How can we help?

You can also find more resources in our Help Center.

Study sets matching "governmental and non profit accounting"

Study sets
Classes
Users

Study sets matching "governmental and non profit accounting"

31 terms
Governmental and Non-Profit Accounting
Fund accounting
Fund balance
Net Assets
Measurement focus
A system in which a government's or non-profit's resources ar…
Replaces owners' equity, because governments and non-profitsm…
Another name for "fund balance"
Describes the types of transactions and events that are repor…
Fund accounting
A system in which a government's or non-profit's resources ar…
Fund balance
Replaces owners' equity, because governments and non-profitsm…
89 terms
NonProfit and Governmental Accounting
What are four types of NP organizations?
How does a nongovernmental nonprofit o…
What are three categories of Net assets?
What are required statements for nonpr…
i. Voluntary health & welfare organizations ... ii. other not fo…
Nongovernmental not-for-profit organizations use full accrual…
Unrestricted, Temporarily restricted, permanently restricted.
1. statement of financial position (balance sheet) ... 2. statem…
What are four types of NP organizations?
i. Voluntary health & welfare organizations ... ii. other not fo…
How does a nongovernmental nonprofit o…
Nongovernmental not-for-profit organizations use full accrual…
8 terms
Non Profit and Governmental Accounting
Criteria for Major Funds
Financial Statements required of all g…
What is required for something to be c…
Long-Term Pledges must be recorded...
1: Total Assets, Liabilities, Revenues or Expenditures for th…
1: Statement of Financial Position... 2: Statement of Activities…
1: Must be unconditional... 2: Non-reciprocal... 3: Voluntary... 4: No…
at Net Present Value
Criteria for Major Funds
1: Total Assets, Liabilities, Revenues or Expenditures for th…
Financial Statements required of all g…
1: Statement of Financial Position... 2: Statement of Activities…
141 terms
Governmental and Non Profit Accounting-Definitions
Accountability
AICPA
Budget
Expenditures
The cornerstone of financial reporting; requires governments…
A professional organization for certified public accountants…
A plan of financial operations embodying an estimate of propo…
Decreases in net financial resources under a modified accrual…
Accountability
The cornerstone of financial reporting; requires governments…
AICPA
A professional organization for certified public accountants…
Governmental & Non-profit Accounting Terms
Capital projects Fund
General Fund
PRIVATE-PURPOSE TRUST
Internal Service Fund
Construction of highways, bridges, or parks.
Administative expenses of the city manager's office.
GIFTS in which the principal must be invested and preserved b…
Costs of a central purchasing and warehouse function.
Capital projects Fund
Construction of highways, bridges, or parks.
General Fund
Administative expenses of the city manager's office.
45 terms
Governmental & Non-Profit Accounting Final
General Characteristics of a NPO
Financial Statements should focus on t…
Required Statements including the stat…
Three critical differences that exist…
a. Receive contributions & donor's don't expect equal value i…
...
a. Statement of Financial Position... b. Statement of Activities…
a. Donations received by private entities are transactions th…
General Characteristics of a NPO
a. Receive contributions & donor's don't expect equal value i…
Financial Statements should focus on t…
...
45 terms
Governmental & Non-Profit Accounting Final
General Characteristics of a NPO
Financial Statements should focus on t…
Required Statements including the stat…
Three critical differences that exist…
a. Receive contributions & donor's don't expect equal value i…
...
a. Statement of Financial Position... b. Statement of Activities…
a. Donations received by private entities are transactions th…
General Characteristics of a NPO
a. Receive contributions & donor's don't expect equal value i…
Financial Statements should focus on t…
...
55 terms
Governmental and Non-Profit Accounting Chapter 2
Governmental activities are generally…
Capital assets used in government serv…
Mass transit, water and electric utili…
Investing or tax collection services p…
governmental, business, fiduciary
long-term borrowing
business-type
fiduciary-type
Governmental activities are generally…
governmental, business, fiduciary
Capital assets used in government serv…
long-term borrowing
107 terms
Governmental and Non-Profit Accounting Chapter 5
Capital assets are not recorded in ___…
The period of time "soon enough therea…
The modifications to accrual accountin…
____ from property tax transactions ar…
governmental-type
real property tax
long-term debt
assets
Capital assets are not recorded in ___…
governmental-type
The period of time "soon enough therea…
real property tax
17 terms
Governmental and Non-Profit Accounting - Chapter 9
GASB Statement No. 34, "Basic Financia…
To prepare the top-layer statements, t…
CAFR stands for __.
The focus of the government-wide state…
2002
economic resources, accrual
Comprehensive Annual Financial Report
economic
GASB Statement No. 34, "Basic Financia…
2002
To prepare the top-layer statements, t…
economic resources, accrual
20 terms
Governmental and Non-Profit Accounting Chapters 1-2
Types of GandNP
Ways G and NP are unique
Ways G and NP are similar to profit se…
Define Government
Governmental, Educational, Health and Welfare, Religious, Cha…
-Do not attempt to earn profit... -Owned collectively by their c…
-Integral part of same economic system and use financial, cap…
-Public Corporations and bodies corporate and politic... -Or hav…
Types of GandNP
Governmental, Educational, Health and Welfare, Religious, Cha…
Ways G and NP are unique
-Do not attempt to earn profit... -Owned collectively by their c…
55 terms
Governmental and Non-Profit Accounting Chapter 2
Governmental activities are generally…
Capital assets used in government serv…
Mass transit, water and electric utili…
Investing or tax collection services p…
governmental, business, fiduciary
long-term borrowing
business-type
fiduciary-type
Governmental activities are generally…
governmental, business, fiduciary
Capital assets used in government serv…
long-term borrowing
48 terms
Governmental and Non-Profit Accounting Chapter 7
Because of the need to measure all cos…
Proprietary funds use the ___ basis of…
In proprietary funds revenues are reco…
In proprietary funds ___, not expendit…
total economic resources
full accrual
earned
expenses
Because of the need to measure all cos…
total economic resources
Proprietary funds use the ___ basis of…
full accrual
76 terms
Governmental and Non-Profit Accounting Chapter 6
Typically, governments finance large c…
Governmental GAAP require that a gover…
A ___ presents information on the capi…
The entry to record the budget for a c…
general obligation bonds
Capital Projects Fund
long-term capital program
Appropriations
Typically, governments finance large c…
general obligation bonds
Governmental GAAP require that a gover…
Capital Projects Fund
17 terms
Governmental and Non-Profit Accounting - Chapter 9
GASB Statement No. 34, "Basic Financia…
To prepare the top-layer statements, t…
CAFR stands for __.
The focus of the government-wide state…
2002
economic resources, accrual
Comprehensive Annual Financial Report
economic
GASB Statement No. 34, "Basic Financia…
2002
To prepare the top-layer statements, t…
economic resources, accrual
49 terms
Governmental and Non-Profit Accounting Chapter 3
The authority to spend up to a maximum…
There are basically two types of budge…
Four of the approaches for budget prep…
Zero-based budgeting got its start in…
appropriation
operating, capital
object-of-expenditure, performance, program and planning-prog…
Carter
The authority to spend up to a maximum…
appropriation
There are basically two types of budge…
operating, capital
48 terms
Governmental and Non-Profit Accounting Chapter 7
Because of the need to measure all cos…
Proprietary funds use the ___ basis of…
In proprietary funds revenues are reco…
In proprietary funds ___, not expendit…
total economic resources
full accrual
earned
expenses
Because of the need to measure all cos…
total economic resources
Proprietary funds use the ___ basis of…
full accrual
76 terms
Governmental and Non-Profit Accounting Chapter 6
Typically, governments finance large c…
Governmental GAAP require that a gover…
A ___ presents information on the capi…
The entry to record the budget for a c…
general obligation bonds
Capital Projects Fund
long-term capital program
Appropriations
Typically, governments finance large c…
general obligation bonds
Governmental GAAP require that a gover…
Capital Projects Fund
57 terms
Governmental and Non Profit Accounting-Statement of Cash Flows
Cash Inflows from Operating Activities
Cash Inflows from Operating Activities
Cash Inflows from Operating Activities
Cash Inflows from Operating Activities
NPO-Contributions that are unrestricted
NPO-Contributions that are restricted to short-term purposes
NPO-Sales of goods or services
NPO-Interest and Dividends not restricted to long-term purposes
Cash Inflows from Operating Activities
NPO-Contributions that are unrestricted
Cash Inflows from Operating Activities
NPO-Contributions that are restricted to short-term purposes
48 terms
Governmental and Non-Profit Accounting Chapter 7
Because of the need to measure all cos…
Proprietary funds use the ___ basis of…
In proprietary funds revenues are reco…
In proprietary funds ___, not expendit…
total economic resources
full accrual
earned
expenses
Because of the need to measure all cos…
total economic resources
Proprietary funds use the ___ basis of…
full accrual
55 terms
Governmental and Non-Profit Accounting Chapter 2
Governmental activities are generally…
Capital assets used in government serv…
Mass transit, water and electric utili…
Investing or tax collection services p…
governmental, business, fiduciary
long-term borrowing
business-type
fiduciary-type
Governmental activities are generally…
governmental, business, fiduciary
Capital assets used in government serv…
long-term borrowing
448 terms
C252 - Governmental & Non-Profit Accounting
The body with primary accounting stand…
The body with primary accounting stand…
A governmental (expendable) fund accou…
In which of the following situations w…
Governmental Accounting Standards Board (GASB)
Governmental Accounting Standards Board for governmental coll…
includes financial assets and related liabilities.
an entity purchases equipment for cash. The purchase occurred…
The body with primary accounting stand…
Governmental Accounting Standards Board (GASB)
The body with primary accounting stand…
Governmental Accounting Standards Board for governmental coll…
25 terms
Non-Profit, Governmental Accounting Chapter 1
FASB
GASB
FASAB
GAAP Hierarchy
Financial Accounting Standards Board... - NFP - Private... -(Ex. Re…
Government Accounting Standards Board... -Local & State Governme…
Federal Accounting Standards Advisory Board... -GAO - Government…
1. Statements... 2. Interpretations... 3. Technical Bulletin... 4. AIC…
FASB
Financial Accounting Standards Board... - NFP - Private... -(Ex. Re…
GASB
Government Accounting Standards Board... -Local & State Governme…
49 terms
Governmental and Non-Profit Accounting Chapter 3
The authority to spend up to a maximum…
There are basically two types of budge…
Four of the approaches for budget prep…
Zero-based budgeting got its start in…
appropriation
operating, capital
object-of-expenditure, performance, program and planning-prog…
Carter
The authority to spend up to a maximum…
appropriation
There are basically two types of budge…
operating, capital
107 terms
Governmental and Non-Profit Accounting Chapter 5
Capital assets are not recorded in ___…
The period of time "soon enough therea…
The modifications to accrual accountin…
____ from property tax transactions ar…
governmental-type
real property tax
long-term debt
assets
Capital assets are not recorded in ___…
governmental-type
The period of time "soon enough therea…
real property tax
49 terms
Governmental and Non-Profit Accounting Chapter 3
The authority to spend up to a maximum…
There are basically two types of budge…
Four of the approaches for budget prep…
Zero-based budgeting got its start in…
appropriation
operating, capital
object-of-expenditure, performance, program and planning-prog…
Carter
The authority to spend up to a maximum…
appropriation
There are basically two types of budge…
operating, capital
23 terms
Non-Profit, Governmental Accounting Chapter 3
Fund Balance for the Governmental Fund…
Fund Balance for the Governmental Fund…
Fund Balance for the Governmental Fund…
Fund Balance for the Governmental Fund…
-Supplies, Prepaids, Principal of the Permanent Fund
1) Externally Imposed - Creditor, Bond covenant, Grant... 2) Imp…
-Formal action of governments... -Highest level of decision-maki…
-Assigned, Our Government "Express Intent"... No Negative Balance!
Fund Balance for the Governmental Fund…
-Supplies, Prepaids, Principal of the Permanent Fund
Fund Balance for the Governmental Fund…
1) Externally Imposed - Creditor, Bond covenant, Grant... 2) Imp…
448 terms
C252 - Governmental & Non Profit Accounting
The body with primary accounting stand…
The body with primary accounting stand…
A governmental (expendable) fund accou…
In which of the following situations w…
Governmental Accounting Standards Board (GASB)
Governmental Accounting Standards Board for governmental coll…
includes financial assets and related liabilities.
an entity purchases equipment for cash. The purchase occurred…
The body with primary accounting stand…
Governmental Accounting Standards Board (GASB)
The body with primary accounting stand…
Governmental Accounting Standards Board for governmental coll…
27 terms
Non-Profit, Governmental Accounting Chapter 2
Comprehensive Annual Financial Report:…
Comprehensive Annual Financial Report:…
Comprehensive Annual Financial Report:…
Comprehensive Annual Financial Report:…
1) Introduction... 2) Financial Section... 3) Statistical Section
-Table of Contents... -Organizational Chart... -Picture... -Title Page…
a) Auditor's Report... b) Management Discussion & Analysis - Rev…
-Not Audited
Comprehensive Annual Financial Report:…
1) Introduction... 2) Financial Section... 3) Statistical Section
Comprehensive Annual Financial Report:…
-Table of Contents... -Organizational Chart... -Picture... -Title Page…
35 terms
Governmental and Non Profit Accounting Chapter 12-Multiple Choice
b. The principal of which is available…
c. unrestricted net assets because all…
c. Net assets released from restriction
d. Operating activities, financing act…
A term endowment is a gift... a. The principal of which must be…
A not-for-profit organization maintains an endowment of $1 mi…
A private think tank receives a gift of $100,000 that must be…
The statement of cash flows of a not-for-profit should be div…
b. The principal of which is available…
A term endowment is a gift... a. The principal of which must be…
c. unrestricted net assets because all…
A not-for-profit organization maintains an endowment of $1 mi…
49 terms
Governmental and Non-Profit Accounting Chapter 3-nm-49terms
The authority to spend up to a maximum…
There are basically two types of budge…
Four of the approaches for budget prep…
Zero-based budgeting got its start in…
appropriation
operating, capital
object-of-expenditure, performance, program and planning-prog…
Carter
The authority to spend up to a maximum…
appropriation
There are basically two types of budge…
operating, capital
9 terms
Governmental and NON Profit Chapter 1
What type of GAAP is used by the State…
What type of GAAP is used for non-gove…
What is Federal form 1023?
Why are governments and non profits un…
GASB- Governmental Accounting Standards Board
FASB- Financial Accounting Standards Board
...
They don't attempt to earn profits, They are owned collective…
What type of GAAP is used by the State…
GASB- Governmental Accounting Standards Board
What type of GAAP is used for non-gove…
FASB- Financial Accounting Standards Board
5 terms
Practice NonProfit and Governmental 1
A government entity considers an inves…
Question wrong or guessed
How should the encumbrances be reporte…
Governmental-Type Funds view contribut…
3
AICPA.083781FAR-SIM; AICPA.900505FAR-P2-AR; AICPA.083773FAR-S…
The encumbrances would only be reported in the note disclosur…
regular, on-going expenditures of the fund
A government entity considers an inves…
3
Question wrong or guessed
AICPA.083781FAR-SIM; AICPA.900505FAR-P2-AR; AICPA.083773FAR-S…
42 terms
F9: Governmental and Non Profit
operational accountability
fiscal accountability
mgmt discussion and analysis... governmen…
after FS
focus of government-wide FS is to report the extent to which…
focus of fund FS is to demonstrate that the government entity…
required FS
where does the required supplemental information other than m…
operational accountability
focus of government-wide FS is to report the extent to which…
fiscal accountability
focus of fund FS is to demonstrate that the government entity…
17 terms
Non Profit Accounting
Must be recorded as revenue when the p…
Resource transfers for which no goods…
Promises to contribute
Recorded as revenue when received or p…
Pledges
Contributions
Pledges
Contributions
Must be recorded as revenue when the p…
Pledges
Resource transfers for which no goods…
Contributions
42 terms
Non profit accounting-12
annuity
Conditional promises
Pledges
Statement of Activities
A series of equal payments over a specified number of equal t…
A promise to donate an asset or provide a service in the futu…
A promise by a donor to make a donation of cash or assets in…
One of the two government wide statements dequired by GASB st…
annuity
A series of equal payments over a specified number of equal t…
Conditional promises
A promise to donate an asset or provide a service in the futu…
47 terms
F9-Governmental and Non-for-Profit Organizations
Non-for-Profit Organizations
Users of Non-For-Profit Financial Stat…
Non-For-Profit Required Financial Stat…
Net Assets Classifications (PUT)
Revenues come from contributions. ... Operating purpose does not…
Users: ... Donors ... Members... Creditors ... Needs: ... Amount and nature…
Statement of Financial Position (Balance Sheet) ... Statement of…
Permanently Restricted: Limited by donor imposed stipulations…
Non-for-Profit Organizations
Revenues come from contributions. ... Operating purpose does not…
Users of Non-For-Profit Financial Stat…
Users: ... Donors ... Members... Creditors ... Needs: ... Amount and nature…
50 terms
Non-Profit Accounting
What are some general characteristics…
What are some types of NPs?
Who has authoritive jurisdiction over…
What are the two basic ideas underlyin…
(1) NPs receive contributions from providers who do not expec…
Charitable; Educational; Civic organizations; Political parti…
Public: GASB; Private: FASB
(1) The financial statements should focus on the entity as a…
What are some general characteristics…
(1) NPs receive contributions from providers who do not expec…
What are some types of NPs?
Charitable; Educational; Civic organizations; Political parti…
34 terms
Non-Profit Accounting
Is the amount that the health care org…
865,000 ... - 980,000 - 100,000 - 15,000…
Received other than the performance of…
100,000... 75,000 +25,000
What Is the patient service revenue ?
980,000- gross patient service revenue... 10,000 - Bad debt expe…
On hospital statement of activities, other revenues and gains…
Cash received from donors for capital action -$150,000... Procee…
Is the amount that the health care org…
What Is the patient service revenue ?
865,000 ... - 980,000 - 100,000 - 15,000…
980,000- gross patient service revenue... 10,000 - Bad debt expe…
79 terms
Non-Profit & Government Accounting
The principal and earnings of a gift h…
In what way can the amounts in an Inve…
To what type of account are contributi…
Which account in a Private Purpose Tru…
Private Purpose Trust Fund
Only as provided in the trust agreement
An additions account
Additions
The principal and earnings of a gift h…
Private Purpose Trust Fund
In what way can the amounts in an Inve…
Only as provided in the trust agreement
87 terms
F9 Governmental (part 2) and Non-for-profits
What are the two types of accountabili…
what is considered the basic governmen…
what all is required when reporting fo…
optional reporting for the government…
operational accountability - the focus of the government wide…
1. the government wide F/S... 2. the Fund F/S... 3. the required no…
1. Management discussion and analysis... 2. government wide f/s…
1. unaudited introduction... 2. basic F/S and required supplemen…
What are the two types of accountabili…
operational accountability - the focus of the government wide…
what is considered the basic governmen…
1. the government wide F/S... 2. the Fund F/S... 3. the required no…
12 terms
Advanced: non profit accounting
Three Financial Statements for Non-pro…
Statement of Financial Position
Net asset classifications (dependent o…
Unrestricted
Statement of Financial Position; Statement of Activities and…
Assets, liabilities, and net assets (rather than owners' equi…
Unrestricted, temporarily restricted, permanently restricted
Board-designated or internally restricted assets
Three Financial Statements for Non-pro…
Statement of Financial Position; Statement of Activities and…
Statement of Financial Position
Assets, liabilities, and net assets (rather than owners' equi…
335 terms
Essentials of Accounting for Governmental and Not-For-Profit Organizations
accounting entity
accrual basis
acquisition method
activity
Where an entity is established for the purpose of accounting…
"Basis of accounting under which revenues are recorded when e…
"A method of accounting for mergers among not-for-profit orga…
"Specific and distinguishable line of work performed by one o…
accounting entity
Where an entity is established for the purpose of accounting…
accrual basis
"Basis of accounting under which revenues are recorded when e…
20 terms
Government & Non Profit Accounting
The need for managers to report on the…
The FASB is assigned responsibility fo…
Governments differ from not-for-profit…
The GASB regards accountability at the…
True
False
False
True
The need for managers to report on the…
True
The FASB is assigned responsibility fo…
False
34 terms
Government and Non-Profit Accounting
Whats a government entity.
General Purpose political subdivisions…
Special Purpose political subdivisions
Public Corporations and bodies.
1. Federal Government.... 2. General Purpose Political subdivisi…
States, counties, cities, and towns.
School districts
Toll roads and toll bridges.
Whats a government entity.
1. Federal Government.... 2. General Purpose Political subdivisi…
General Purpose political subdivisions…
States, counties, cities, and towns.
48 terms
Governmental and Not for profit accounting Final exam
which of the following would typically…
the section of the CAFR that presents…
the governmental accounting standards…
this financial accounting standards bo…
summary of the governments current financial position and res…
statistical section
state and local governmentlly related units and agencies such…
all not for profit organizations that are nongovernmental and…
which of the following would typically…
summary of the governments current financial position and res…
the section of the CAFR that presents…
statistical section
20 terms
Government & Non Profit Accounting
The need for managers to report on the…
The FASB is assigned responsibility fo…
Governments differ from not-for-profit…
The GASB regards accountability at the…
True
False
False
True
The need for managers to report on the…
True
The FASB is assigned responsibility fo…
False
25 terms
NonProfit Accounting Final
Reporting entity
Primary Government
Component Unit
Blended Presentation
The primary government and organization for which the primary…
a state government or general purpose local government. It ca…
A primary government may also need to include - an organizati…
when the component unit's financial data for its funds and ac…
Reporting entity
The primary government and organization for which the primary…
Primary Government
a state government or general purpose local government. It ca…
8 terms
Accounting for Non-profits
Average total revenues over the last t…
A) Expense... B) Capitalize and amortize…
A) Expense... B) Capitalize and amortize…
A) equity method... B) proportionate cons…
What are the income limitations for NPO that allow for differ…
What options are available to NPO's for cap assets if they me…
What options are available to ANY NPO regarding collectibles,…
How would an NPO report its investment in a Joint Venture?
Average total revenues over the last t…
What are the income limitations for NPO that allow for differ…
A) Expense... B) Capitalize and amortize…
What options are available to NPO's for cap assets if they me…
50 terms
Non-governmental Accounting - MID TERM
A local Government unit could have fun…
Which funds would most appropriately u…
Under Modified accrual basis of accoun…
The Current primary authoritative body…
Accrual & Modified Basis
Governmental -NO; Proprietary- YES; Fiduciary - YES
Become available and measurable
Governmental Accounting Standards Board (GASB)
A local Government unit could have fun…
Accrual & Modified Basis
Which funds would most appropriately u…
Governmental -NO; Proprietary- YES; Fiduciary - YES
1 of 10