Acct 430 Ch 1

Front 1

Accountability

Back 1

The cornerstone of all financial reporting in govt. It requires govts to answer to the citizenry to justify the raising of public resources and the purposes for which they are used

Front 2

Special purpose governments

Back 2

Govts that provide only a single function or a limited number of functions. (education, hospitals, drainage and flood control)

Front 3

SEA

Back 3

Service Efforts and Accomplishments: A conceptualization of the resources consumed (inputs) , tasks performed (outputs), goals attained (outcomes), and the relationship among these items in providing services in selected areas (eg. garbage collection, elementary education)

Front 4

MD&A

Back 4

Manager's Discussion and Analysis: designed to communicate in narrative, easily readable form the purpose of the basic financial statements, and the govts current financial position and results of financial activities compared with those of the prior year.

Front 5

PAR

Back 5

Performance and Accountability Report: the federal OMB requires major federal departments and agencies to prepare one. It has four sections (1. MD&A 2. Annual performance report APR 3. Basic financial statements (5) 4. Other accompanying info

Front 6

Operational accountability

Back 6

Whether the govt has used its resources efficiently and effectively in meeting operating objectives

Front 7

Modified accrual

Back 7

Where revenues are recognized in the period they are measurable and available for spending and expenditures are recognized when they create an obligation to be paid from current financial resources

Front 8

RSI

Back 8

Required supplementary information: Info that is required by GAAP to be included with the audited annual financial statements, usually directly following the notes to the general purpose external financial statements

Front 9

Interperiod equity

Back 9

A GASB term indicating the extent to which current-period revenues are adequate to pay for current-period services.

Front 10

Government-wide financial statements

Back 10

Two statements prescribed by GASB standards designed to provide a highly aggregated overview of a govt's net position and results of financial activities

Front 11

GASB

Back 11

Governmental Accounting Standards Board. FASB for state and local governments

Front 12

GAAP

Back 12

The body of accounting and financial reporting standards that have authoritative support from GASB, FASB and FASAB.

Front 13

General purpose governments

Back 13

Govts that provide many categories of services to their residents, such as states, counties, municipalities and townships. Typical services include roads, police, parks

Front 14

Fund financial statements

Back 14

A category of the basic financial statements that assist in assessing fiscal accountability. 3 kinds. Govt fund-which focus on the short term flow of current financial resources rather than on the flow of economic resources. Proprietary funds-which deal with the business type activities of a govt. Fiduciary funds-Agency and trust funds

Front 15

Fiscal Accountability

Back 15

It relates to ensuring the govt is complying with rules and regulations related to the use of financial resources

Front 16

FASB

Back 16

Financial Accounting Standards Board: 7 member board creating GAAP for publicly traded entities to follow.

Front 17

FASAB

Back 17

Federal Accounting Standards Advisory Board:The Comptroller General, the Director of OMB and Secretary of the Treasury are federally mandated to be responsible for establishing and maintaining financial structure for Govt. In 1990 they created FASAB. Supposed to be as consistent as possible with FASB and GASB

Front 18

Donor-imposed restrictions

Back 18

Restrictions perhaps specifying that the contribution be used for a particular purpose or time period. Restrictions may be temporary or permanent.

Front 19

CAFR

Back 19

Comprehensive Annual Financial Report: A govt's
annual report that contains 3 sections-introductory, financial and statistical. It provides financial info beyond the general purpose external financial statements. Conforms to GASB

Front 20

Basic financial statements

Back 20

Term used in GASB standards to describe required government-wide and fund financial statements.