Governmental accounting (Part B) Flashcards
Reconcilation of change in fund balance
Fund Finanicial statements
Income statement
GOES BARE
G Change in Governmental Fund Balance
-Other financing sources
+Expenditure-Capital Outlay (net of dep)
_+S Internal Service Fund Net Income _
Basis of Accounting
Additonal Occured All adjustments
Revenues
Expenses
Reconcilation of change in fund balance
Fund Finanicial statements
Balance Sheet
GALS BARE
GRaSPP Fund Balance
+Assets (noncurrent)
-Liablities (noncurrent)
_+Service (Internal) fund net posision _
Basis of Accounting
Accured All Adjustments
Revenues
Expenses
The statment of activities of the government-wide statements is primarily to assess what?
The effectivness and efficency of Operational accountability
For supplementary information for GASB 34 (Basic Finanicial statemetns and MD&A), what supplementay information is required?
- Schedule showing the orginal budget
- The final operations budget
- Actual inflows outflows and balances on a budgetary basis
Varainces are NOT required to be shown.
If a financial independent authority provides loans to a commercial business operating in a county, where would these loan disbursments go on the cash flow statement?
In operating activities.
Operating activities are those that are central activities for that group.
So if giving loans is what they do, that would be central, therefore in operating activities.
Comprehensive Annual Financial Report (GAFR), what are the parts?
Introduction section (MD&A)
Basic finanical statements
Supplementary information
What do fund finanical statements look to provide?
Fiscal accountability
What is part of the basic financial statements for GASB 34?
Government-wide financial statements
Fund Financial statements
Notes to the Financial statements
Reporting for General purpose Governmental Units.
Statements required and order
MD&A (Supplementary Information)
Basic financial statements
Required Supplementary information other than MD&A
Integrated approach
The joint presentation of governmentwide and fund finanical statements and approiate reconcialtion.
CAFR is divided into what sections
Introductory section
Basic Finanical Statements and Required Supplementary Information
Statistical section
Government-wide finanical statements does not include what activities?
Fiducary activities
(GRaSPP+S)
E
Component units (rescue squad, Board of Ed.)
No PAPI
Modified accrual for capitlizing infrastructure. Basic rule
Infrastructure expenditures are reported as expenses except for:
outays that result in additions or improvements, which would be capitizlied.
What all is in program revenue?
Charges for services
Operating grants and contributions
Capital grants and contributions
Criteria for determing major funds
10 percent of revenues, expenditures/expenses, assets, or liabilities for all governemtnal OR enterprise
AND
5 percent of the total of the associated totals for ALL governmental AND enterprise funds.
Fund balance/equity is not used
Comparisons under GASB 34
Presentations of budget vs. actual amounts for the General Fund and EACH major Special Revenue Fund
With,
a legally adopted budget presented in either the Required Supplemntary Information (RSI) or within the Basic Finanical Statements
RSI for infrastructure information using modified accrual
Assesed conditon of the infrastructure
Estimated annual amount to maintain and preserve infrastructure for each of the past five years
Blended presentation
A board of the component unit is substantively the same as that of the primary government
or
The component unit serves the primary government exclusively or almost exclcusively
and, The component unit is not a separate legal entity
Discrete presentation (separate presentation)
When the criteria for blended is not met
Most common although with the CPA exam they don’t seem to give a fuck
Really only use blended unless the componenet unit is not substanially the same as the city and does not exclsuively service or benefit the city itself.
Statement of cash flows (Only for SE PAPI)
Not included in GRaSPP
A cash inflow from issuing bonds to finance a building is a GRaSPP activity and would be included in capital projects fund and/or debt service fund
Interfund transfers, where is it reported on the financial statements for govt-wide?
As internal balances
J/E for general fund from billings from enterprise fund into general fund
Expenditures xxx
Due to electric utlity enterprise fund xxx
Fund accounting, cash and cash equivelents? Does it report?
Yes, it does. Remember that fund accounting statements are just like full accrual statements.
3 months or less is considered cash equivalent.
Interfund receivables and payables, how are due to and due from reported?
As a separate asset for due from to the fund
**and **
As a seperate liablity for due to for the fund.
