-
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
-
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
-
identifying and displaying the -------------------------------------- of govermental and not for profit organizations is intergral to this type of financial reporting and related accounting.
accountibility objectives
-
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
-
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
-
foundational to govermetnal and not for profit organization accounting is the concept of ---------------------------------
fund accounting
-
-------------------------------- enables service and mission driven organizations to easily monitor and report compliance with spending purposes, spending limits, and other fiscal accountability objectives.
fund accounting
-
fund accounting enables service and mission driven organizations to -------------------------- and -------------------- with spending purposes, spending limits, and other fiscal accountability objectives.
easily monitor / report compliance
-
Goverments use ----------------------- to demonstrate fiscal accountability in their external reporting and use funds for internal accounting.
funding accounting
-
Goverments use fund accounting to demonstrate fiscal accountability in their ---------------------------- and use funds for ----------------------------------.
external reporting / internal accounting
-
Not for profit organizations may use funds for ---------------------. Funds are not used for not for profit external reporting
internal acounting
-
Not for profit organizations may use funds for internal accounting. Funds are not used for not for profit ------------------------
external reporting
-
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
-
--------------------- is the govermental counterpart to FASB
GASB
-
GASB stands for
Govermental Accounting Principles Board
-
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
-
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
-
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
-
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
-
---------------------- defines a fund structure for goverments
GASB 34
-
Eleven fund types are classifed in to what 3 catagoies
- Govermental funds
- Proprietary funds
- Fiduciary funds
-
GASB 34 establishes -------------------------------------------------- to be in compliance with GAAP
Minimum reporting requirements
-
Financial activity of the primary government is classified in what 2 ways
- Govermental acitvities
- Business type activities
-
For goverment
Fiducaiary funds are -------------------
from the goverment wide presentation
excluded
-
For goverment
Fiducaiary funds are excluded from the -----------------------------
goverment wide presentation
-
for Goverment
Enterprise funds are carried intot he -------------------------------------- section of the goverment wide financial statements generally with no reconciling items
business type acitvities
-
for Goverment
Enterprise funds are carried intot he business type activities section of the -------------------- financial statements generally with no reconciling items
goverment wide
-
for Goverment
------------------------- are carried intot he business type activities section of the goverment wide financial statements generally with no reconciling items
enterprise funds
-
for Goverment
Enterprise funds are carried intot he business type activities section of the goverment wide financial statements generally with no reconcili-----------------------
reconciling items
-
for goverment
--------------------------- are often merged with govermental activities displayed in the ogvernment wide finacials
internal service funds
-
for goverment
internal service funds are often merged with govermental activities displayed in the ---------------------------------------
goverment wide finacials
-
--------------------------- are accounted for using the modified accrual basis of accounting and use the current financial resources measurement focus.
govermental funds
-
govermental funds are accounted for using the ----------------------------- of accounting and use the current financial resources measurement focus.
modified accrual basis
-
----------------------------- often have a budgetary focus and seek to measure financial position and the changes therein
governmental funds
-
Governmental funds often have a ----------------------------- and seek to measure financial position and the changes therein
budgetary focus
-
Governmental funds often have a budgetary focus and seek to ----------------------------- and the changes therein
measure financial position
-
The main financial statement of govermental funds are the statement of revenues, expenditures, and changes in fund balance
govermental funds
-
The main financial statement of ---------------------------------- are the statement of revenues, expenditures, and changes in fund balance
govermental funds
-
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
-
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
-
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
-
For Govermental Funds, What does GRaSPP mean?
- General Funds
- Special Revenue Funds
- And
- Debt Service Funds
- Capital Projects Funds
- Permanent Funds
- Proprietary Funds
-
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.
-
In a --------------------, all transactions not accounted for in other funds are accounted in it.
general Fund
-
In a general fund, all transactions ---------------------------------- in other funds are accounted in it.
not accounted for
-
In a general fund, all transactions not accounted for in ------------------------- are accounted in it.
other funds
-
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.
-
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
-
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
-
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.
-
--------------------------- 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
-
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
-
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
-
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
-
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.
-
------------------------------ 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
-
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
-
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
-
In a --------------------------, the resources are restricted, committed or assigned to debt service expenditures
debt service fund
-
In a debt service fund, the resources are ------------------------------------------------ to debt service expenditures
restricted, committed or assigned
-
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
-
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
-
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
-
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
-
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
-
What are Propriertary Funds
they account for business type activities and their accounting is similar to commercial accounting.
-
-------------------------------- account for business type activities and their accounting is similar to commercial accounting.
Propierary Funds
-
Propriertary Funds account for business type activities and their accounting is similar to --------------------------------------------.
commercial accounting
-
------------------------------ use the full accrual basis accounting and should be reported using the economic resources measurement focus.
Propriertary Funds
-
Propriertary Funds use the full accrual basis accounting and should be reported using the ---------------------------------- measurement focus.
economic resources
-
Propierty Funds include
---------------------funds
-----------------------funds
Internal service funds
Enterprise funds
-
internal service funds and enterprise funds are examples of what type of funds
propiertary funds
-
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.
-
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
-
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
-
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
-
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.
-
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
-
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
-
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.
-
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
-
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
-
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.
-
What are fiduciary Funds
They are funds account for assts received where the goverment acts in the capacity of a trust or agency fund.
-
--------------------------------- are funds account for assts received where the goverment acts in the capacity of a trust or agency fund.
Fiduciary funds
-
financial staemetns of fiduciary funds should be reported using the ---------------------------------------------------- and the ------------------------------------------------.
economic resources measurement focus / full accual basis of accounting
-
The 4 fiduciary funds are
- 1. Pension trust funds
- 2. Agency Trust funds
- 3. Private Purpose Trust Funds
- 4. investmetn Trust Funds
-
The 4 fiduciary funds are
1.
2. Agency Trust funds
3. Private Purpose Trust Funds
4. investment Trust Funds
Pension trust funds
-
The 4 fiduciary funds are
1. Pension trust funds
2.
3. Private Purpose Trust Funds
4. investment Trust Funds
Agency Trust funds
-
The 4 fiduciary funds are
1. Pension trust funds
2. Agency Trust funds
3.
4. investment Trust Funds
Private Purpose Trust Funds
-
The 4 fiduciary funds are
1. Pension trust funds
2. Agency Trust funds
3. Private Purpose Trust Funds
4.
investment Trust Funds
-
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
-
-----------------------funds account for resources of defined benefit plans, defined contribution plans, post employment benefit plans, and other long term employee benefit plans
Pension trust
-
What are agency trust funds
these funds account for resources in the tempory custody of a govermental unit
-
----------------------funds account for resources in the tempory custody of a govermental unit
Agency trust
-
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.
-
------------------------- 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
-
What are investment trust funds
these are funds that account for external investment pools
-
------------------- are funds that account for external investment pools
Investment trust funds
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