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32 Cards in this Set
- Front
- Back
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Effective tax rate |
income tax expense / pretax income |
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Funds without option of "non-spendable" fund balance |
1. Permanent 2. Capital projects 3. Debt service |
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Funds without option of "committed" fund balance |
Permanent |
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Funds without option of "assigned" fund balance |
1. Permanent 2. Special revenue |
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Recognition of non-exchange revenues (property taxes, fines) |
-Record receivable when gov. has enforceable claim (taxes are levied) -Record revenue when available and use is required or permitted |
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Recognition of derived tax revenues ( sales taxes, income taxes) |
-Revenue recognized when measurable and available |
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Special revenue fund |
-Revenues and expenditures are legally restricted or committed for specific purposes other than debt service or capital projects -Resources are expendable |
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Which fund is used for expendable trust activity? |
special revenue fund |
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Which fund is used when a grant needs to be monitored by the recipient government? |
special revenue fund |
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Which fund is used when a grant does not need to be monitored by the recipient government? |
agency fund |
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Debt service fund |
accounts for accumulation of resources and payment of currently due interest and principal on "long-term general obligation debt" by setting aside cash and cash equivalents |
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Funds that do not record encumbrances |
1. Permanent fund 2. Debt service fund |
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Capital projects fund |
-established for construction or purchase or leasing of significant fixed assets (used by GRaSPP funds only) -life of fund is limited to construction period of 1 to 3 years |
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Which fund is used to account for special assessments when the government is not primarily or potentially liable? |
Agency fund |
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Which fund is used to account for special assessments when the government is primarily or potentially liable? |
Appropriate governmental fund |
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Permanent fund |
-principal is legally restricted -earnings may be used for purposes that support the reporting government's programs (i.e., for benefit of the public) |
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Internal service fund |
-finances and accounts for services and supplies provided exclusively to other departments within a government or to other governmental units -typically on cost-reimbursement basis |
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When are restricted grants of an internal service fund recognized as revenue? |
In year they are spent |
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Enterprise fund |
-account for operations financed and operated in a manner similar to private business enterprise -required to be reported as enterprise fund if any of the following criteria are met -activity is financed with debt secured solely by pledge of net revenue from fees and charges -laws and regulations require cost of providing services be recovered through fees -pricing policies of activity establish fees and charges designed to recover its costs
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Proprietary fund - cash flows from investing activities |
-purchase of investments -interest and dividends |
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Proprietary fund - cash flows from noncapital financing activities |
-operating subsidies -transfers to other funds |
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Proprietary fund - cash flows from capital financing activities |
-proceeds from capital debt -capital contributions -purchases of capital assets -principal paid on capital debt -interest paid on capital debt |
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Journal entry to record NOL carry back and then carryforward |
DR: Income tax receivable DR: Deferred tax asset CR: Deferred tax asset valuation allowance CR: Income tax benefit (residual) |
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Ending PBO formula |
Beg. PBO + Service cost + Interest cost + PSC from current plan amendments +Actuarial gains incurred in current period - (Actuarial gains incurred in current period) - (Benefits paid to retirees) = End PBO |
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Actual return on plan assets formula |
Beg. FV of plan assets + Contributions + Actual return on plan assets (plug) - (Benefits paid to retirees) = Ending FV of plan assets |
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What is included in defined benefit cost under IFRS |
1. Service cost (both current and past) 2. Net interest on defined benefit liability (asset) |
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Formula for net interest on defined benefit liability (asset) under IFRS |
-Net defined benefit liability (asset) x Discount rate
-Net defined benefit liability (asset) = DBO - FV of plan assets |
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Formula for amortization of existing net obligation or net asset at implementation |
PBO - FV of plan assets = Initial unfunded obligation / 15 years OR avg. employee job life (greater) = Minimum amortization |
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Termination benefits formula |
Lump sum payments + PV termination benefit = Special term benefit |
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Reconciliation of beg. and end. funded status of defined benefit pension plan |
Beg. funded status + Contributions - (Service cost) - (Interest cost) + Expected return on plan assets - (PSC incurred in current period) + Net gains incurred during current period - (Net losses incurred during current period) = End. funded status |
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Format for presentation of the statement of financial position of a governmental fund |
Assets and deferred outflows of resources = liabilities and deferred inflows of resources + fund balance |
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Private purpose trust fund |
Designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the following: - Specific individuals - Private organizations - Other governments
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