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FAR-F9 > Governmental accounting (Part B) > Flashcards

Governmental accounting (Part B) Flashcards

1
Q

Reconcilation of change in fund balance

Fund Finanicial statements

Income statement

GOES BARE

A

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

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2
Q

Reconcilation of change in fund balance

Fund Finanicial statements

Balance Sheet

GALS BARE

A

GRaSPP Fund Balance

+Assets (noncurrent)

-Liablities (noncurrent)

_+Service (Internal) fund net posision _

Basis of Accounting

Accured All Adjustments

Revenues

Expenses

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3
Q

The statment of activities of the government-wide statements is primarily to assess what?

A

The effectivness and efficency of Operational accountability

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4
Q

For supplementary information for GASB 34 (Basic Finanicial statemetns and MD&A), what supplementay information is required?

A
  • 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.

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5
Q

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?

A

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.

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6
Q

Comprehensive Annual Financial Report (GAFR), what are the parts?

A

Introduction section (MD&A)

Basic finanical statements

Supplementary information

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7
Q

What do fund finanical statements look to provide?

A

Fiscal accountability

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8
Q

What is part of the basic financial statements for GASB 34?

A

Government-wide financial statements

Fund Financial statements

Notes to the Financial statements

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9
Q

Reporting for General purpose Governmental Units.

Statements required and order

A

MD&A (Supplementary Information)

Basic financial statements

Required Supplementary information other than MD&A

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10
Q

Integrated approach

A

The joint presentation of governmentwide and fund finanical statements and approiate reconcialtion.

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11
Q

CAFR is divided into what sections

A

Introductory section

Basic Finanical Statements and Required Supplementary Information

Statistical section

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12
Q

Government-wide finanical statements does not include what activities?

A

Fiducary activities

(GRaSPP+S)

E

Component units (rescue squad, Board of Ed.)

No PAPI

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13
Q

Modified accrual for capitlizing infrastructure. Basic rule

A

Infrastructure expenditures are reported as expenses except for:

outays that result in additions or improvements, which would be capitizlied.

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14
Q

What all is in program revenue?

A

Charges for services

Operating grants and contributions

Capital grants and contributions

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15
Q

Criteria for determing major funds

A

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

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16
Q

Comparisons under GASB 34

A

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

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17
Q

RSI for infrastructure information using modified accrual

A

Assesed conditon of the infrastructure

Estimated annual amount to maintain and preserve infrastructure for each of the past five years

18
Q

Blended presentation

A

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

19
Q

Discrete presentation (separate presentation)

A

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.

20
Q

Statement of cash flows (Only for SE PAPI)

A

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

21
Q

Interfund transfers, where is it reported on the financial statements for govt-wide?

A

As internal balances

22
Q

J/E for general fund from billings from enterprise fund into general fund

A

Expenditures xxx

            Due to electric utlity enterprise fund xxx
23
Q

Fund accounting, cash and cash equivelents? Does it report?

A

Yes, it does. Remember that fund accounting statements are just like full accrual statements.

3 months or less is considered cash equivalent.

24
Q

Interfund receivables and payables, how are due to and due from reported?

A

As a separate asset for due from to the fund

**and **

As a seperate liablity for due to for the fund.

25
Q

Entity-wide finanical statements, what is reported as tax revenue?

A

Taxes levied

less: percentatge expected to be uncollectable

Collection information is only useful in the **modified **accrual basis.

Entity-wide uses the full accrual basis

26
Q

Program revenues

SOC

A

S Charges for (services)

Operating grants and contributions

Capitial grants and contributions

27
Q

When the question states what is part of the *governmental section *of the Government-wide finanical statements, it is referring to what?

A

The GRaSPP portion

28
Q
A
29
Q

Method for Statement of cash flows for SE PAPI?

A

Direct method

30
Q

Donated property

A

General rule is to capitlize at historical cost or FMV, but may elect not to capitilze if

The collection is held for public exhibition

The collection is protected

The collection is subject to policy that proceeds from sales of collection items to be used to aqcure other items for collections

Deprecation is not required

31
Q

Government-wide statements bond payments for interest expense and interest payable

A

Government-wide statements use the accural method, therefore interest expense AND interest payable is reported.

32
Q

Where does the reconcilation of govt fund finaical statements to government-wide presentation go?

A

In the Basic Finanical Statements

33
Q

Way to tell Discrete vs blended

SELF test

A

Separtely

Elected governing body

Legally separate entity

Financial indedpendent status

Governments that all of this critera are reported as primary governments while those that fail any are reported as **compentent units (then decide if blended or discrete). **

34
Q

Statement of cash flows

Investing activites

A

Includes making and collecting loans and acquiring and disposing of debt or equity instruments.

Includes interest and dividend income.

35
Q

Couple of weird non capital and capial financing activites

A

Operating transfers out- **Noncapital financing activity **

Speical assessment recepits- Capital and related financing activities

36
Q

Where would transfer fund payments to another fund go on the Cash flow statement?

A

Under Cash flow from Operating Activities

37
Q

Noncapital financing activites

A

ANY kind of receipt of cash to subsidize the general fund goes in **Noncapital financing activites **

38
Q

Where does a purchase of an capital asset go in the statement of cash flows?

A

Capital and related financing activities

39
Q

In the reconcilation process, how book value of capital assets sold during the year be treated?

A

It is subtracted, proceeds need to be subracted out while expenditures are added back in.

40
Q

Reciporcal interfund activity

A

Includes:

Interfund loans

Interfund services

41
Q

Non-reciprocal interfund activity

A

Activites include:

interfund transfers

intefund reimbursments

42
Q

Introductory section of CAFR

A

Includes:

Letter of transmittal

Organizational chart

List of principal officers

FAR-F9 (3 decks)

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