Exam study Guide
Government and Not for profit Accounting – Chapter 9
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Q1. Primary government, component units (blended and discrete presentation; presentation in both the governmental and government-wide financial statements
Q2 Parts of the CAFR
Q3 What conditions are necessary for a government to be considered financially independent?
Q4 Concepts Statement No. 4 definitions of assets and defe
ed outflows; how is prepaid insurance, long term leases, and advances made on reimbursement grants treated;
Q5 Consumption method for reporting supplies inventory and prepaid insurance
Amounts reported for pension expense/pension expenditure
Q6 Reporting the acquisition and depreciation of long term assets for government-wide and fund financial statement reporting
Q7 How do expenditures affect the accounting equation?
Q8 Interfund transfers – what are they; prepare journal entries for both the transfe
ing fund and the receiving fund; how are they treated for government-wide reporting
Q9 Basis of accounting and measurement focus for governmental funds (including debt service and capital projects) and for enterprise funds
Q10. JE for enterprise funds and for internal service funds – use account titles from ch 9
Proprietary funds net position
Q11. Determining whether an activity should be accounting for in an internal service fund or the general fund -- what items are considered in making the decision; how is depreciation handled
Q12. Enterprise funds; What are restricted assets and how are they handled?
Solid Waste Landfills – JE when treated as enterprise funds
Q13 Ch 9 Capital Contributions: What are these: how do they compare to revenue transactions; are they exchange or nonexchange transactions
Q14 Issuance of bonds at a premium – how is this recorded in the capital projects fund and in the debt service fund
Q15 How are capital projects funds and debt service funds shown in the government-wide financial statements?
Q16. How are long term assets treated for (1) governmental funds, (2) proprietary funds and (3) government-wide financial reporting?
Q17. Infrastructure – modified approach
Q18 BANs and TANS – what are they; how are they accounted for; why is there a reason for the accounting treatment for each; Prepare related journal entries
Q19. How are proceeds of long term debt accounted for in the governmental funds and on the government-wide financial statements?