Governmental Wide FS Flashcards
What type of accountability do the following focus on:
Government wide FS
Fund FS
Reporting Entity
Operational accountability
Fiscal accountability
Financial accountability
What type of approach is used when reconciling the fund FS to the government wide FS?
Integrated approach
What are the two types of presentations of a component unit?
When do you use these types?
Blended: board is the same & serves primary government exclusively
Discrete: resources are for near exclusive benefits of primary government
What are the two tests to determine if a fund is a major fund?
Which fund is always a major fund regardless?
10% (revenues, expenses, assets/deferred outflows, liabilities/deferred inflows) of governmental OR enterprise funds
5% (revenues, expenses, assets/deferred outflows, liabilities/deferred inflows) of governmental AND enterprise funds
General Fund
In the Statement of Activities of Gov’t wide FS, what are the program revenues?
“SOC”
Service charges
Operating grants/contributions
Capital grants/contributions
What are the 7 differences between the Cash Flow of Gov’t wide FS and normal Cash Flow?
Direct method required (not optional)
reconciles NOI (not NI)
4 categories (not 3) - operating, capital/financing, non-capital/financing, investing
financing activities before investing
interest income is investing (not operating)
interest expense is financing (not operating)
Capital asset purchases are financing (not investing)
What is the balance sheet reconciliations from fund balance to net position?
“GALS BARE”
Measurement Focus: \+ GRaSPP Fund Balance \+ Assets (non current) - Liabilities (non current) \+ service fund net position
Basis of Accounting Focus: Basis of Accounting Accrued Revenues Expenses
What is the income statement reconciliations from net fund balance to change in financial position?
“GOES BARE”
Measurement Focus: \+ GRaSPP Fund Balance - Other financing sources \+ expenditures \+ service fund net income
Basis of Accounting Focus: Basis of Accounting Accrued Revenues Expenses
What sections are included in the requires supplemental information?
“BIP”
Budgetary comparison schedule
Infrastructure information
Pension information
What are the 4 categories of the Gov’t wide FS and the items that make them up?
Operating: sales, payments, inter-fund reimbursements/exchanges in lieu of taxes
Capital Financing: capital assets, capital grants, construction costs, capital contributions
Non-capital Financing: grants/subsidies, property taxes, internal transfers
Investing: debt and equity transactions
The reconciliation of governmental fund financial statements to a government-wide presentation would most likely be found in the:
Basic Financial Statements
