Governmental Accounting (rated 100%
correct).
Name the primary authoritative body for GAAP for governmental entities. ANS -Governmental
Accounting Standards Board (GASB)
What are the three accounting themes addressed by governmental accounting? ANS --Fund structure
-Fund accounting
-External reporting
Identify the major categories of funds used by state and local governmental units. ANS --Governmental
-Proprietary
-Fiduciary
What are the elements of fund accounting? ANS --Measurement focus
-Basis of accounting
what are the elements of external reporting? ANS --Operational accountability
-Fiscal accountability
What types of external reports meet the accountability objectives of government? ANS --Operational
accountability: Government-wide financial statements
-Fiscal accountability: Fund financial statements
Name each governmental fund type ANS -G General fund
R special Revenue funds
a
S debt Service funds
P capital Projects funds
, P Permanent funds
What are the fund accounting principles applicable to governmental funds ANS -basis of accounting:
Modified Accrual
measurement focus: Current financial resources
What specialized accounting practices are followed by the governmental funds? ANS -Budgetary
Accounting
Activity (Actual) Accounting
Encumbrance Accounting
Name and define the five classifications of fund balances used by governmental fund types. ANS -
Nonspendable: Resources that are not available to be spent (e.g. inventories)
Restricted: Resources that are constitutionally, legislatively or otherwise externally limited as to use.
Committed: Resources that are internally limited as to use by the governments highest level of decision
making authority.
Assigned: Resources intended to be used by the government for specific purposes whose constraints do
not rise to the level of restricted or committed.
Unassigned: Residual classification of equity that represents resources that are least limited as to use.
Name each proprietary fund type. ANS -internal Service funds
Enterprise funds
What are the fund accounting principles applicable to proprietary funds? ANS -Basis of accounting: full
accrual
Measurement focus: economic resources
correct).
Name the primary authoritative body for GAAP for governmental entities. ANS -Governmental
Accounting Standards Board (GASB)
What are the three accounting themes addressed by governmental accounting? ANS --Fund structure
-Fund accounting
-External reporting
Identify the major categories of funds used by state and local governmental units. ANS --Governmental
-Proprietary
-Fiduciary
What are the elements of fund accounting? ANS --Measurement focus
-Basis of accounting
what are the elements of external reporting? ANS --Operational accountability
-Fiscal accountability
What types of external reports meet the accountability objectives of government? ANS --Operational
accountability: Government-wide financial statements
-Fiscal accountability: Fund financial statements
Name each governmental fund type ANS -G General fund
R special Revenue funds
a
S debt Service funds
P capital Projects funds
, P Permanent funds
What are the fund accounting principles applicable to governmental funds ANS -basis of accounting:
Modified Accrual
measurement focus: Current financial resources
What specialized accounting practices are followed by the governmental funds? ANS -Budgetary
Accounting
Activity (Actual) Accounting
Encumbrance Accounting
Name and define the five classifications of fund balances used by governmental fund types. ANS -
Nonspendable: Resources that are not available to be spent (e.g. inventories)
Restricted: Resources that are constitutionally, legislatively or otherwise externally limited as to use.
Committed: Resources that are internally limited as to use by the governments highest level of decision
making authority.
Assigned: Resources intended to be used by the government for specific purposes whose constraints do
not rise to the level of restricted or committed.
Unassigned: Residual classification of equity that represents resources that are least limited as to use.
Name each proprietary fund type. ANS -internal Service funds
Enterprise funds
What are the fund accounting principles applicable to proprietary funds? ANS -Basis of accounting: full
accrual
Measurement focus: economic resources
