Accy 407 Final Exam Questions & Answers, 100% Accurate. Verified.

Accy 407 Final Exam Questions & Answers, 100% Accurate. Verified. Interperiod Equity - A government's obligation to disclose if current year revenues were sufficient to pay for current year benefits/services 2 types of Governments - General- broad array of services Special Purpose- provide a single or few services Minimum Requirements for General Purpose External Financial Reporting (State and Local Governments) - 1. MD&A 2. Government wide and fund financials 3. Notes to the financials 4. Required supplementary information Government-wide financial statements focus on: - Net position/change in net position (net assets) 1. Operational Accountability (using resources effectively) 2. Flow of economic resources 3. Accrual basis Fund financial statements focus on: - More detailed financial information 1. Fiscal accountability 2. Short term flow of resources 3. Modified accrual Focus on short term, so do not record capital assets or long term liabilities Non-Profits focus on: - 1. Providing information for donors or members 2. Report expenses from program purposes separately from supporting services so donors know what percentage of their money is going to actual programs instead of overhead State and local governments must provide what types of financial statements? - 1. Government-wide Financials 2. Fund Financials Government-Wide Required Financial Statements: - 1. Statement of Net Position (balance sheet) 2. Statement of Activities (operating statement) Primary government information reported in two columns- governmental activities and business type activities. NO fiduciary activities reported Government Wide Financial Statement Elements - Assets- resources the government controls Deferred Outflow of Resources- used up net assets applying to a future period Liabilities- present obligations to sacrifice resources Deferred Inflow of Resources- have acquired assets applying to a future period Net Position= Owner's Equity but without ownership. A + DOR - L - DIR Inflow of Resources- acquisition of NA (like revenues) Outflow of Resources- consumption of NA (like expenses) Governmental Funds Required Financial Statements - Modified Accrual Basis 1. Balance Sheet 2. Statement of revenues, expenditures, changes in fund balance 3/4. Reconciliation of total fund balances (and of total changes) to total net position of governmental activities Proprietary Funds Required Financial Statements - Accrual Basis 1. Statement of Net Position 2. Statement of revenues, expenses, changes in net position 3. Statement of cash flows Fiduciary Funds Required Financial Statements - Accrual Basis 1. Statement of Fiduciary Net Position 2. Statement of Changes in Fiduciary Net Position Types of Funds - 1. Governmental General, Special Revenue, Permanent, Capital Projects, Debt Service 2. Proprietary Internal Service, Enterprise 3. Fiduciary Agency and Trust (Pension, Private Purpose, Investment)