Exam (elaborations)
Accounting for Governmental and Nonprofit Entities
- Course
- Institution
- Book
Accounting for Governmental and Nonprofit Entities
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Test Bank For Accounting for Governmental and Nonprofit Entities 19th Jacqueline L Reck, Latest Edition 2024
-
Accounting for Governmental and Nonprofit Entities
-
Accounting for Governmental and Nonprofit Entities
Seller
Follow
kushboopatel6867
Reviews received
Content preview
TEST BANK For Accounting for Governmental andNonprofit Entities 19th Edition by Neely & Reck
What 3 organizations use governmental financial statements? - ANSWER: Moody's,
Standard & Poors, Fitch
What are the 4 Ps of local governments? - ANSWER: Public safety function
Public Works
Parks & Rec
Prisons
What are the overall controls on public accounting? - ANSWER: Budgets (before the
fiscal year starts) and fund accounting
What are the 11 fiund types? - ANSWER: Governmental: GRaSPP
Proprietary: SE
Fiduciary: CIPPOE
Characteristics of governmental accounting - ANSWER: No Stockholders
Render services
No profit motive
Authority from legislature
Responsible to citizens
Taxes are a principal source of revenue
Restrictions on use of resources
Whats the point of fund accounting? - ANSWER: Restricts financial resource usage to
specific purposes
Accounting equation for GRaSPP - ANSWER: A = L + Fund Balance
Accounting equation for SE, CIPPOE, and Government Wide - ANSWER: A = L + Net
Position
Nonbusiness activities - ANSWER: (Governmental) Provide services without regard to
ability to pay
Business-Type Activities - ANSWER: (Proprietary) Provide service for a fee
Guardian Activities - ANSWER: (Fiduciary) Provides service as a custodial trustee
What does GRaSPP stand for - ANSWER: General fund
, Special revenue funds
Debt service funds
Capital projects funds
Permanent funds
How are government funds financed? - ANSWER: Taxes and grants
What does SE stand for? - ANSWER: Internal service funds
Enterprise funds
How are proprietary funds financed? - ANSWER: Charges for service
What does CIPPOE stand for? - ANSWER: Custodial funds
Investment trust funds
Private-purpose trust funds
Pension and other post employee benefit trust funds
What is modified accrual accounting? - ANSWER: Only current assets, current
liabilities, and fund balance
What are the two GRaSPP (governmental) fund financial statements - ANSWER: BS:
Balance sheet
IS: Revenues, expenditures, and changes in fund balance
How are major funds reported on these financials? - ANSWER: They are reported in
separate columns for governmental funds
Parts of a GRaSPP balance sheet - ANSWER: Current assets (NO PPE)
Current liabilities (NO BONDS PAYABLE)
Total fund balance
Total liabilities and FB
Parts of a GRaSPP statement of changes in revenues, expenditures, and changes in
fund balance - ANSWER: Revenues
Expenditures:
Current
Capital Outlay
Debt Service
Excess of revenue over expenditures
Other financing sources (Uses) (OFS/OFU)
Special/extraordinary items
Changes in fund balances (similar to net income)
+beginning fund balance (rolling it forward)
=Ending fund balance
Financial statements for proprietary funds - ANSWER: Statement of Net Position
Statement of Revenues, Expenses, and Changes in Net Position
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now