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9 Cards in this Set
- Front
- Back
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GASB Statements (5 Concept Statements) |
1) Objectives of Financial Reporting 2) Service efforts and accomplishments reporting 3) Communication methods in general purpose external financial reports that contain basic financial statement 4) Elements of financial statements 5) Service efforts and accomplishment reporting (amendment to 2) |
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Significant characteristics of governmental environment (3) |
1) Primary characteristics of government's structure and services it provides 2) Control characteristics resulting from government structure 3) Other characteristics |
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Primary characteristics of government's structure and services it provides (3) |
1) Representative form of government and separation of powers 2) Federal system of government and the prevalence of intergovernmental revenues 3) Relationship of taxpayers to services received |
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Control characteristics resulting from the government's structure (2) |
1) The budget as an expression of public policy and financial intent as a method of providing control 2) The use of fund accounting for control purposes |
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Other Characteristics (3) |
1) The dissimilarities between similarly designated governments 2) The significant investment in non-revenue producing capital assets 3) The nature of the political process |
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GASB Statement 1 - Accountability |
1) Interperiod equity - were current year revenues sufficient to pay for current year services 2) Budgetary and fiscal compliance - were resources obtained and used in accordance with entity's legally adopted budget 3) Service efforts costs and accomplishments - provide information to assist users in assessing the service efforts, costs, and accomplishments of governmental entity |
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GASB Statement 1 - Additional Objectives (2) |
1) Financial reporting should assist users in evaluating the operating results of the governmental entity for the year 2) Financial reporting should assist users in assessing the level of services that can be provided by the governmental entity and its ability to meet its obligations as they become due |
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GASB Required Financial Statements (2) |
1) Statement of net position (Balance Sheet) 2) Statement of activity ( Statement of revenues and expenses |
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Government Fund Types (3) |
1) Governmental Fund - BS, Statement of revenues, and expenditures and changes in fund balances 2) Proprietary Fund - BS, statement of revenues Fiduciary Funds, and expenditures and changes in fund balances 3) Statement of fiduciary net position and statement of changes in fiduciary net position |
