NINJA FAR BLITZ - Governmental

Question 1

Opening Budgetary Entry

Answer 1

Estimated Revenues Control DR
Appropriations Control CR
Budgetary Fund Balance (plug) DR or CR

Question 2

Closing Budgetary Entry

Answer 2

Appropriations Control DR
Estimated Revenues Control CR
Budgetary Fund Balance (plug) DR or CR

Question 3

Governmental Funds (GSP-CD)

Answer 3

General Fund - significant revenues (taxes, fines, etc)
- significant expenses (police, fire, etc)
Special Revenue Fund - specific purposes (street repair, etc)
Permanent fund - legally restricted, only earnings can be used

Capital projects fund
Debt service fund

• Modified Accrual
• Financial Resources Focus
• Revenue recognized when available and measurable
  * *Funds to be collected within 60 days after year end that will be used for expenditures before year end are treated as revenue in current year

Question 4

Governmental Fund statements

Answer 4

1. Balance Sheet
2. Statement of Revenues, Expenditures, and Changes in Fund Balance

Similar to non-profit entities

Question 5

Proprietary Funds (IE)

Answer 5

Internal Service Fund - Goods and service to internal users
Enterprise Funds - Goods and services to external users

• Accrual
• Economic Resources Focus
• Revenue recognized when earned

Question 6

Proprietary Fund statements

Answer 6

1. Statement of Net Assets
2. Statement of Revenues, Expenses, and Changes in Net Assets
3. Statement of cash flows

Similar to for profit entities

Question 7

Fiduciary Funds (APIP)

Answer 7

Agency Fund - holding fund for other party
Pension Trust Fund - trustee for pension plan
Investment Trust Fund - trustee for investments
Private Purpose Trust - trust that benefits various indivs. and entities

• Accrual
• Economic Reosurces Focus

Question 8

Fiduciary Fund statements

Answer 8

1. Balance Sheet

2. Statement of Revenues, Expenditures, and Changes in Fund Balance

Question 9

Fiduciary Fund balance types

Answer 9

Restricted - strict restriction by contributor
Committed - restricted by government (not truly restricted)
Assigned - marked for specific purpose
Unassigned - available to spend
Non-spendable - not in a spendable state (such as inventory)

Question 10

Government-Wide FS

Answer 10

Statement of Net Position and Statement of Activites

a. Accrual
b. Economic focus
c. provide Operational Accountability

Question 11

Government-Wide FS:

1. Statement of Net Position

Answer 11

1. Assets
2. Deferred Outflows
3. Liabilities
4. Deferred Inflows

Question 12

Component Units

Answer 12

1. If activities are distinguishable from res of gov’t, discrete presentation required
2. If not distinguishable, blended presentation required
3. Components are reported in entity-wide FS, NOT fund FS