Term
| Accounting for the Business type activities of state and local govern't |
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Definition
| Propreitory funds-Internal Service Fund and Enterprise Fund |
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Term
| Accounting for ISF and Enterprise Fund are similar to |
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Definition
| accounting for for-profit enterprises |
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Term
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Definition
| fixed assets, acc depreciation, depreciation exp, and debt (long term and short term) |
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Term
| Accounted for on the __ basis |
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Definition
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Term
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Definition
| legal budgets (should have internal budgets for planning and control purposes) |
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Term
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Definition
| services to other funds, departments/programs, etc. (Not to general public) |
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Term
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Definition
| Full cost (direct and indirect costs) plus margin to allow for necessary replacements, modernization, expansion, debt service |
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Term
| ISF billing to other departments/programs should be |
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Definition
| less than if used outside vendors |
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Term
| (ISF) Initial and subsequent contribution of cash, other assets, to establish/enlarge fund: |
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Definition
Assets Received (FMV)
Interfund transfers in |
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Term
| ISF-If must eventually repay transfers: |
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Definition
Assets Received
Interfund loan from(fund name) |
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Term
| ISF-To record billings for services, supplies: |
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Definition
Due from ( fund name )
Billings to Department |
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Term
| ISF-Grants, entitlements, shared revenues: If restricted for capital aquisition, construction, etc: |
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Definition
| Treat as equity: Contributions from (name source) |
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Term
| ISF-Operating grants: grants, entitlements, shared rev: If can be used for either operations or capital outlays: |
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Definition
| Treat as nonoperating rev (name source) Not as contributed capital |
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Term
| All grants from ISF to governmental funds: |
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Definition
| Treated as revenue by the receiving fund |
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Term
| (ISF)Depreciation exp. for contributed assets or assets acquired under a capital grant can be closed to either: |
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Definition
| Contributed Assets or Retained Earnings |
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Term
| ISF Assets acquired under lease agreements: Operating leases |
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Definition
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Term
| Assets acquired under lease agreements: Capital lease: Capitalize at lesser of |
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Definition
| PV of minimum lease payments or FMV of the leased property |
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Term
| ISF-Assets acquired under lease agreements: Capital Lease: Amortized over lease term unless |
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Definition
| Transfer of title or Bargain purchase option (If either of the above, use estimated economic life) |
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Term
| ISF-capital leases: allocate lease payments btwn |
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Definition
| principal and interest components (effective interest method) |
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Term
| ISF If have mfg activities: |
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Definition
| Process costing: Std costing and Job order costing |
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Term
| ISF if used as financing device: Risk financing and related insurance activities |
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Definition
| Recognize rev and claims in same manner as public entity risk pools |
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Term
| ISF: Risk financing: Recognize claim when either |
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Definition
1. All of the following: Asserted, Probable that an asset impaired or a liab. incurred, and Loss is reasonably estimatable
or
Both: an estimatable loss has occurred and It is probable that a claim will be asserted |
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Term
| ISF-If reasonably possible(not probable) or loss not reasonably estimable, disclose ( but do not accrue) |
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Definition
| Nature, range of loss, or that amt not reasonably estimable |
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Term
| Dissolution of ISF options |
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Definition
| Transfer fund assets to another fund that will continue operation of activity, Distribute assets to another govn't unit, Convert all assets to cash, then ditribute to another governmental unit |
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Term
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Definition
| Same as normal business enterprise |
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Term
| ISF-Stmt of net assets(balance sheet) |
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Definition
| Classified(current, restricted, capital assets; current, lt liab), Net assets: Invested in capital assets, net of related debt, restricted, unrestricted |
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Term
| ISF: Stmt of rev, exp, and changes in net assets: Format |
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Definition
| 1. Operating revenues (Billing to Departments, cost of supplies issued, Gross margin)2. Operating exp. 3. Operating income 4.Interfund transfers 5.Change in net assets 6. Net assets: Beginning 7.Net assets: Ending |
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Term
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Definition
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Term
| ISF: Stmt of cash flows: 1.Activities |
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Definition
Operating activities
Noncapital financing activities(not: acquisition, construction, improvement related)
Capital and related financing activities
Investing activities (loans, investments, investment income, investment pools) |
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Term
| ISF: Stmt of cf: 2. Reconciliaion |
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Definition
| Of operating income to net cash provided by operating activities |
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Term
| If more than one ISF must prepare |
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Definition
| combining stmts showing each isf position activities (for all 3 stmts) |
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Term
| Enterprise funds provide services |
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Definition
| to general public on a user charge basis |
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Term
| Enterprise funds __ basis |
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Definition
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Term
| Enterprise fund records its own |
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Definition
| fixed assets, accum. deprc., depr exp, and debt (short and long term) |
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Term
| Enterprise funds use accounting similar to |
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Definition
| private sector entities providing the same product, service |
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Term
| EF: Classified balance sheet |
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Definition
| Current, long term: Assets, liabl. |
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Term
| EF: Budgetary accounts not |
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Definition
| used unless required by law |
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Term
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Definition
| Assets ( such as customer deposits, investments to be used to retire debt. |
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Term
| EF: If restricted assests |
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Definition
| segregate on balance sheet (assets, liabl.) |
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Term
| EF plant acct usually has |
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Definition
| specific categories of assets (based on srv provided: especially utilities) |
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Term
| EF: Construction period int |
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Definition
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Term
| EF: Rev. Bonds: Secured by |
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Definition
| a portion of the enterprise's rev. |
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Term
| EF: Gerneral obligation bonds that are intended to be serviced from utility rev: reported |
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Definition
| as a liabl. of the the ef |
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Term
| EF: Special assessment debt: If assets constructed with special assessment debt proceeds are used in the ef operations: |
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Definition
| the debt may be reported by the ef |
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Term
| EF: Long term bonds Either |
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Definition
| report net of unamortized discount or premium Or report as offset against bond payable(at par) |
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Term
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Definition
| Invested in capital assets, net of related debt, restricted, unrestricted |
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Term
| EF: Contributions by customers often required to |
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Definition
| offset assets constructed with the contributions (EX. FERC) |
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Term
| EF: Accr'd utilities rev: |
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Definition
| An estimated receivable for unread meters at period end, reverse opening balance in new year (DR Sales) |
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Term
| EF: Account classification guidance |
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Definition
| National Association of Regulatory utility commissioners (NARUC) Federal Energy Regulatory commission(FERC) |
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Term
| EF: Customer advances (read agreements) often collected to |
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Definition
| help finance construction costs. May/may not be used to offset receivable for future utility srvc bills |
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Term
| EF: Contribution in lieu of taxes |
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Definition
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Term
| EF: contribution in lieu of taxes |
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Definition
| Enterprise are not assessed propery taxes however they often pay a negotiated amt in lieu of taxes to offset costs bourne by the general fund on their behalf |
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Term
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Definition
Classified(current,long term
Segregate restricted assets, liab. payable with restricted assests
Net Assets: Invested in capital assets, net of related debt, restricted, unrestricted |
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Term
| EF: Stmt of rev, exp, and changes in net assets |
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Definition
1. operating rev; operating exp; operating income
2. Nonoperating income and deductions
3. Income before contributions
4. captial contributions from customers
5. change in net assets
6. net assets; beginning
7. net assets; ending |
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Term
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Definition
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Term
| EF: stmt of cf: 1. activities |
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Definition
Operating activities
noncapital financing activities(not: acquisition, construciton, imporvenemt related)
capital and related financing activities
investing activities(loans, investments, investment income, investment pools |
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Term
| EF: STMT of cf: 2. reconciliations |
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Definition
cash and cash equivalents to the bs ( ending cash=restricted+unrestricted cash and cash equivalents
Operating income to net cash provided by operating activities |
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Term
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Definition
| cash and cash equivalents |
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Term
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Definition
| must prepare combining stmt showing each ef's position, activities, etc for all 3 stmt |
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Term
| EF: regulatory accounting principles: bs presents _ first |
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Definition
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Term
| Utility plant in srvc stated at |
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Definition
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Term
| If acquired from another utility any excess paid over original cost is treated as |
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Definition
| utility plant acquisition adjustment(similar to goodwill) amortized over prescribed period |
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Term
| Other property and investments |
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Definition
| broader in scope, special funds(similar to restricted assets) deferred debits includes: unamortized debt discount |
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Term
| Nonutility enterprises: follow industry gaap |
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Definition
| stds. establised by gasb, fasb, are very similar to those for isf |
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Term
| Municipal solid waste landfills subject to |
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Definition
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Term
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Definition
closure costs (assuming performed by a 3rd party)
Postclosure maintenance and monitoring for a period of 30 years
cost estimates adjusted for inflation (annually) |
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Term
| MSWLFs owners/operators must provide financial assurances that resources will be available to perform required work |
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Definition
| 3rd party trusts, surety bonds, letters of credit, insurance, state-sponsored plans |
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Term
| MSWLF recognize required closure related exp and liab. based on |
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Definition
| a units of production method (i.e.based on land fill usage vs over time) |
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Term
| mswlf costs incurred to acquire required equipment, facilities, srvcs recorded |
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Definition
| as a reduction of the acc'd liab. (not as capital assets) |
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Term
| If the mswlf is reported in the gf, other not-for-profit record |
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Definition
| expenditure and fund liab. in current pd to the extent that an acc'd liab would be settled with available fund resources |
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Term
| if mswlf is reported in gf, other not-for profit |
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Definition
| excess liab. report in gltdag |
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Term
| mswlf footnote disclosures |
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Definition
nature and source of closure, postclosure, care requirements
liab based on landfill capacity to date
% of landfill capacity used to date; estimated remaining years
how post closure care financial requirements being met (restricted assets)
estimates potential changes due to inflation, technology, law regs, etc. |
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