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Flashcards in Government Deck (34)
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1
Q

Government Revenue

A
taxes
licenses permits
intergov rev
charges for services
fines forfeits
misc
2
Q

special rev fund

A

specific rev sources that are restricted or committed to expenditure for specific purpose other than debt service or capital project

3
Q

debt service fund

A

legally mandated or fin resources are being accumulated for principal or interest payments to be made in future years. fund life is tied to debt

4
Q

capital project fund

A

fin resources that are committed or restricted or assigned to expenditure for capital outlays.(not used for proprietary). used to construct or acquire major fixed assets.

5
Q

gov funds have five fund balances

A
non spendable (gen, spec rev, perm)
restricted
committed
assigned
unassigned
6
Q

general fund is the only fund that has a

A

positive unassigned fb. all other accounts have a negative one.

7
Q

permanent funds

A

account for resources held in trust by gov for benefit of gov.

8
Q

economic resource measurement focus

A

accrued

9
Q

proprietary financials

A

statement of net position
statement of rev expenses and changes in fund net position
statement of cash flows

10
Q

statement of net position equity section (proprietary fund)

A

net investment in capital asset
restricted
unrestricted

11
Q

statement of cashflows government 4 sections

direct method required

A

operating
noncapital financing
capital and related financing
investing activities

12
Q

cashflows from noncapital fin activities

A

debt issued to finance operations
interest related to such debt
transfers not related to capital acquisition

13
Q

cashflows related to capital and related financing activities

A

issuance and repayment of debt issued to acquire capital asset
interest related to such debt
acquisition and sale of capital asset

14
Q

cashflows from investing activities

A

acquisition and sale of investments in debt and equity instruments
interest and dividend on such payments
loans made and collected (except operating loans)

15
Q

fiduciary statements for pension account

A

statement of fiduciary net position

statement of changes in fiduciary net position

16
Q

instead of using expenses and revenues pensions statement use

A

additions and deductions

17
Q

agency funds acts as a

A

intermediary a=l

18
Q

private purpose trust fund

A

accounts for resources held in trust by the gov for the benefit of individuals. does not account for pension plans, investment pools, permanent funds.

19
Q

Budgetary accounting

what is the entry for a surplus budget

A

est rev 110
appropriation 100
fb 10

budgetary accounts are opposite.

20
Q

encumbrance.

encumbrance entry

A

to help control spending
formally record commitments in the acc system until order is received

encumbrance 100
budgetary fb 100

order filled
budgetary fb 80
encumbrance 80
(reverse out estimated)

expenditure 81
voucher payable 81
(record actual)

budgetary fb 20
encumbrance 20
(close out outstanding at yr end)

fund balance unassigned 20
fb assigned or committed 20
(show fb assigned or committed for encumbrance obligations at yr end)

21
Q

short term loans

long term loans

A

due to due from

advance to advance from

22
Q

modified approach

gov can elect not to depreciate infrastructure if it. gov must meet two conditions

A

preserves the infrastructure in a condition equal to or above the original condition.

documentation of condition status
record keeping

23
Q

4 interfund transaction types

A

quasi external transactions
loans
transfers
reimbursement

24
Q

quasi external transactions-interfund

A

internal service fund and and enterprise fund activities providing services for a fee to other units of gov

I.S fund
due from gf 30
due from ent fund 20
rev-billings to dept 50

expenses 40
inv 40
(25% markup)

gf
expenditure-supply 30
due to i.s fund 30

ent fund
expenses 20
due to I.S 20

Government wide
expenses 24
expenses 16
inv 40

25
Q

reimburesements-interfund

A

reimburse one fund for expenditures or expenses recorded that should have been recorded in another fund.

gf
expenditure 5
cash 5
(paid by gf to external vendor in error)

gov wide
expenses 5
cash 5

ent fund
supply 5
due to gf 5
(reimbursement)

GF
due from end fund 5
expenditure 5

26
Q

transfers-nonreciprocal transfer between fund with no repayment requirement.-interfund

A

GF
OFU-transfer out to D.S fund 10
cash 10

DS Fund
Cash 10
OFS-Transfer in

27
Q

Loans-interfund

A

amounts transferred between funds that are expected to be repaid
due to due from- short term
advance-long term

GF
Due from cap project 12
advance to ent fund 17
cash 29

capital project fund
cash 12
due to gf fund 12

ent fund

cash 17
advance from gf fund 17

28
Q

other fin source includes

A

transfers and proceeds from bonds. neither of which are revenue

29
Q

gov funds use_____

proprietary and fiduciary funds use______

A

expenditure and Fund balance

net position and expense

30
Q

nonexchainge transactions are

A

derived tax rev
imposed tax rev
gov mandated
voluntary

31
Q

cafr sections

A

introductory
financial
statistical

32
Q

gov wide financials

A

statement of net position

statement of activities

33
Q

min requirements for fin reporting gov wide statements

A

MD&a
basic financials
RSI

34
Q

basic fin statements (gov wide)

A

gov wide statements
fund statements
notes to financials