Chapter 1
FASAB accounting and financial reporting standards ______
- are reviewed and become effective unless objected to by a principal -apply to the Consolidated Financial Report of the US Government
Financial statement elements utilized by GASB include ______.
- net position -assets -liabilities -deferred inflows of resources
The Governmental Accounting Standards Board sets accounting and financial reporting standards for ______.
- state and local governments -government libraries and museums -government health-care entities
Types of government funds include ______ funds.
-capital projects -special revenue
Primary user groups of governmental accounting information according to GASB Concepts Statement No. 1 are ______.
-citizens -oversight bodies -creditors
Governmental units should establish ______.
-funds required by law -funds required by sound financial administration
Required supplementary information (RSI) ______.
-includes management discussion and analysis -usually is presented in forms or schedules
Not-for-profit organizations ______.
-lack residual ownership claim - have a purpose other than making a profit
Governments ______.
-may elect not to depreciate some capital assets - may expense improvements that extend an asset's useful life
Governments ______.
-must provide information to citizens within their jurisdiction -have creditors interested in assessing their creditworthiness -have vastly different sets of accounting information users
According to Statements of Federal Financial Accounting Concepts 1, the objectives that should be followed in federal financial reporting are ______.
-operating performance -budgetary integrity -systems and control -stewardship
Characteristics that make an organization a governmental organization include the ______.
-potential for unilateral dissolution by a government -ability to directly issue tax-exempt debt -power to enforce a tax levy
Governmental organizations include ______.
-public corporations -organizations with officers who are elected by popular vote.
A governments' focus of accounting is on ______.
-sustainability of services -the ability to meet future demand
Deferred inflows and outflows include ______.
-taxes deferred to a future period -changes in the value of hedging derivatives -prior service costs from changes in pension terms
A government's official yearly report is called a(n) _______ _________ _______ Report.
Comprehensive Annual Financial Report
Accounting and financial reporting standards for the federal government are published by the ______.
Federal Accounting Standards Advisory Board
Principals that can object to FASAB standards DO NOT include the U.S. ______.
Financial Accounting Foundation
Accounting and financial reporting standards for nongovernmental not-for-profit organizations are set by the ______ Board.
Financial Accounting Standards
Accounting and financial reporting standards for governmental not-for-profit organizations are set by the ______ Board.
Governmental Accounting Standards
GASB standards are set forth in documents called of ______ Financial Accounting Standards.
Statement
GASB standards are set forth in documents called of ______ Financial Accounting Standards.
Statements
Government-wide and fund statements for proprietary and fiduciary funds use the economic resources measurement focus and the ______ basis of accounting.
accrual
According to Concepts Statements No. 3, when items can be measured with sufficient reliability they should be reported in the ______.
basic financial statements
Organized versions of accounting standards are called ________
codifications
Because governmental funds' accounting systems are designed to measure the extent to which financial resources obtained during a period are sufficient to cover claims against them and the net financial resources available in the future, they have a flow of ______ resources measurement.
current financial
According to Concepts Statements No. 3, notes to the financial statements ______.
enhance the understanding of items in the financial statements
In order for a fund to exist, there must be both a(n) _______ _______ and a double-entry accounting entity created to account for it.
fiscal entity
To help provide assurance that resources are used according to legal or donor restrictions, governments use ______ accounting.
fund
The General Fund ______ be used for the receipt of revenues raised solely for a particular purpose
may
Fund statements for governmental funds use the current financial resources measurement focus and the ______ basis of accounting.
modified accrual
Based on the need to satisfy citizens' "right to know," governmental financial reports generally provide ______ detail when compared to corporate annual reports.
much more
Organizations owned or controlled by the government are called ______ organizations.
public
Governments receive many of their resources from individuals and businesses who are required to pay _____.
taxes
True or false: Governments report much more dis-aggregated information than commercial enterprises.
true