UGA Intro Governmental Accounting I
questions with actual answers.
financial position ANS -a measure of a government's individual funds ability to meet its obligations as
they become due (expendable resources less short term obligations) - whether you'll be able to pay your
bills
economic conditions ANS -a measure of an organization's overall wealth - comparing the organization's
total resources with total obligations
governmental accounting ANS -the composite activity of analyzing, recording, summarizing, reporting,
and interpreting the financial transactions of governments
governmental accounting standards board (GASB) ANS -the authoritative accounting and financial
reporting standard-setting body for government entities
generally accepted accounting principles (GAAP) ANS -uniform minimum standards and guidelines for
financial accounting and reporting that govern the form and content of the financial statements of an
entity that communicates the financial position and economic condition
fund ANS -a fiscal and accounting entity with a self-balancing set of accounts in which cash and other
financial resources are recorded and segregated to carry on specific activities or to attain certain
objectives in accordance with special regulations, restrictions, or limitations
financial resources ANS -cash and other assets that in the normal course of operations will become cash
investments ANS -securities and real estate held for the production of revenues in the form of interest,
dividends, rentals, or lease payments
land ANS -a capital asset account reflecting the cost of land owned by a government
, bonds ANS -a written promise to pay a specified sum of money, called the "face value" or "principal
amount," at a specified date or dates in the future, called the "maturity date(s),"
revenues ANS -increases in the net current assets of a governmental fund type from other than
expenditure refunds, operating transfers, and other financing sources rather than as revenues; increases
in the net total assets of a proprietary fund type from other than expense refunds and transfers
expenditures ANS -decreases in net financial resources; current operating expenses requiring the
present or future use of net current assets; debt service and capital outlays; and intergovernmental
grants, entitlements, and shared revenues; governmental funds focused on the financial position
financial statements ANS -balance sheet, statement of net position, operating statement
balance sheet ANS -a financial statement disclosing the assets, liabilities, and equity of an entity at a
specified date in accordance with Generally Accepted Accounting Principles (GAAP)
net position ANS -the residual of all other financial statement elements presented in a statement of
financial position
operating statement ANS -a financial statement that shows how equity has changed during the year;
similar to a profit and loss statement in private sector (beginning of the year to the end of the year
revenues and expenditures)
balance sheet & statement of net position ANS -financial statements reflecting the changes in a fund's
equity (net position) and results of operations during a period ending on a certain date
assets ANS -things that a government entity owns
liabilities ANS -things that a government entity owes
equity ANS -net worth; difference between assets and liabilities
questions with actual answers.
financial position ANS -a measure of a government's individual funds ability to meet its obligations as
they become due (expendable resources less short term obligations) - whether you'll be able to pay your
bills
economic conditions ANS -a measure of an organization's overall wealth - comparing the organization's
total resources with total obligations
governmental accounting ANS -the composite activity of analyzing, recording, summarizing, reporting,
and interpreting the financial transactions of governments
governmental accounting standards board (GASB) ANS -the authoritative accounting and financial
reporting standard-setting body for government entities
generally accepted accounting principles (GAAP) ANS -uniform minimum standards and guidelines for
financial accounting and reporting that govern the form and content of the financial statements of an
entity that communicates the financial position and economic condition
fund ANS -a fiscal and accounting entity with a self-balancing set of accounts in which cash and other
financial resources are recorded and segregated to carry on specific activities or to attain certain
objectives in accordance with special regulations, restrictions, or limitations
financial resources ANS -cash and other assets that in the normal course of operations will become cash
investments ANS -securities and real estate held for the production of revenues in the form of interest,
dividends, rentals, or lease payments
land ANS -a capital asset account reflecting the cost of land owned by a government
, bonds ANS -a written promise to pay a specified sum of money, called the "face value" or "principal
amount," at a specified date or dates in the future, called the "maturity date(s),"
revenues ANS -increases in the net current assets of a governmental fund type from other than
expenditure refunds, operating transfers, and other financing sources rather than as revenues; increases
in the net total assets of a proprietary fund type from other than expense refunds and transfers
expenditures ANS -decreases in net financial resources; current operating expenses requiring the
present or future use of net current assets; debt service and capital outlays; and intergovernmental
grants, entitlements, and shared revenues; governmental funds focused on the financial position
financial statements ANS -balance sheet, statement of net position, operating statement
balance sheet ANS -a financial statement disclosing the assets, liabilities, and equity of an entity at a
specified date in accordance with Generally Accepted Accounting Principles (GAAP)
net position ANS -the residual of all other financial statement elements presented in a statement of
financial position
operating statement ANS -a financial statement that shows how equity has changed during the year;
similar to a profit and loss statement in private sector (beginning of the year to the end of the year
revenues and expenditures)
balance sheet & statement of net position ANS -financial statements reflecting the changes in a fund's
equity (net position) and results of operations during a period ending on a certain date
assets ANS -things that a government entity owns
liabilities ANS -things that a government entity owes
equity ANS -net worth; difference between assets and liabilities
