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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What are government orgs?
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Those who have:
- Popular election of officers - Unilateral dissolution - Can enact and enforce tax levy - Can issue direct debt |
2514.02
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What's the standard hierierchy of State and Local Governements?
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- Offical GASB and FASB and AICPA accounting principles
- GASB tech bulletins (AICPA guides) - AICPA acct standards exec committee - GASB staff implementation guides - Other acct literature |
2514.04
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Which is the most authoritative source for S&LG?
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GASB Statements and Interpretations
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2514.05
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Can gov NFPs use FASB NFP standards?
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NO, per GASB 29 gov NFPs are PROHIBITED from using these standards.
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2514.06
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What are the control characteristics of Governmental Accounting?
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- Budgetary accountability
- Fund accounting |
2521.02
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To balance the budget what would officials tend to do?
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1) Pay for increasing current services with nonrecurring revenues.
2) Defer payment for current services to future periods 3) Provide highly visible services but defer equally important but less visible services to future years. |
2521.02
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List the type of gov funds and what is its accounting equation?
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- General, special revenue, capital projects, debt service, permanent funds.
CA - CL = FB (working capital) |
2522.02
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What should be excluded from gov working capital funds?
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- Capital (fixed) assets and long-tem liabilities are, which should be reported only in the government-wide financial statements.
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2522.02
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List the type of proprietary funds:
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- Enterprise funds
- Internal svc funds These are self-supporting gov business type activity funds (no net income reported). |
2522.02
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How are proprietary funds "net assets" reported?
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As part of:
- invetment in capital assets (net of debt) - restricted and unrestricted net assets |
2522.02
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List the types of fiduciary funds:
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- Private purpose trust funds
- Investment trust funds - Pension trust funds - Agency funds |
2522.02
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What are the estimated expenditures authorized by the legislative body called?
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Appropriations (expenditures)
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2522.03
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What is the entry for a PO under the encumbrance system?
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DR encumbrance(budget account), CR Reserve for encumbrances.
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2522.06
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What is done with an encumbrance upon receipt of goods?
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The original entry is reversed and the actual expenditure is recorded.
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2522.06
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What are the required financial statements for fiduciary fund accounting?
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- Statement of fiduciary net assets.
- Statement of changes in fiduciary net assets |
2525.02
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What are the three types of trust funds used in fiduciary fund accounting?
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- Pension of other OPEB funds
- Investment trust funds - Private purpose trust funds |
2525.01
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How are fiduciary fund accounting operating accounts reported?
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They are not reported in the statement of changes in fiduciary net assets.
e.g. taxes receivable for collecting gov are not reported as agency fund assets |
2525.04
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