Ninja Notes: Governmental Accounting Flashcards
Accrual basis for Fund accounting?
Has a current Economic resources focus; and revenues are recognized when earned.
Modified accrual basis for Fund accounting?
Has a current Financial resources focus; and revenues are recognized when available and measurable.
What is the Opening Budgetary entry?
Est. Revenues Control
Appropriations
Budgetary Fund Balance (plug)
What is the Closing Budgetary entry?
Appropriations
Budgetary Fund Balance
Est. Revenues Control
Governmental Funds use which basis of accounting?
Modified Accrual Basis.
Permanent Fund earnings and principal?
Only earnings can be used to fund programs; principal remains intact.
The Governmental Fund financial statements are?
> Balance Sheet
> Stmt. of Revenues, Expenditures, and Changes in Fund Balance
Do Estimated uncollectible property tax revenue offset Revenues?
No, so don’t net them.
Proprietary funds use which basis of accounting?
Accrual basis; orientation in Income Determination.
The Propriety Fund financial statements are?
> Stmt. of Net Assets
> Stmt. of Revenues, Expenses, and Changes in Net Assets
> Stmt. of Cash Flows
Fiduciary Funds use which basis of accounting?
Accrual basis.
List the Fiduciary funds?
> Agency fund
Pension trust fund
Investment trust fund
Private purpose trust
What is an Agency fund?
The government acts as an “agent” or custodian.
What is a Pension trust fund?
The government is a trustee for a Pension plan.
What is an Investment trust fund?
The government is a trustee over a series of investments.
What is a Private purpose trust?
A trust that benefits various individuals and entities.
What are the fund balance types?
> Restricted (by contributor) > Commited (by gov.) > Assigned (intended) > Unassigned > Non-spendable (e.g., inv.)
What are the Fund Financial statements?
> Balance Sheet
> Stmt. of Revenues, Expenditures, and Changes in Fund Balance
What are the Government-Wide financial statements?
> Stmt. of Net Position
> Stmt. of Activities
What is the purpose of Government-Wide financial statements?
To provide Operational Accountability.
How are Assets and Liabs. presented in the Stmt. of Net Position?
Showing current and non-current amounts ordered by liquidity.
How are Capital Assets shown on the Stmt of Net Position?
Net of Debt.
Asset cost - accum. depr. - asset liab. = Net Assets.
How is infrastructure accounted for the Stmt. of Net Position?
With the Modified approach; reported at cost with no accum. depr.
Where are Component units reported?
In the Entity-Wide F/S, and not the Fund F/S.
What are the F/S required for Gov. accounting related to Defined Benefit Pension Plans (2014)?
> Stmt. of Fiduciary Net Position
> Stmt. of Changes in Fiduciary Net Position
How is the Stmt. of Fiduciary Net Position divided up?
> Assets > Def. Outflows > Liabs. > Def. Inflows > Fiduciary Net Position
How is the Stmt of Changes in Fiduciary Net Position divided up?
>Additions /Contributions /Net Investment Income >Deductions /Benefit Pmts. /Admin. Exp. > Net Change in Fiduciary Net Postion
