CGFM Part 2 - Comprehensive Review 2023

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GASB | Financial Statement Components - ANSWER-1. Auditor's Report 2. MD&A 3. Basic Financial Statements - Government-Wide Financials (Icing) - Fund Financials (Layers) - Notes (Filling that h... olds the layers together) 4. RSI 5. Combining Statements & Individual Fund Statements GASB | Statistical Section Components - ANSWER-1. Financial Trends 2. Revenue Capacity 3. Debt Capacity 4. Demographics and Economics 5. Operations Examples of Direct Costs - ANSWER-- Salary and Benefits - Materials and Supplies - Travel Expenses Methods for Tracing Indirect Cost (3) - ANSWER-- Direct Tracing - Cause & Effect - Percentage Encumbrances (Normal Account Bal) - ANSWER-Debit Governmental Fund - Fund Balance Categories (5) - ANSWER-1. Non-Spendable (inventory and Prepaid expenses) 2. Restricted (By law or externally imposed) 3. Committed (Formal action of highest government official) 4. Assigned (Executive assigned and encumbered funds) 5. Unassigned (no restrictions) FASAB | Components of Supplemental Stewardship Information - ANSWER-1. Human Capital 2. R&D 3. Non-Federal Physical Property Notes: - Investments made by federal government - Not capitalized - Current year costs are expensed - Five (5) year trend of expenses presented Methods for Forecasting Revenue - ANSWER-1. Trend (Simple historical estimate) 2. Statistical 3 .Regression Amounts owed from Governmental funds to Fiduciary funds are classified as... - ANSWER-Payable to external parties Budgetary Resources are made up of... - ANSWER-1. Current year appropriations 2. Borrowing/Contract Authority 3. Unobligated multi-year appropriations 4. Offsetting Collections 5. Recoveries of Prior Year Obligations Consolidate Federal Financial Statements - ANSWER-Reports that present financial information as if the reporting entity were a single entity, eliminating all transactions between intergovernmental entities. US Standard General Ledger is published by... - ANSWER-Treasury Government Combination Note Disclosures require... - ANSWER-Disclosure of: 1. Reason for combination 2. Effective Date 3. Description of combination Appropriations are considered expended when... - ANSWER-Goods or services are RECEIVED and ACCEPTED by the government Goods and services are expensed against which appropriation year? - ANSWER-The appropriation year they are obligated for. Budget Organization | Organizational Unit - ANSWER-Department/Division/Agency I-80 Budget Organization | Function - ANSWER-Service classification (Public safety, social services, public works) I-80 Budget Organization | Program - ANSWER-Specific activities within a function: Street resurfacing, clean air, work study I-80 Budget Organization | Category/Source - ANSWER-Type of revenue generated (taxes, services, permits) I-80 Budget Organization | Character - ANSWER-Fiscal period benefited I-80 Budget Organization | Object/Class - ANSWER-Types of items purchased or services obtained (supplies, materials, personal services) I-80 Reporting Entity | Conclusive Criterion - ANSWER-If specifically named in SFFAC 2 III-96 Budget Organization | Indicative Criteria - ANSWER-If the financial statement is misleading or incomplete wihout the information III-96 Performance-Based Budgets - ANSWER-Use performance measures to identify cost necessary to achieve given levels of outputs/outcomes Proprietary Accounting - ANSWER-Focuses on the financial consequences of operations and the financial position of the entity. GASB | What's a key factor for determining a reporting entity - ANSWER-Financial accountability FASAB | MD&A Components - ANSWER-1. Mission/Org Structure 2. Goals & Results 3. Analysis of the F/S 4. Systems, Controls & Legal Compliance 5. Future Trends 6. Limitations of GAAP Grants | When does a recipient agency recognize revenue? - ANSWER-When all eligibility requirements are met Grants | When does a grantor agency recognize liability and expense? - ANSWER-When all eligibility requirements are met Single Employer Pension Plan - ANSWER-Pension provide to employees of a single employer Agent Employer Pension Plan - ANSWER-Multiple employer pension plan with separate accounts for each company Cost-Sharing Employer Pension Plan - ANSWER-Multiple employers without separate accounts Special Item - ANSWER-In control and Unusual or infrequent (tobacco settlement) II-112 Extraordinary Item - ANSWER-Unusual and infrequent (hurricane) II-112 Near Special Item - ANSWER-Not in Control and Unusual or infrequent II-112 Levels of Fair Value Measurement | Level 1 - ANSWER-Quoted (Publicly traded securities) Levels of Fair Value Measurement | Level 2 - ANSWER-Input is Input (CDs) Levels of Fair Value Measurement | Level 3 - ANSWER-Unobservable (Commercial Real Estate) Non-Exchange Transactions | Derived Tax Revenue - ANSWER-Tax imposed on an exchange transaction (Sales tax) Non-Exchange Transactions | Imposed Non-exchange Revenue - ANSWER-Tax on something other than an exchange (Property tax) Non-Exchange Transactions | Government-Mandated Excahnge - ANSWER-Transaction from one government to another Non-Exchange Transactions | Voluntary Non-Exchange - ANSWER-When governments get into a voluntary payment arrangement If resources are not available, A/R becomes... - ANSWER-...deferred inflow. Three methods for measuring Capital Asset Impairment - ANSWER-1. Restoration Cost Approach 2. Service Units Approach 3. Deflated Depreciated Replacement Cost Approach GASB Due Process | Step 1 - ANSWER-Discussion Memorandum - Staff Document - Outlines the results of research efforts of staff and defines the accounting and reporting issues for a particular project. GASB Due Process | Step 2 - ANSWER-Invitation to Comment - Staff Document - It may contain elements of a discussion memo, a preliminary views document or both GASB Due Process | Step 3 - ANSWER-Preliminary Views - Document is a board's initial proposal for an accounting and reporting standard GASB Due Process | Step 4 - ANSWER-Exposure Draft - Last due process document that must be published before a final statement is issued GASB Concept Statement - ANSWER-- Describes concepts the board will use as a framework for existing and new standards - Not accounting standard Budget Process - ANSWER-Primary control device in government Six Characteristics of Financial Reports - ANSWER-1. Understandability [Show More]

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