Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

FAR NOTES to PASS!!! > Governmental Accounting > Flashcards

Governmental Accounting Flashcards

1
Q

Governmental Funds effect

A

Balance Sheet despite their current measurement focus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Liabilities and investment value is

A

at the balance sheet date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Governmental Wide - Individual Funds

A

Governmental, Internal Service = activities
Enterprise = business
Fiduciary = no included

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Special Revenue
Permanent
Enterprise
Private purpose

A

1 -special taxes restricted to financial specific program act.
2 - income is restricted by they also have a principle
3 - primarily funded by external customers who received services
4 - principal and income are for specific purposes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Balance Sheet & IS
1 - Governmental
2 - Proprietary
3 - Fiduciary

A

1- BS - same as normal
Rev- Expenditure = Fund Balance
2 - Statement net position = asset - liabilities
Operating/Nonoperating Rev - Exp = net position change
3 - Statement net position = asset - liabilities
Additions - Deductions = change in net position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q 
Nonspendable 
Restricted 
Committed 
Assigned
Unassigned
A

1 - prepaid and inventories
2 - external restrictions
3 - Fund balance restriction - high level internal
4 - internal restrictions not yet committed
5 - only governmental can have positive unassigned

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Purchase / Consumption

A

Purchase - expense when purchase

Consumption - expense when used

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Object classes

A

personnel services, supplies, principle and interest payments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q 
Balance Sheet & IS
1 - Governmental
2 - Proprietary 
3 - Fiduciary 
4 - GW
A

1- BS - same as normal
Rev- Expenditure = Fund Balance
2 - Statement net position = asset - liabilities
Operating/Nonoperating Rev - Exp = net position change
3 - Statement net position = asset - liabilities
Additions - Deductions = change in net position
4 - net position = assets/ Deferred outflows - liabilities/ Deferred Inflows

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Focuses of Accountin
GW
Fund

A

1 - operational

2 fiscal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Intergrated Approach Components

A

MDA
Basic FS + Notes
RSI

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

CAFR

A

Intro - Transmittal Letter
Basic F/S & MDA
Statistical Section - not required

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Infratructure
Reporting
Modified approach

A

1 - only required on GW as capital assets

2 - unless additions or improvements report as expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

GW program revenue

A

Services
Operating grants and contributions
Capital grants and contributions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Major funds

A

General Fund is always a major fund
Internal Service funds are never included
Fidiciary Funds are not GW

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Proprietary

A

Net Income - Capital Maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Increase to a current liability is considered

A

an expenditure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

OFS

A

Debt Proceeds and interfund transfers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Revenue collection shortly after year end

A

can be included in revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When are revenues credited

A

when bills are sent out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Non exchange revenues

A

fines and property taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Capital leases JE

A

Exependiture

AP

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Bond Premium and Discount Reporting

A

Proceeds received go into the debt service fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Assets in Funds and GW

A 
Funds = expensed
GW = capitalized @ lower cost or mkt value
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Long - term debt is reported in
GW
26
OFS can be netted against expenses
NO
27
GW reports aquistion of an asset as
Reduction to accrued liability (due to depreciation) NOT AS an asset
28
Interfund money owed JE
Due from other fund XX | Operating Rev Control XX
29
Interfund treatment of fidiciary
since it is not GW EXPENSE
30
Interfund treatment 1- Governmental 2- Proprietary 3- Fiduciary
1- OFS/ Revenue to GF 2- Revenue is recorded as interfund 3 - revenue and expense by transfer
31
Cash Flows
only seen on proprietary funds
32
Grant Revenue Recognition
year in which money is used
33
Supplementary Data is required for how many years
10 years
34
Cash Flows | Method Used
only seen on proprietary funds | on direct
35
Governmental records securities as
asset
36
Landfills recording
no capital asset recording
37
Combined fund statements narratives
directly on the pages
38
Major Fund criteria
10% all funds in the same category AND 5% of government and enterprise
39
Basic Reporting difference from CAFR
Comprehensive Financial Statements are part of CAFR only
40
Overfunded encumbrance treatment
reverse in full
41
Deferred Revenues Formula
Ending Receivables
42
Donated goods recognized by a governmental recipient
as an asset or expense
43
Reciprocal Funding
not a transfer something is being received
44
Impairment losses are reported in
Government Wide only not governmental funds
45
Donated goods recognized by a governmental recipient
as an asset or expense
46
Differentiate extraordinary items and special items
special items are an effect of management's control
47
Liabilities/ investment value / compensated absences are value when
at the balance sheet date
48
Unrestricted net position
not restricted and not a capitalized asset
49
Revenues are netted against
Revenues - Advances
50
GW recording of direct expenses
presented as a function
51
When are taxes recognized
normally when they are levied unless there is a scheduled payment date for a subsequent year
52
Modified accrual liabilities are considered
payable within 3 months
53
Expenditure driven grant recognizes revenue when
as QUALIFYING expenditures are incurred
54
Excluded from fidiciary net positon
agency fund
55
Basic FS
``` MDA GW Fund Notes RSI ```
56
Government Wide budgetary comparison is mandatory for
General Fund & Special Revenue Fund
57
Usually Discrete unless following two categories are met than Blended
1 - same legal entity | 2 - major governing body is internal
58
1 - Noncapital financing | 2 - Operating
1- interfunds, taxes, grants | 2 - payments for services
59
Require Supplementary info option to input
Variances
60
Infratructure Reporting Modified approach
1 - only required on GW as capital assets | 2 - unless additions or improvements report as expense; however MUST be recorded in supplementary
61
What accounts are always closed at year end
P & L accounts
62
Focuses of Accounting GW Fund
1 - operational | 2 fiscal
63
Infrastructure Reporting Modified approach
1 - only required on GW as capital assets | 2 - unless additions or improvements report as expense; however MUST be recorded in supplementary
64
Usually Discrete unless following two categories are met than Blended Included in GW?
1 - same legal entity 2 - major governing body is internal YES

FAR NOTES to PASS!!! (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions