• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/14

Click to flip

14 Cards in this Set

  • Front
  • Back
general purpose governments
governments that provide many categories of services to their residents. such as police and fire protection, sanitation, construction and maintenance of streets, roads and bridges, healthcare and welfare
special purpose governments
provide only a single function or a limited number of functions such as education, drainage, flood control, irrigation, soil and water conservation, fire protection and water supply.
***have the power to levy and collect taxes and to raise revenues from other sources as provided by state laws to finance the services they provide.
statements of financial accounting concepts: characteristics that distinguish governments and non for profit from businesses
receipts of significant amounts of resources from resource providers who do not expect to receive either repayment or economic benefits proportionate to the resources provided.
B.operating purposes that are other than to provide goods or services at a profit or profit equivalent
C. absence of defined ownernship interests that can be sold, transferred, or redeemed, or that convey entitlement to a share of residual distribution of sources in the event of liquidation of the organization.
FASB
sets the standards for for profit business organizations and non governmental not for profit organizations

sarbanes oxley greatly enhanced the financial support by mandating an assessed fee on corporate security offerings.
GASB
sets standards for state and local governments, including governmental non for profit organizations

Financially relies heavily on contributions from state and local government organizations and sales of publications for financial support of its operations.
FASAB
sets standards for the federal government and its agencies and departments
determining a not for profit as governmental or not
public corporations and bodies corporate and politic are governmental organizations. Others are governmental if they have one or more of the following:
a. popular election of officers or appointment by officials of one or more state or local government.
B. potential for unilateral dissolution by a gov with net assets reverting to a government
or C. the power to enact and enforce a tax levy
accountability
requires governments to answer to the citizenry. to justify the raising of public resources and the purposes for which they are used
interperiod equity
assessing whether current year revenues are sufficient eough to pay for services provided that year and whether future tax papers will be required to assume burdens for services previously provided.
MD&A and required supplementary information
designed to communicate the purpose of the basic financial statements and the governments current financial position and rsults of financial activities compared with those of the prior year.
government-wide financial statements
intended to provide an aggregated overview of a governments net assets and changes. used in assessing operation accountibiility
operational accountibility
whether the government has used its resources efficiently and effectively in meeting operation objectives.
fund financial statements
assist in assessing whether the government has raised and spent financial resources in accordance with budget plans and in compliance with pertinent laws and regulations.
basis of accounting used for governmental funds
modified accrual. revenues are recorded only if they are measureable and available for paying current period obligations. expenditures are recognized when incurred.