GOVT ACCT

Question 1

Are transfers from other financing sources recognized as revenue

Answer 1

No. If the receivable is associated with an unrestricted grant or with a restricted grant for which all eligibility requirements have been met, the state grant should be reported as revs

Question 2

In the government-wide financial statements, what is the correct revenue classification of fines and forfeitures?

Answer 2

Charges for Services

Question 3

The measurement focus of governmental-type funds is the determination of:

Answer 3

both flow of financial resources and financial position.

The measurement focus of governmental type funds is on both:
~the changes in financial position and
~financial position.

The flow of financial resources refers to the changes in financial position from the sources and uses of financial resources (GASB 1300.102). By contrast, the measurement focus of a proprietary fund is on determining “operating income, changes in net position (or cost recovery), financial position, and cash flows”—similar to a commercial entity.

Question 4

Statistical section of a govt’s comprehensive annual financial report is:

Answer 4

considered part of the required supplementary information

Question 5

IFRS and Impairment Loss

Answer 5

IFRS does not use the undiscounted future cash flows