Other Government Accounting Items Flashcards

1
Q

What are the four types of interfund transactions?

A
  1. Quasi external transactions
  2. Reimbursements
  3. Transfers
  4. Loans
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2
Q

Quasi external transactions are ___ type transactions that take place between funds.

A

Business type. Like internal service and enterprise funds selling to other funds.

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3
Q

Transfers to and from involve which two accounts?

A

Other financing uses - transfer out, other financing sources - transfer in

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4
Q

Short term loans use terms such as…?

A

Due to and due from

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5
Q

“Advance from” and “advance to” are terminologies used for what?

A

LT loans

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6
Q

Governments can elect not to depreciate infrastructure if what condition is met?

A

If the government can preserve the infrastructure to a condition equal or above the original condition and updated records and documentation is maintained.

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7
Q

A reciprocal transaction occurs from doing ______ with one another (fund to fund).

A

business

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8
Q

The general fund contributes money to the debt service fund. The general fund records this as an expenditure. TF

A

False, operating transfer

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9
Q

The general fund transfers residual equity to the internal service fund. The internal service fund records this as a credit to transfers. TF

A

True

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10
Q

Buildings are infrastructure assets.

A

False

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11
Q

With regard to the general funds, how are liabilities accounted for?

A

Modified accrual, recognize to the extent that the amounts are payable with expendable available financial resources

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12
Q

With regard to government wide and proprietary funds, how are liabilities accounted for?

A

Full accrual

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13
Q

Governmental funds use fund balance and proprietary/fiduciary accounts use net position terminology. TF

A

True

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14
Q

What are the 4 types of non exchange transactions?

A
  1. Derived tax revenues
  2. Imposed tax revenues
  3. Gov mandated tax revenues
  4. Voluntary tax revenues
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15
Q

Derived tax revenues come from some underlying ______ that took place.

A

Transaction (fuel tax, sales tax, cigarette tax)

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16
Q

Property taxes and parking fine are forms of _____ tax revenues.

A

Imposed

17
Q

Gov mandated non exchange transactions are recognized when all ____ requirements are met and it is both measurable and available.

A

Eligibility

18
Q

Exchange transactions involve a ___ relationship between the charge and the service.

A

direct

19
Q

The gov entry to record a purchase order is…?

A

db Encumbrances

cr. Budgetary Fund Balance

20
Q

The term “expense” recognizes accounts that use…

A

full accrual accounting

21
Q

Pollution liabilities are recognized when they are probable and mandated. To estimate the liability we used the “probability weighted procedure”. Explain how we would go about the calculation.

A

Take the probability of each outcome multiplying by its liability amount. Add them together to the amount needed to record the liability.

22
Q

Land and other real estate held as investments by endowments should be recored at ____ at the reporting date.

A

Fair value

23
Q

Derivatives are reported at _____ in the statement of net position.

A

Fair value

24
Q

Investment derivative changes in FV are recorded as _____ in the statment of activities while hedging derivatives are recorded as ___ in the statement of NP.

A

Income, deferrals

25
Q

Fund balance information is required in the Supplementary Info section of the CAFR. TF

A

False