Acct 4421Gov mike morgan lsu Final Verified Multiple Choice and Conceptual
Actual Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
A board speaks through its minutes
What chapter of the code covers
chapter 9
bank- ruptcy of municipalities
No provision in the code for states to declare bankruptcy
· An inflow of resources similar to rev-
other financing sources- bond proceeds
enues but we don't call it a revenue
Mature on a single date term bond
Matures in installments serial bond
city goes to voters and says we want to
issue bonds for blah blah for xyz and vot-
Bond anticipation note ers approve it, it may be 6 months before
bonds are issued and they actually get
the money.
issue a bond anticipation note to the bank
classify BAN as LT debt even if its due in the short term
under new standard all leases with terms
of one year or more must be accounted financing
for as
subscription based information technol-
GASB 87 excludes ogy arrangements (software) from its
scope of intangible assets
use full taxing authority to make sure
GO bond
bondholder gets paid back
only backed by revenues in which it in-
Revenue bond
tends to finance
More risk with GO or revenue bond? revenue
Why a revenue bond? you don't need voter approval for these
Refers to the obligation of property own-
ers within in particular government for
their proportionate share of debts of overlapping debt
other govs with overlapping geographic
boundaries
Overlapping debt doesn't show up on the balance sheet
1/6
, only debt shows up on BS cities
a form of government assistance to the
beneficiary organizations. Don't report
conduit debt
as debt unless its more likely than not
that the third party will default.
report on GW FS but need to disclose it
Conduit debt doesn't
on notes to FS
what is the only set of funds that has a
proprietary funds
statement of cash flows
governmental and fiduciary funds do not stmt of cash flows
4 sections instead of FASB has 3 sec-
GASB cash flows has
tions
GASB requires you to estimate
costs for landfill and over life of closure
landfill based on of the landfill recognize
that year pro rata usage
stands for management discussion and
MD&A
analysis
most important FS of a government is budget
GASB has no authority to set standards
what budgets should look like
for
who is current legislative governor mike Waguespack
net assets without donor restrictions
NFP classifications
net assets with donor restrictions
NFP are governed by FASB
Non spendable
restricted
order of fund balance categories committed
assigned
unassigned
must remain intact, can only spend the
nonspendable
interest
2/6
Actual Exam Questions With Reviewed 100% Correct Detailed Answers
Guaranteed Pass!!Current Update
A board speaks through its minutes
What chapter of the code covers
chapter 9
bank- ruptcy of municipalities
No provision in the code for states to declare bankruptcy
· An inflow of resources similar to rev-
other financing sources- bond proceeds
enues but we don't call it a revenue
Mature on a single date term bond
Matures in installments serial bond
city goes to voters and says we want to
issue bonds for blah blah for xyz and vot-
Bond anticipation note ers approve it, it may be 6 months before
bonds are issued and they actually get
the money.
issue a bond anticipation note to the bank
classify BAN as LT debt even if its due in the short term
under new standard all leases with terms
of one year or more must be accounted financing
for as
subscription based information technol-
GASB 87 excludes ogy arrangements (software) from its
scope of intangible assets
use full taxing authority to make sure
GO bond
bondholder gets paid back
only backed by revenues in which it in-
Revenue bond
tends to finance
More risk with GO or revenue bond? revenue
Why a revenue bond? you don't need voter approval for these
Refers to the obligation of property own-
ers within in particular government for
their proportionate share of debts of overlapping debt
other govs with overlapping geographic
boundaries
Overlapping debt doesn't show up on the balance sheet
1/6
, only debt shows up on BS cities
a form of government assistance to the
beneficiary organizations. Don't report
conduit debt
as debt unless its more likely than not
that the third party will default.
report on GW FS but need to disclose it
Conduit debt doesn't
on notes to FS
what is the only set of funds that has a
proprietary funds
statement of cash flows
governmental and fiduciary funds do not stmt of cash flows
4 sections instead of FASB has 3 sec-
GASB cash flows has
tions
GASB requires you to estimate
costs for landfill and over life of closure
landfill based on of the landfill recognize
that year pro rata usage
stands for management discussion and
MD&A
analysis
most important FS of a government is budget
GASB has no authority to set standards
what budgets should look like
for
who is current legislative governor mike Waguespack
net assets without donor restrictions
NFP classifications
net assets with donor restrictions
NFP are governed by FASB
Non spendable
restricted
order of fund balance categories committed
assigned
unassigned
must remain intact, can only spend the
nonspendable
interest
2/6
