund are at least:

  1. 10% of the Total Corresponding Amount for all funds of that category (Gov. or Enterprise) AND
  2. 5% of the corresponding amount for that element (total assets) for all Governmental AND Enterprise Funds combined.
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16
Q

Major Funds and Fund Level Reporting:

What are the Required Proprietary Fund Financial Statements?

A

1 STMT of Net Position

  1. STMT of Revenues, Expenses, and Changes in Net Position
  2. STMT of Cash Flows (4 Categories) Operating Activites reported using “Direct Method” and two Financing Activities (Capital and Non-Capital)
    • Major Fund Reporting does not apply to ISF’s therefore they are usually reported in a single column.
17
Q

Major Funds and Fund Level Reporting:

What are the Required Fiduciary Fund Financial Statements?

A
  1. STMT of Fiduciary Net Position
  2. STMT of Changes in Fiduciary Net Position
  • Not part of Government-Wide Financial Statements
  • Are Never Major Funds
18
Q

Governmental Funds:

What is the journal entry to record payment of matured debt principal in a debt service fund?

A

Expenditures-Principal XX

Bonds Payable XX

19
Q

Governmental Funds:

What is the journal entry to record payment of interest expense now due in a debt service fund?

A

Expenditures-Interest XX

Bonds Payable XX

20
Q

What is the journal entry to record a transfer of $10,000 from the General Fund to a Special Revenue Fund (the amount is not expected to be repaid).

A

Other Financing Uses - Transfers-Out XX

Cash XX

21
Q

What fund generally receives any remaining resources when a Capital Projects Fund is closed?

A

Debt Service Fund.

22
Q

What is the journal entry to record a long-term loan of $10,000 by the General Fund to a Special Revenue Fund?

A

Advances to Special Revenue Fund XX

Cash XX

23
Q

What is the journal entry to record levy of property taxes that are to be used to finance the subsequent fiscal year?

A

Property Taxes Receivable
Est. Uncollectible Property Taxes
Deferred Inflow of Resources

24
Q

What is the Journal Entry for a Non-Cancelable Lease Purchase Agreement for Fixed Assets (Equipment)?

A 
Expenditures Control              150,000
              Other Financing (Sources)              150,000
25
Q

How do you record an ISF capital lease periodic payment?

A

Capital Lease Payable 50,000
Expense Control 15,000
Cash 65,000

CPAEXCEL FAR TOPICS (WEAKNESSES) (4 decks)

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