ACCY 407 Final, Exam Questions and answers, 100% Accurate. VERIFIED.

ACCY 407 Final, Exam Questions and answers, 100% Accurate. VERIFIED. Accountability - --cornerstone of all governmental financial reporting -arises from citizens' "right to know" -Imposes a duty on public officials to be accountable to citizens for raising public moneys Budgetary Fund Balance - -Amount left to spend for the respective budget account CAFR - -Introductory Section: presents subjective information (table of contents, letter of transmittal, etc.) Financial Section: auditor's report, MD&A, basic financial statements, RSI, etc) Statistical Section: most recent 10 years of data Capital Project Phases - -1) Project Authorization / Pre-construction 2) Project implementation / construction Debt Limit - -Ceiling amount of debt Debt Margin - -Difference between debt limit and amount of outstanding debt -Self supporting debt not included Debt Service Funds - -Account for financial resources set aside for payment of principal and/or interest on general long-term liabilities -On general LTL -Modified Accrual Accy but record expenditures in period that come due -Budgetary Accy but no encumbrances Deferred Inflow of Resources - -Acquisition of net assets by the government that applies to a future reporting period (time has to pass for you to be able to use it) Deferred Outflow of Resources - -the consumption of net assets by the government that applies to a future reporting period Direct vs Overlapping Debt - -Direct Debt: obligations that will be repaid by the government whose debt is being evaluated