Chp 10 Financial Reporting and Analysis

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Anonymous
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311419
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Chp 10 Financial Reporting and Analysis
Updated:
2015-11-13 15:38:02
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Financial Management
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  1. Statement of activities
    Outlines the expenditures and revenues at the more micro level that the statement of net position
  2. Governmental activities
    Generating revenues in order to break-even in the provision of governmental activities are not possible. Ex: Street maintenance
  3. Business-type activities
    Activities by the government that are more business like in that the expenses of business type activities can be offset by the revenues they generate. Ex Sewer
  4. Expenses
    Expenses are classified and presented by functions or programs.
  5. Indirect Expenses
    Those expenses that are generated through the provision of services to other divisions of the government that assist in the provision of Direct Services. Ex: Fleet maintenance.
  6. Direct Services
    Those services provided to customers, residents, or clients outside the government. Ex: police services
  7. Revenues
    Revenue sources are presented in the statement of activities.
  8. Program Revenues
    Revenues generated through a specific program or function. Ex: City Clerk charging for copies for public records requests.
  9. General Revenues
    Revenues not associated with specific programs or functions. Ex: taxes intergovernmental revenues, grants etc.
  10. Net (Expenses) Revenues
    The difference between expenses and program revenues.
  11. Special Items
    Revenues collected from a special source. Ex: Revenue from the sale of public land.
  12. Transfers
    When resources are transferred from business-type expenses to governmental activities (or vice versa) without receiving anything in return (ie a subsidy).
  13. Change in Net Assets (Net Position)
    The difference between general revenues and net expenses.
  14. Accrual Basis Accounting
    When you report revenue in a period when it occurs regardless of payment status. Report revenue when earned.
  15. Cash Basis Accounting
    Report when revenue is received.
  16. Modified Accrual Basis Accounting
    Use to prepare some fund-level financial statements. Revenues are reported as they become available and measurable and expenditures are reported as they become legally obligated to be paid.

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