ACCY 161

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270052
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ACCY 161
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2014-04-10 11:25:37
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  1. In the ________ 
    __________   basis of accounting, expenses are recognized as soon as they result in
    liabilities for benefits received for the particular accounting period.
    full accrual
  2. The _____________
    accounts include estimated revenues, appropriations, and encumbrances.
    budgetary
  3. ________________  ___________ is a GASB term indicating the
    extent to which current-period revenues are adequate to pay for current-period
    services
    Interperiod equity
  4. A fund is a ____________
    and ___________________ entity.
    fiscal, accounting
  5. An ____________________
    is an authorization, granted by a legislative body, to expend fund resources in
    compliance with an approved budget.
    appropriation
  6. The term ________________
    accountability relates to information useful in assessing operating results and
    short- and long-term financial position of a primary governmental entity on a
    entity-wide basis.
    operational
  7. The term ________________
    accountability relates to budgetary compliance and the ability of the
    governmental entity to meet its short-term or current financial needs.
    fiscal
  8. An example of “other financing sources” would be  ____________________________
    proceeds from the sale of bonds
  9. The _____________
    fund is used to account for all governmental transactions not accounted for in
    another fund.
    general
  10. Program
















    1.       
    ____________
    revenue is usually is from an exchange-type transaction and can be associated
    with a specific function or program of the governmental entity.
  11. 1.       
    Examples of ______________
    revenues would be income taxes and sales taxes.
    general
  12. ________________________   accounting is used with the governmental funds
    but not the proprietary or fiduciary funds.
    Modified accrual or budgetary accounting
  13. The proprietary funds use the _______________ ________________
    measurement focus while the governmental funds use the ________________  _______________
    resources focus.
    economic resources, current financial
  14. _____________   ______________ accounting is used with
    the governmental funds but not with the proprietary funds or the fiduciary
    funds.
    Modified accrual or budgetary accounting
  15. The term _________________
    is used to distinguish expenditures for the period they are presumed to
    benefit.
    character
  16. For governmental financial reporting we include
    both the _____________ government
    and the ________________  units.
    primary, component
  17. The ________________section
    of the______________ is a narrative
    provided by the management of the primary government that provides an easily
    readable analysis of the financial results for the year.
    MD&A, CAFR
  18. The __________________
    fund is used to account for gifts given to a city to support city functions.
    permanent
  19. A _______________  ____________ is a document that
    authorizes the acquisition of goods and services and can result in a accounting
    entry to the encumbrance account.
    purchase order
  20. The ___________
    ____________ fund is used to account for tax revenue or other sources of
    funds that are legally restricted as to their specific use.
    special revenue
  21. What are the three broad classification of
    funds:  ________________________  ___________________  and _______________________ .
    governmental, proprietary, and trust-agency
  22. Which broad classification of funds uses the
    modified accrual accounting method: 
    _______________
    governmental
  23. Accountability focus:  What are the two types:  ______________________  and 
    _________________
    operation and fiscal
  24. Measurement focus: What are the two types: 
    ______________________  and  __________________
    economic resources, current financial resources
  25. Which fund types used budgetary accounting:  _________________________.
    governmental funds only
  26. Which fund types use fund assets and fund
    liabilities: 
    _____________________________________
    governmental funds only
  27. What are the
    names of the financial statements used in government-wide reporting: 

    __________________________  and __________________________.
    Statement of Net Assets, Statement of Activities

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