Corp Gov Exam 1

Front 1

general purpose governments

Back 1

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

Front 2

special purpose governments

Back 2

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.

Front 3

statements of financial accounting concepts: characteristics that distinguish governments and non for profit from businesses

Back 3

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.

Front 4

FASB

Back 4

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.

Front 5

GASB

Back 5

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.

Front 6

FASAB

Back 6

sets standards for the federal government and its agencies and departments

Front 7

determining a not for profit as governmental or not

Back 7

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

Front 8

accountability

Back 8

requires governments to answer to the citizenry. to justify the raising of public resources and the purposes for which they are used

Front 9

interperiod equity

Back 9

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.

Front 10

MD&A and required supplementary information

Back 10

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.

Front 11

government-wide financial statements

Back 11

intended to provide an aggregated overview of a governments net assets and changes. used in assessing operation accountibiility

Front 12

operational accountibility

Back 12

whether the government has used its resources efficiently and effectively in meeting operation objectives.

Front 13

fund financial statements

Back 13

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.

Front 14

basis of accounting used for governmental funds

Back 14

modified accrual. revenues are recorded only if they are measureable and available for paying current period obligations. expenditures are recognized when incurred.