Module 7 Flashcards

0
Q

List the four key figures that describe the financial position of the government at the financial statement date.

A
  1. The cash resources ex) cash and cash equivalent
  2. The net debt position is the difference between the liabilities and financial assets
  3. The non-financial assets ex) assets that are normally for use in service provision and include purchased, constructed, contributed, developed or leased tangible capital assets, inventories of supplies, and prepaid expenses
  4. The accumulated surplus or deficit is calculated as the sum of the net debt of the government and its non-financial assets.
    The accumulated surplus or deficit represents the net assets of the government.
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1
Q

List the five financial statements required for the government.

A
  1. Statement of financial position
  2. Statement of operation
  3. Statement of remeasurement gains and losses
  4. Statement of change in net debt
  5. Statement of cash flow
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2
Q

Other planning and reporting documents include:

A
  • audited financial statements
  • departmental performance reports (DPR)
  • various budget documents
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3
Q

What roles do the various documents and processes including auditing financial statements, departmental performance reports (DPR), and various budget documents play?

A

It provides financial and non-financial information to parliamentarians to review and make decisions on the use of public funds by the Government. (정부가 사용한 국민의 자금과 관련해 국회 의원이 재 검토하고 올바른 결정을 내리도록 돕는다.)

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4
Q

Fiscal year of the Government of Canada runs from

A

April 1 to March 31

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5
Q
  • Fiscal year is divided into three parliamentary Supply periods. Illustrate the three supply periods: (Exam)
  • Define what supply is
A
  1. Supply is the process by which the government asks Parliament to appropriate funds in support of approved programs and services. (정부가 국회에게 공인된 프로그램과 서비스를 지원하기 위해서 특정 자금을 할당해 달라고 요청하는 과정이다.)
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6
Q

What are the three primary documents and their purposes?

A
  1. The Budget - prepared by the Minister of Finance, which outlines the government’s revenue projections and spending obligations
    (예산은 재무부에서 만들고 예산 안에는 정부가 소득 계획과 지출 의무에 대해 말한다.)
  2. Estimates documents - which specify expenditure plans in greater detail (예산 견적서)
  3. Public Accounts - which provide audited financial statements and represent the major accountability report of Government.
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7
Q

What does the statement of operations and statement of remeasurement gains and losses measure?

A

It measures the extent to which government has maintained its net assets in the period. 정부가 순 자산을 유지한 정도에 대해 측정한다.

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8
Q

What does the statement of change in net debt explain?

A

It explains the difference between the operating surplus (deficit) and the change in net debt for the period. (소득과 손실과 순빚의 변동치 사이의 다른 점에 대하여 설명한다.)

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9
Q

What does the statement of cash flow report?

A

It reports
1. the change in cash and cash equivalents in the accounting period (현금과 현금과 동등한 물건의 변동치)
and 2. how a government financed its activities in the period (정부가 해당 기간동안 어떻게 자금을 공급했는지)
and 3. how a government met its cash requirements. (정부가 자금이 필요한 정도를 어떻게 채웠는지)

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