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2012-02-06 09:02:14
Accounting quiz

accounting quiz
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  1. What are characteristics of government-wide statements?
    • Fiduciary funds not included.
    • Fund info not presented.
    • Funds classified into two categories: govt activities & business type activities.
    • Govt activities: GF, SRF, CPF, DSF, PF, ISF
    • Business: EF (proprietary)
  2. What are characteristics of statement of net assets?
    • includes all assets and liabilities (both current/non)
    • includes govt and proprietary
  3. What are characteristics of statement of activities?
    line items are for major programs, not types of expenses
  4. difference b/w expenditures and expenses
    • expenditures// modiefied accrual basis
    • expenses// full accrual basis
  5. fund statements for govermental funds
    • balance sheet
    • statement of revenues, expenditures, and changes in fund balance
    • Current assets = current liabilities + fund balance
  6. fund statements for proprietary funds
    • statement of net assets
    • statement of revenues, expenses, and changes in net assets
    • statement of cash flows
    • CA+NCA- (CL+NCL) = net assets
  7. fiduciary funds
    • statement of fiduciary net assets
    • statement of changes in fiduciary net assets
    • CA+NCA- (CL+NCL) = net assets
    • report on addditions deductions no recognition of rev exp
  8. fund structure (govt funds)
    • governmental funds
    • proprietary funds
    • fiduciary funds
  9. governmental funds
    • modified basis
    • current funds (NO FIXED ASSETS OR LONG-TERM DEBT) // expendable funds
    • 5 fund types
  10. modified accrual basis
    • availability of current period resources to pay for current period obligations
    • revenues are recognized only when they are available to pay for current period obligations
  11. proprietary funds
    • use full accrual
    • //nonexpendable or revolving funds
    • own fixed assets and long term debt
  12. fiduciary
    • trust or agency capacity
    • 4 types: agency funds (pass through), pension trust funds, private purpose trust funds (scholarship eg), investment trust funds (govt involved in mgmt)
  13. characteristics of general fund
    • unrestricted resources
    • only required fund
    • only one general fund
  14. fund balances of govt type funds reported on hierarchy of 5
    • nonspendable
    • restricted (most constraint) (by external party or enabling legislation)
    • committed (highest level of decision making authority)
    • assigned
    • unassigned
    • only fund balance reported on govt type funds is affected (prop or fid not affected; reporting of govt activities on govt wide statements not affected)
  15. budgetary accounts
    • Expenditures + -
    • Revenues - +
    • Appropriations - +
    • Est Reveneus + -
  16. statement of activities
    program specific revenues and expenses: portion of our costs that have been paid for out of restricted resources (grant user charges)

    bottom half: how much we have had to raise in gen rev

    further down: change in net assets