Governmental Accounting and Reporting Flashcards Preview

FAR > Governmental Accounting and Reporting > Flashcards

Flashcards in Governmental Accounting and Reporting Deck (12)
Loading flashcards...
1
Q

What is the measurement focus and basis of accounting for government-wide financial statements?

A

Measurement focus: economic resources

Basis of accounting: Accrual

2
Q

What are the government-wide financial statements consist of?

A
  1. Government-wide statement of net position

2. Government-wide statement of activities

3
Q

What are the Governmental funds financial statements consist of?

A
  1. Balance sheet
  2. Statement of revenues, expenditures and changes in fund balances
  3. General fund and major special revenue funds statement of revenues, expenditures and changes in fund balances - budget and actual
4
Q

What are the Proprietary funds financial statements consist of?

A
  1. Statement of net position
  2. Statement of revenues, expenses and changes in net position
  3. Statement of cash flows (direct method required)
5
Q

What are the Fiduciary Funds (and fiduciary component units) financial statements consist of?

A
  1. Statement of net position

2. Statement of changes in net position

6
Q

What does the government-wide financial statements report?

A

They report governmental activities, business-type activities, the primary government totals and discretely presented component units. All presented in accrual basis. Fiduciary funds and fiduciary components are not included

7
Q

What does the fund financial statements report?

A

They report on major governmental funds and major enterprise funds rather than on governmental fund types and the enterprise fund type. Governmental funds, proprietary funds and fiduciary funds are reported using 3 separate sets of F/S.

8
Q

What is the mission of the GASB?

A

To establish and improve standards of the stat and local governmental accounting and financial reporting that will:

  1. result in useful information for users of FS
  2. guide and educate the public, including issuers, auditors, and users of those financial reports
9
Q

The GASB has 7 steps established for developing accounting standards. These procedures are used for major agenda projects. What are they?

A
  1. advisory task force of outside experts is appointed
  2. existing literature on the subject is studied and additional research is conducted or commissioned if necessary
  3. a discussion for public comment setting forth the issues or concerns being addressed and possible solutions is published
  4. an exposure draft of a proposed standard for public comment is broadly distributes
  5. public hearings and forums on its due process documents are conducted
  6. staff analyzes comment letters, public RT discussion, and any other information and the Board deliberates the proposed provisions at one or more public meetings
  7. the board issues an Accounting Standards Update describing amendments to the Codification of Governmental Accounting and Financial Reporting Standards
10
Q

What are the primary characteristics of governmental structure?

A
  1. representative form of government and the separation of powers
  2. the federal system of government and the prevalence of intergovernmental revenues
  3. the relationship of taxpayer to services received.
11
Q

What are the control characteristics resulting from governmental structure?

A
  1. the budget as an expression of public policy and financial intent and as a method of providing control
  2. the use of fund accounting for control purposes
12
Q

What are the other characteristics of governmental structure?

A
  1. the dissimilarities between similarly designated governments
  2. the significant investment in non=revenue producing capital assets
  3. the nature of the political process