Misc Flashcards
What is the highest limitation of government fund balance under GASB 54?
Committed
What does a debit to budgetary control do?
It reduces the availability of the fund balance
What items are reported by an agency trust fund?
Current assets and current liabilities (statement of
Fiduciary net position)
Encumbrances
Closed out for end of the year for whatever was ordered and has not been received.
How would the change in fair value for a hedge be reported for government accounting?
As a deferred inflow (gain) or deferred outflow (loss) of resources
Capital outlay expenditures for Capital Project funds
Only includes amounts expended general government assets.
What type of fund is appropriate for the amounts collected by the city for insurance premiums?
Internal service fund
-Self insurance
Where is ten years of economic data found?
In the CAFR (Comprehensive annual Report)
There must be an unconditional transfer for a transaction to be considered contribution income.
The time does not matter, has to be unconditional transfer.
Remember BAE BAE Booey at the end of the year
Budget: Appropriations
Activity: Expenditures
Encumbrances:
Remaining available appropriations
*Vouchers payable is already included in expenditures *
Enterprise funds (reasons to set up)
The activity is financed with debt that is secured solely by a pledge of the net revenue from fees and charges
Laws and regulations require that the cost of providing services be recovered through fees.
The pricing policies of the activity establish fees and charges designed to recover its costs.
Capital Projects Fund
The life of the capital projects fund is short and is limited to a construction period of one to three years
Internal Service Fund (What funds it?)
Issuing bonds
Issuing capital leases
Accepting advances from other funds which will be paid for from revenues received by the internal service fund.
Statistical section of CAFR (how many years should it report?)
10 years
Reconciliation of fund financial statements with government wide financial statements.
Different objectives, may be reconciled on the face of the fund statements or in the notes to the government wide statements.
