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FAR Final Review F-4

QuestionAnswer
Governmental Funds -GRaSPP -Modified accrual -Current financial resources measurement focus -no FA and no LTD
Proprietary Funds -SE -Full accrual -Economic resource measurement focus
Fiduciary Funds -CIPPOE -Full accrual -Economic resource measurement focus
Modified Accrual Basis of Accounting BAE BAE (GRaSPP)
"measurable and available" revenue under current financial resources method due and collected within 60 days of year end
government-wide FS categories Governmental - GRaSPP S Business Type - E Excluded - CIPPOE
Government-Wide FS are the Statement of Net Position & Statement of Activities
Government-Wide statement of cash flows not prepared
Governmental Fund BS assets + deferred outflows , liabilities + deferred inflows , fund balance
Governmental Fund Statement of Revenues, Expenditures, and Changes in Fund Balance other financing sources and other financing uses
Proprietary Fund Statement of Net Position (BS) assets + deferred outflows , liabilities + deferred inflows , net position
Governmental Fund Financial Statements Balance Sheet ; Statement of Revenues, Expenditures, and Changes in Fund Balance
Proprietary Fund Financial Statements Statement of Net Position ; Statement of Revenues, Expenses, and Changes in Fund Net Position ; Statement of Cash Flows
Fiduciary Fund Financial Statements Statement of Fiduciary Net Position ; Statement of Changes in Fiduciary Net Position
Determination of major funds individual fund's total line item is 10% or more of the total for that line item for all governmental or all enterprise (depending which one it is) line item is 5% of gov & enterprise combined for that line item
Proprietary Fund Statement of Cash Flows categories 1) Operating activities 2) Noncapital financing activities 3) Capital and related financing activities 4) Investing activities
Proprietary Fund Statement of Cash Flows contains a reconciliation of operating income (instead of net income) to net cash provided by operations
fund balances pneumonic for gov wide BS NU CAR ; (N)onspendable , (U)nassigned , (C)ommitted , (A)ssigned , (R)estricted
Created by: kpopov
 

 



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