Section 3, Chapter 4 Flashcards

1
Q

What are principal financial statements?

A

provides the reader with information about the reporting entitys financial results of operations during the year, and financial position at the end of the year.

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2
Q

What does it mean “to recognize?”

A

the process of formally recording or incorporating an item into the financial statements of an entity as an asset, liability, revenue or expense.

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3
Q

What is a disclosure?

A

reporting information in notes or narrative regarded as an integral part of the principal financial statements

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4
Q

What is a balance sheet?

A

presents, as of a specific time, resources that embody ecomonic benefits or services the federal government controls. Assets-liabilities = net position

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5
Q

Where is the first place readers can see obligations incurred?

A

STatement of Budgetary Resources

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6
Q

What does the statement of financing show?

A

the difference between an obligations based budgetary result (net obligations) and accrual based net cost.

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7
Q

What three differences does the Statemetn of Financing show?

A
  1. ) net costs may be funded by nonbudgetary resources such as donations
  2. ) financing sources may fund items that are not part of net cost such as capital asset acquisitions
  3. ) net cost may contain items that do not require or generate resources in the current period, such as depreciation.
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8
Q

What three subcategories make up RSSI?

A

1.) stewardship property, plant and equipment
2,) stewardship investments
3.) Stewardship responsibilities

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9
Q

What are the 2 major classes of stewardship PP&E?

A
  1. ) stewardship land

2. ) heritage assets

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10
Q

What are the 3 items reported for stewardship land?

A
  1. ) # of physical units (acres) of land by major use
  2. ) acquisitions and withdrawls
  3. ) condition of the land
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11
Q

What are the 4 items reported for heritage assets??

A
  1. ) description of each major class of heritage asset
  2. ) # of physical units added and withdrawn from the period and begining and ending balances.
  3. ) description of the methods of acquisition and withdrawl
  4. ) the condition of heritage assets.
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12
Q

What are stewardship investments?

A

investments made by the federal government that will increase the nation’s productive capacity and well being.

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13
Q

What are the 3 types of stewardship investments?

A

1,) human capital

  1. ) research and development
  2. ) nonfederal physical property
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14
Q

Stewardship reporting requires that federal reporting provide what 2 pieces of information?

A
  1. ) whether the governments financial position improved or deteriorated over the period.
  2. ) whether future budgetary resources will likely be sufficient to sustain public services and to meet obligations as they come due.
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15
Q

What does MD&A provide a vehivle for?

A
  1. ) communicating managers insights about the reporting entity
  2. ) increasing the understandability and usefulness of the general purpose federal financial report
  3. ) providing understandable and accessible information about the entity and its operations, service levels, successes, challengs and future.
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16
Q

What 4 additional items are required supplementary information?

A
  1. ) statement of budgetary resource
  2. ) defferred maintenance
  3. ) Intragovernmental amounts
  4. ) segment information
17
Q

What are intragovernmental amounts?

A

include transactions between federal entities included in the government-wide financial statements.

18
Q

Who is required to report segment information?

A
  1. ) franchise funds

2. ) intragovernmental support revolving fund no seperatly reported