F8 Study Cards

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F8 Study Cards
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  1. Govermental and not for profit organization financial reporting is designed to demonstrate the ------------------------- of each organization for the stewardship of the resources in their care.
    accountability
  2. Govermental and not for profit organization financial reporting is designed to demonstrate the accountabilty of each organization for the --------------------- of the resources in their care.
    stewardship
  3. identifying and displaying the -------------------------------------- of govermental and not for profit organizations is intergral to this type of financial reporting and related accounting.
    accountibility objectives
  4. in accounting for public funds both goverments and not for profit organizations seek to demonstrate their ---------------------------  for the entity taken as a while and their fiscal accountabiltiy for specific funding.
    operational accountability
  5. in accounting for public funds both goverments and not for profit organizations seek to demonstrate their operational accountabilty  for the entity taken as a while and their fiscal accountabiltiy for -------------------------.
    specific funding
  6. foundational to govermetnal and not for profit organization accounting is the concept of ---------------------------------
    fund accounting
  7. -------------------------------- enables service and mission driven organizations to easily monitor and report compliance with spending purposes, spending limits, and other fiscal accountability objectives.
    fund accounting
  8. fund accounting enables service and mission driven organizations to -------------------------- and -------------------- with spending purposes, spending limits, and other fiscal accountability objectives.
    easily monitor / report compliance
  9. Goverments use ----------------------- to demonstrate fiscal accountability in their external reporting and use funds for internal accounting.
    funding accounting
  10. Goverments use fund accounting to demonstrate fiscal accountability in their ---------------------------- and use funds for ----------------------------------.
    external reporting / internal accounting
  11. Not for profit organizations may use funds for ---------------------.  Funds are not used for not for profit external reporting
    internal acounting
  12. Not for profit organizations may use funds for internal accounting.  Funds are not used for not for profit ------------------------
    external reporting
  13. name 6 types of entities that use govermental and non for profit accounting
    • Govermental units
    • Colleges and Universitys
    • Health care organizations
    • Voluntary and welfare organizations
    • foundations
    • any non for profit entity
  14. --------------------- is the govermental counterpart to FASB
    GASB
  15. GASB stands for
    Govermental Accounting Principles Board
  16. A ------- is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an independent fiscal and accounting entity
    Fund
  17. A fund is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with --------------------------------------------------------------, constituting an independent fiscal and accounting entity
    specific regulations restrictions or limitations
  18. A fund is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an ----------------------------------------------------------
    independent fiscal and accounting entity
  19. A fund is a sum of money or other resource ----------------------- for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an independent fiscal and accounting entity
    segregated
  20. ---------------------- defines a fund structure for goverments
    GASB 34
  21. Eleven fund types are classifed in to what 3 catagoies
    • Govermental funds
    • Proprietary funds
    • Fiduciary funds
  22. GASB 34 establishes -------------------------------------------------- to be in compliance with GAAP
    Minimum reporting requirements
  23. Financial activity of the primary government is classified in what 2 ways
    • Govermental acitvities
    • Business type activities
  24. For goverment

    Fiducaiary funds are -------------------
    from the goverment wide presentation
    excluded
  25. For goverment

    Fiducaiary funds are excluded from the -----------------------------
    goverment wide presentation
  26. for Goverment

    Enterprise funds are carried intot he -------------------------------------- section of the goverment wide financial statements  generally with no reconciling items
    business type acitvities
  27. for Goverment

    Enterprise funds are carried intot he business type activities section of the -------------------- financial statements  generally with no reconciling items
    goverment wide
  28. for Goverment

    ------------------------- are carried intot he business type activities section of the goverment wide financial statements  generally with no reconciling items
    enterprise funds
  29. for Goverment

    Enterprise funds are carried intot he business type activities section of the goverment wide financial statements  generally with no reconcili-----------------------
    reconciling items
  30. for goverment

    --------------------------- are often merged with govermental activities displayed in the ogvernment wide finacials
    internal service funds
  31. for goverment

    internal service funds are often merged with govermental activities displayed in the ---------------------------------------
    goverment wide finacials
  32. --------------------------- are accounted for using the modified accrual basis of accounting and use the current financial resources measurement focus.
    govermental funds
  33. govermental funds are accounted for using the ----------------------------- of accounting and use the current financial resources measurement focus.
    modified accrual basis
  34. ----------------------------- often have a budgetary focus and seek to measure financial position and the changes therein
    governmental funds
  35. Governmental funds often have a ----------------------------- and seek to measure financial position and the changes therein
    budgetary focus
  36. Governmental funds often have a budgetary focus and seek to ----------------------------- and the changes therein
    measure financial position
  37. The main financial statement of govermental funds are the statement of revenues, expenditures, and changes in fund balance
    govermental funds
  38. The main financial statement of ---------------------------------- are the statement of revenues, expenditures, and changes in fund balance
    govermental funds
  39. Govermental Fund types include the following 6 types of funds
    • General Funds
    • Special revenue funds
    • Debt service funds
    • Capital projects funds
    •  Permanent Funds
    • Proprietary Funds
  40. Govermental Fund types include the following 6 types of funds

    General Funds
    ------------------------
    Debt service funds
    Capital projects funds 
    Permanent Funds
    --------------------
    • Special revenue funds
    • Proprietary Funds
  41. Govermental Fund types include the following 6 types of funds
    General Funds
    Special revenue funds
    Debt service funds
    -------------------------
    ----------------------------
    Proprietary Funds
    • Capital projects funds
    • Permanent funds
  42. For Govermental Funds, What does GRaSPP mean?
    • General Funds
    • Special Revenue Funds
    • And
    • Debt Service Funds
    • Capital Projects Funds
    • Permanent Funds
    • Proprietary Funds
  43. What is a General Fund
    it is set up to account for the ordinary operations of a governmental unit which is financed from taxes and other general revenues. 
  44. In a --------------------, all transactions not accounted for in other funds are accounted in it.
    general Fund
  45. In a general fund, all transactions ---------------------------------- in other funds are accounted in it.
    not accounted for
  46. In a general fund, all transactions not accounted for in ------------------------- are accounted in it.
    other funds
  47. What is a Special revenue fund
    they are set ip to account for revenues from specific taxes or other earmarked sources that are restricted or committed to finance particular activities of goverment.
  48. special revenue funds are set up to account for --------------------- from specific taxes or other earmarked sources that are restricted or committed to finance particular activities of goverment.
    revenues
  49. special revenue funds are set up to account for revenues from specific taxes or other earmarked sources that are ---------------------------------------- to finance particular activities of goverment.
    restricted or committed
  50. What are Debt service funds
    They are funds set up to account for the accumulation of resources and the payment of interest and principal on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.
  51. --------------------------- are funds set up to account for the accumulation of resources and the payment of interest and principal on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.
    debt service funds
  52. Debt service funds are funds set up to account for the accumulation of ------------------ and the payment of interest and principal on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.
    resources
  53. Debt service funds are funds set up to account for the accumulation of resources and the payment of ------------------------- on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.
    interest and principal
  54. Debt service funds are funds set up to account for the accumulation of resources and the payment of interest and principal on all ------------------------------- other than that serviced by enterprise funds or special assessment in anothor fund.
    general obligation debt
  55. What are Capital Projects funds
    They are funds set ip to account for resources restricted committed or assigned for the acquisition of construction of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.
  56. ------------------------------ are funds set ip to account for resources restricted committed or assigned for the acquisition or construction of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.
    capital projects funds
  57. capital projects funds are funds set ip to account for resources ------------------------------------ for the acquisition or construction of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.
    restricted, committed or assigned
  58. Capital project funds are funds set ip to account for resources restricted committed or assigned for the ---------------------------------- of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.
    acquisition or construction
  59. In a --------------------------, the resources are restricted, committed or assigned to debt service expenditures
    debt service fund
  60. In a debt service fund, the resources are ------------------------------------------------ to debt service expenditures
    restricted, committed or assigned
  61. What is a permanent fund
    it is a fund used to report resources that are legally restricted tot he extent income and not principle may be used for purposes supporting the reporting government programs
  62. A -------------------------------- is a fund used to report resources that are legally restricted tot he extent income and not principle may be used for purposes supporting the reporting government programs
    permanent fund
  63. A permanent Fund is a fund used to ----------------------------- that are legally restricted tot he extent income and not principle may be used for purposes supporting the reporting government programs
    report resources
  64. A permanent Fund is a fund used to report resources that are legally restricted to the extent ----------------------------- may be used for purposes supporting the reporting government programs
    income and not principle
  65. A permanent Fund is a fund used to report resources that are legally restricted tot he extent income and not principle may be used for purposes supporting the ------------------------------------------------------
    reporting government programs
  66. What are Propriertary Funds
    they account for business type activities and their accounting is similar to commercial accounting.
  67. -------------------------------- account for business type activities and their accounting is similar to commercial accounting.
    Propierary Funds
  68. Propriertary Funds account for business type activities and their accounting is similar to --------------------------------------------.
    commercial accounting
  69. ------------------------------ use the full accrual basis accounting and should be reported using the economic resources measurement focus.
    Propriertary Funds
  70. Propriertary Funds use the full accrual basis accounting and should be reported using the ---------------------------------- measurement focus.
    economic resources
  71. Propierty Funds include

    ---------------------funds

    -----------------------funds
    Internal service funds

    Enterprise funds
  72. internal service funds and enterprise funds are examples of what type of funds
    propiertary funds
  73. What are internal service funds
    they are funds set up to account for goods and services provided by designated departments on  a fee basis to other departments and agencies within a single govermental unit or to other govermental units.
  74. Internal Service Funds are funds set up to account for ---------------------------- provided by designated departments on  a fee basis to other departments and agencies within a single govermental unit or to other govermental units.
    goods and services
  75. Internal Service Funds are funds set up to account for goods and services provided by -------------------------------- on  a fee basis to other departments and agencies within a single govermental unit or to other govermental units.
    designated departments
  76. Internal Service Funds are funds set up to account for goods and services provided by designated departments on  a ---------------- to other departments and agencies within a single govermental unit or to other govermental units.
    fee basis
  77. What is a enterprise fund
    they are funds set up to account for the acquisition and operation of govermental facilitites and services that are intended to be primarily self supported by user charges.
  78. enterprise funds are funds set up to account for the ---------------------------------- of govermental facilitites and services that are intended to be primarily self supported by user charges.
    acquistion and operation
  79. enterprise funds are funds set up to account for the acquisition and operation of ---------------------------------------------- that are intended to be primarily self supported by user charges.
    govermental facilitites and services
  80. Enterprise funds are required when any one of these three criteria are met
    • 1. the activity of the fund is financied by dent secured by a pledge of fee revenue
    • 2. Laws require collection fees adquate to recover costs
    • 3. Pricing policeis are established to produce fees to recover costs.
  81. Enterprise funds are required when any one of these three criteria are met

    1. ----------------------------------------
    2. Laws require collection fees adquate to recover costs
    3. Pricing policeis are established to produce fees to recover costs.
    the activity of the fund is financied by dent secured by a pledge of fee revenue
  82. Enterprise funds are required when any one of these three criteria are met

    1. the activity of the fund is financied by dent secured by a pledge of fee revenue
    2. ----------------------------------------
    3. Pricing policeis are established to produce fees to recover costs.
    Laws require collection fees adquate to recover costs
  83. Enterprise funds are required when any one of these three criteria are met

    1. the activity of the fund is financied by dent secured by a pledge of fee revenue
    2. Laws require collection fees adquate to recover costs
    3. --------------------------------------------------------------
    Pricing policeis are established to produce fees to recover costs.
  84. What are fiduciary Funds
    They are funds account for assts received where the goverment acts in the capacity of a trust or agency fund.
  85. --------------------------------- are funds account for assts received where the goverment acts in the capacity of a trust or agency fund.
    Fiduciary funds
  86. financial staemetns of fiduciary funds should be reported using the ---------------------------------------------------- and the ------------------------------------------------.
    economic resources measurement focus  /  full accual basis of accounting
  87. The 4 fiduciary funds are
    • 1. Pension trust funds
    • 2. Agency Trust funds
    • 3. Private Purpose Trust Funds
    • 4. investmetn Trust Funds
  88. The 4 fiduciary funds are

    1.
    2. Agency Trust funds
    3. Private Purpose Trust Funds
    4. investment Trust Funds
    Pension trust funds
  89. The 4 fiduciary funds are

    1. Pension trust funds
    2.
    3. Private Purpose Trust Funds
    4. investment Trust Funds
    Agency Trust funds
  90. The 4 fiduciary funds are
    1. Pension trust funds
    2. Agency Trust funds
    3.
    4. investment Trust Funds
    Private Purpose Trust Funds
  91. The 4 fiduciary funds are
    1. Pension trust funds
    2. Agency Trust funds
    3. Private Purpose Trust Funds
    4.
    investment Trust Funds
  92. What is a pension trust fund
    these funds account for resources of defined benefit plans, defined contribution plans, post employment benefit plans, and other long term employee benefit plans
  93.  -----------------------funds account for resources of defined benefit plans, defined contribution plans, post employment benefit plans, and other long term employee benefit plans
    Pension trust
  94. What are agency trust funds
    these funds account for resources in the tempory custody of a govermental unit
  95.  ----------------------funds account for resources in the tempory custody of a govermental unit
    Agency trust
  96. What are Private Purpose trust funds
    these funds are the designated funds for all other trust fund arrangements under which principal and income are for the benefit of specific individuals, private organizations, or other goverments. 
  97. ------------------------- funds are the designated funds for all other trust fund arrangements under which principal and income are for the benefit of specific individuals, private organizations, or other goverments. 
    Prinvate Purpose trust
  98. What are investment trust funds
    these are funds that account for external investment pools
  99. ------------------- are funds that account for external investment pools
    Investment trust funds

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