Term
| What is a deferred outflow of resources? |
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Definition
| An asset (Think: Prepaid expenses) |
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Term
| What is a deferred inflow of resources? |
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Definition
| A liability (Think: Unearned income) |
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Term
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Definition
| Fund balance; difference between assets and liabilities (Think: Owner's Equity) |
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Term
| What are the different types of fund balances? |
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Definition
Nonspendable: Nonmonetary form
Restricted: Amounts reserved by law or external parties
Committed: Constrained by highest decision-making authority formally
Assigned: Intended use
Unassigned |
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Term
| What are types of accounting bases? |
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Definition
Cash
Modified accrual
Full accrual |
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Term
| What are types of measurement focuses? |
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Definition
Current financial resources
Economic resources |
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Term
| Are there any depreciation accounts in any funds? If so, which? |
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Definition
| Only those that use full accrual (proprietary and fiduciary) |
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Term
| What are the three sections of a CAFR? |
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Definition
Introductory
Financial
Statistical |
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Term
| What information is required supplementary information? |
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Definition
Fund Balances
Actual-to-Budget Fund Information
Reconciliation of Govt-wide statements to budget |
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