Other Government Accounting Items Flashcards
What are the four types of interfund transactions?
- Quasi external transactions
- Reimbursements
- Transfers
- Loans
Quasi external transactions are ___ type transactions that take place between funds.
Business type. Like internal service and enterprise funds selling to other funds.
Transfers to and from involve which two accounts?
Other financing uses - transfer out, other financing sources - transfer in
Short term loans use terms such as…?
Due to and due from
“Advance from” and “advance to” are terminologies used for what?
LT loans
Governments can elect not to depreciate infrastructure if what condition is met?
If the government can preserve the infrastructure to a condition equal or above the original condition and updated records and documentation is maintained.
A reciprocal transaction occurs from doing ______ with one another (fund to fund).
business
The general fund contributes money to the debt service fund. The general fund records this as an expenditure. TF
False, operating transfer
The general fund transfers residual equity to the internal service fund. The internal service fund records this as a credit to transfers. TF
True
Buildings are infrastructure assets.
False
With regard to the general funds, how are liabilities accounted for?
Modified accrual, recognize to the extent that the amounts are payable with expendable available financial resources
With regard to government wide and proprietary funds, how are liabilities accounted for?
Full accrual
Governmental funds use fund balance and proprietary/fiduciary accounts use net position terminology. TF
True
What are the 4 types of non exchange transactions?
- Derived tax revenues
- Imposed tax revenues
- Gov mandated tax revenues
- Voluntary tax revenues
Derived tax revenues come from some underlying ______ that took place.
Transaction (fuel tax, sales tax, cigarette tax)
Property taxes and parking fine are forms of _____ tax revenues.
Imposed
Gov mandated non exchange transactions are recognized when all ____ requirements are met and it is both measurable and available.
Eligibility
Exchange transactions involve a ___ relationship between the charge and the service.
direct
The gov entry to record a purchase order is…?
db Encumbrances
cr. Budgetary Fund Balance
The term “expense” recognizes accounts that use…
full accrual accounting
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.
Take the probability of each outcome multiplying by its liability amount. Add them together to the amount needed to record the liability.
Land and other real estate held as investments by endowments should be recored at ____ at the reporting date.
Fair value
Derivatives are reported at _____ in the statement of net position.
Fair value
Investment derivative changes in FV are recorded as _____ in the statment of activities while hedging derivatives are recorded as ___ in the statement of NP.
Income, deferrals
Fund balance information is required in the Supplementary Info section of the CAFR. TF
False
