Get ahead with a $300 test prep scholarship
| Enter to win by Tuesday 9/24
Exam #3 Study Guide
Terms in this set (25)
Which types of funds record depreciation?
What is the primary difference between internal service funds and enterprise funds?
* Internal service funds: account for the acquisition or production and the distribution of centralized goods and services that are provided to a department or agency of the government, or to other governments, on a cost-reimbursement basis
* enterprise funds: account for activities that produce goods or services to be sold to the general public
Which types of activities would be accounted by an enterprise fund?
Which basis of accounting do internal service and enterprise funds use?
Which types of activities would be accounted for by an internal service fund?
What are the types of cash flows that would be classified as cash flows from investing activities?
Which account would be debited when an enterprise fund purchases a capital asset?
Which transactions impact balance sheet accounts only?
Which transactions impact balance sheet and a company's operating statement?
What are the three position classifications used by proprietary funds?
3. net investment in capital assets
What are the 3 required financial statements that proprietary funds must present?
Which types of activities would be accounted for by a custodial fund?
- tax custodial fund
-"pass through" custodial funds
Which types of accounts typically are not used by custodial funds?
What are the most commonly used temporary accounts found within custodial funds?
What are the 2 required statements that fiduciary funds must present?
1. statement of fiduciary net position
2. statement of changes in fiduciary net position
Where are fiduciary funds presented at the government-wide level?
not reported at the government-wide level / government - wide financial statements
What basis of accounting and measurement focus is used by custodial funds?
What could cause an increase or decrease in Net Position - Net investment in capital assets at the government-wide level?
increase in debit and the increase in accumulated deprecation would decrease the account net position - net investment of capital assets
How many financial statements are required to be prepared and presented at the government-wide level, and for the governmental funds and enterprise funds?
* Government - wide financial statements:
- statement of net position
-statement of activities
* Governmental funds
-statement of revenues, expenditures, and changes in fund balances
* Proprietary funds:
- statement of net position
-statement of revenues, expenses, and changes in fund net position
- statement of cash flows
* Fiduciary funds
-statement of fiduciary net position
- statement of changes in fiduciary net position
What are the commonly prepared interim financial reports that governments rely on?
- schedule of actual and budgeted revenue
-schedule of actual and budgeted expenditures
-comparative schedule of revenues and expenses
- combined schedule of cash receipts, disbursements, and balances = all funds
- forecast of cash positions = all funds
What are the 2 financial statements at the government-wide level?
1. statement of net position
2. statement of activities
Where should infrastructure assets and long-term liabilities related to infrastructure assets be reported?
infrastructure-type assets of business-type activities are reported as buildings and improvements
- infrastructure: governmental-activities column
What are the 2 required financial statements that governmental funds must present?
1. balance sheet
2. statement of revenues, expenditures, and changes in fund balances
Journalize the five basic transactions within an internal service fund
Calculate and journalize a County's tax levy, tax collections, administrative fees, and cash distributions within a tax custodial fund