Accy 407 Exam 1. Top Exam Questions & Answers, 100% Accurate.

Accy 407 Exam 1. Top Exam Questions & Answers, 100% Accurate. general purpose governments - -governments that provide many categories of services to their residents, such as states, counties, municipalities, and townships. Typical services include public safety, road maintenance, and health and welfare special purpose governments - -governments that provide only a single function or a limited number of functions, such as independent school districts and special districts FASB (Financial Accounting Standards Board) - -the designated organization in the private sector for establishing standards of financial accounting and reporting since 1973 GASB (Governmental Accounting Standards Board) - -the independent agency established under the Financial Accounting Foundation in 1984 as the official body designated by the AICPA to set accounting and financial reporting standards for state and local governments FASAB (Federal Accounting Standards Advisory Board) - -the nine-member standards-setting body that recommends federal governmental accounting and financial reporting standards to the US Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget interperiod equity - -a term coined by the GASB indicating the extent to which CY revenues are adequate to pay for CY services management's discussion and analysis (MD&A) - -required supplementary information (RSI) designed to communicate in narrative, easily readable form the purpose of the basic financial statements and the government's current financial position and results of financial activities compared with those of the prior year required supplementary information (RSI) - -information that is required by GAAP to be included with the audited annual financial statements, usually directly following the notes to the general purpose external financial statements government-wide financial statements - -two statements prescribed by GASB standards designed to provide an aggregated overview of a government's net position and results of financial activities operational accountability - -information useful in assessing whether the government has used its resources efficiently and effectively in meeting operating objectives fund financial statements - -a category of the basic financial statements that provide more detailed financial information about the government and assists in assessing fiscal accountability fiscal accountability - -relates to whether the government has used its resources efficiently and effectively in meeting service objectives modified accrual - -basis of accounting in which revenues are recognized in the period they are measurable and available for spending and expenditures are recognized when they create an obligation to be paid from current financial resources; required for use by governmental funds governmental funds - -funds that focus on the flow of current financial resources; required to use the modified accrual basis of accounting proprietary funds - -funds that report on business-like activities of the government fiduciary funds - -funds that report on fiduciary (trust and agency) activities of the government Comprehensive Annual Financial Report (CAFR) - -a government's annual report that provides more detail than the minimum requirements for general purpose financial reporting financial section - -a section of the CAFR that contains sufficient information to disclose fully and present fairly the financial position and results of financial operations during the fiscal year statistical section - -a section of the CAFR that presents tables and charts showing demographic and economic data, financial