Governmental Accounting Overview Flashcards

(27 cards)

1
Q

Remember to think of funds like a checkbook

A

A checkbook would have many different accounts:

  • Savings
  • Operating (Checking)
  • College fund (CD)

A fund is just a “checkbook” account

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2
Q

Fund classifications

A

When revenues and expenditures (expenses) are recongized.

Different accounting principles for each one though because well hey, its the government.

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3
Q

Fund structure

A
  • Governmental funds
  • Propreitary funds
  • Fidicuary funds
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4
Q

Governmental Funds (no profit motive)

Current only (No Fixed assets {FA} or Long term debt {LTD})

Current economic resources

GRaSPP

A

General fund

Special Revenue Funds

And

Debt Service Funds

Capital Projects Funds

Permanent Fund

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5
Q

Proprietary Funds= Treat like customer/not citizen

Full accural basis

Economic resources measuement focus

Everything! (FA and LTD)

SE

A

S Internal Service Funds

Enterprise funds

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6
Q

Fiduciary funds (Trust Accounts)

Full accural accounting

Economic resources measurement focus

Everything!!! (FA and LTD)

PAPI

A

Pension Trust funds

Agency Trust funds

Private Purpose Trust Funds

Investment Trust Funds

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7
Q

Governental funds

are

MAC-GRaSPP

A

Modified

Accrual accounting

Current financial resourses measuement focus

GRaSPP

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8
Q

Properity and fiduciary funds have

SPACE

A

SE

PAPI

Accural accounting

Carry fixed asset and long-term debt

Economic resources measuement focus

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9
Q

Governmental fund constraints

are

NU CAR

GRaSPP if you want a NU CAR

A

Non-spendable

Unassinged

Committed

Assigned

Restricted

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10
Q

Fund accounting, what leads to it?

A

Legal restrictions ( because of compliance with spending purposes)

Financial Control (spedning limits)

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11
Q

The purpose of GASB #34 (seperating fund financial statements and governmental and proprietary funds) is to?

A

Report additional and detailed information about the primary government.

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12
Q

Of course (ironic), relevance is the most difficult for a government to report.

A
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13
Q

What is the primary measurement focus for governmental fund types?

A

Current finanical resources

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14
Q

Governmental fund measurement focus is on the determination of:

A

Financial position

and

Current Finanical Resources

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15
Q

What would you compare accounting and reportin properitary funds to?

A

A business enterpirse

thus, income determination is the primary oreination

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16
Q

The general fund recongnizes revenue when:

A

When revenues in the accounitng period in which they occur become measurable and available (modified accurral accounting)

17
Q

Compensated absenece liablity

At what period the salary rate used to calculate the lialbility ?

A

At the effect of the balance sheet date.

19
Q

Government-wide statement of activities?

What are they similar to?

What do they take into account?

A

They are similar to comerical enterprises.

Government wide statements do not account the availability like just the governmental statement does, they just include it all and deduct of net.

20
Q

The only fund that shows a positive amount in its unassigned fund balance classifiacation is what?

A

The General fund.

21
Q

How are inventories for a special project classifeid?

A

As non-spendable.

22
Q

If expenditures incurred for specific purposes exceed the amounts restricted, committed or assigned to those purposes, what account would be neccessary to report?

A

Negative fund balance- unassigned.

23
Q

Restricted fund balances represent resources that:

A

use has been limited by such external sources as creditors (something such as debt covenants), contributers, other governments, laws, constiutional provisions, or enabling legilstation.

25
The most restrictive classification of governmental fund balances is
Committed
26
Permanent funds
Restrcited for what income comes in. Not principal
27
Government wide statements
Measurement focus- Economic resources Basis of accounting- accural Vice versa for just government statements