Term
| For which entities does GASB set standards? |
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Definition
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Term
| The four Federal-level accounting standard-setting entities. |
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Definition
| Federal Accounting Standards Advisory Board (FASAB), GAO, OMB, Treasury Dept. |
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Term
| GASB objectives for financial statements (4) |
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Definition
1. allow comparability between budgeted and actual
2. help users assess financial condition and results
3. show compliance with laws
4. assist in evaluating efficiency and effectiveness |
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Term
| How do GASB's objectives differ from business objectives? (3) |
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Definition
1. budget
2. legal compliance
3. efficiency and effectiveness measures over NI |
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Term
| Two primary govn't-wide financial statements |
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Definition
1. Statement of Net Assets (equivalent to balance sheet)
2. Statement of Activities (equivalent to income statement) |
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Term
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Definition
1. governmental--general citizen services
2. proprietary--business-like activities (eg utilities)
3. fiduciary--holding money in trust for others |
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Term
| What does GASB 34 require? |
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Definition
| requires state and local governments to begin reporting all financial transactions, including the value of their infrastructure assets, roads, bridges, water and sewer facilities, and dams, in their annual financial reports on an accrual accounting basis. |
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Term
| Modified accrual basis/current financial resources measurement focus applies to funds financed in which way? |
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Definition
| Funds financed by taxes and other involuntary contributions |
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Term
| when is revenue recognized under modified accrual basis/current financial resources measurement focus? |
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Definition
| when it is "measurable and available", i.e., available to cover current-period bills |
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Term
| when are expenditures recorded under modified accrual basis/current financial resources measurement focus? |
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Definition
| when liability is incurred |
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Term
| When are supplies expenditures recognized under modified accrual basis/current financial resources measurement focus? |
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Definition
| When purchased (not when used, as in accrual basis) |
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Term
| When are equipment purchases recognized under the modified accrual basis/current financial resources measurement focus? |
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Definition
| When obligated to pay, i.e., when goods arrive (not capitalized, as in accrual basis) |
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Term
| How are payments of principal on LT debt treated under modified accrual basis/current financial resources measurement focus? |
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Definition
| As an expenditure as pmts are due. (the rest of the debt is not listed on the balance sheet) |
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Term
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Definition
| to segregate resources for specific activities to ensure compliance with regulations or restrictions |
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Term
| Five governmental-type funds |
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Definition
1. permanent fund
2. capital projects fund
3. debt service fund
4. special revenue fund
5. general fund |
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Term
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Definition
| 1. permanent fund--report financial resources that are legally restricted so that only earnings, not principal, may be expended |
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Term
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Definition
| capital projects fund--financial resources for construction or acquisition of fixed assets other than those associated with fiduciary or enterprise funds |
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Term
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Definition
| debt service fund--resources for pmt of interest and principal for LT debt other than that associated with fiduciary and enterprise funds |
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Term
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Definition
| special revenue fund--financial resources provided by revenue sources legally restricted to specified purposes (other than capital projects and debt service) |
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Term
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Definition
| general fund--financial resources other than those required to be categorized as another fund (catchall); there can only be one general fund and it accounts for most of the ongoing activities |
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Term
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Definition
1. internal service fund
2. enterprise fund |
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Term
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Definition
| established to measure net income for govn't departments providing services primarily to other govn't departments in which it is the govn't's intent to operate on a cost reimbursement basis |
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Term
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Definition
| purpose to measure net income for a govn't department providing services to outside consumers with the intent to operate on a cost-recovery basis |
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Term
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Definition
1. agency fund
2. investment trust fund
3. pension fund
4. private-purpose trust fund |
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Term
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Definition
| resources held by a govn't entity but not owned by the entity, payable to some outside party, eg, another govn't unit |
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Term
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Definition
| accounts for external portion of investment pools reported by the sponsoring govn't |
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Term
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Definition
| Holds assets used to pay pensions of public employees |
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Term
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Definition
| all other trust arrangements in which principal and income benefit individuals, private orgs, or other govn'ts |
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Term
| budget vs. actual comparisons part of RSI for which funds? |
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Definition
| general and special revenue funds |
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Term
| balance sheets for funds of which two fund families will only show ST assets and liabilities? |
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Definition
| governmental and proprietary funds |
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