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  1. --------------------------------- is the primary objective of all governmental financial reporting.
    Accountability is the primary objective of all governmental financial reporting.
  2. Primary governments are required to be legally and fiscally independent and have a ---------------------------------------.
    Primary governments are required to be legally and fiscally independent and have a separately elected governing body.
  3. ---------------------------------------------- (such as school systems or fire departments) are legally separate entities that are primary governments or component units.
    Special-purpose governments (SPGs) (such as school systems or fire departments) are legally separate entities that are primary governments or component units.
  4. A ------------------------------------ is a legally separate organization for which the primary government is financially accountable.
    A component unit is a legally separate organization for which the primary government is financially accountable.
  5. The modified accrual basis of accounting is used to report the governmental fund financial statements.

    --------------------------------------------------------

    The reporting elements are sources, uses, and balances of current financial resources.
    The modified accrual basis of accounting is used to report the governmental fund financial statements.

    The measurement focus is on current financial resources , that is, on determining financial position and changes in it.

    The reporting elements are sources, uses, and balances of current financial resources.
  6. The modified accrual basis of accounting is used to report the governmental fund financial statements.

    The measurement focus is on current financial resources , that is, on determining financial position and changes in it.

    --------------------------------------------------------------
    The modified accrual basis of accounting is used to report the governmental fund financial statements.

    The measurement focus is on current financial resources , that is, on determining financial position and changes in it.

    The reporting elements are sources, uses, and balances of current financial resources.
  7. The ----------------------------accounts for all financial resources except those required to be accounted for in another fund.
    The general fund accounts for all financial resources except those required to be accounted for in another fund.
  8. ------------------------------------- account for restricted or committed inflows from specific revenue sources. Expenditure must be for a specified purpose (but not debt service or a capital project).
    Special revenue funds account for restricted or committed inflows from specific revenue sources. Expenditure must be for a specified purpose (but not debt service or a capital project).
  9. ---------------------------------------- account for financial resources restricted, committed, or assigned to be expended for capital purposes.
    Capital projects funds account for financial resources restricted, committed, or assigned to be expended for capital purposes.
  10. ------------------------------ account for resources restricted, committed, or assigned to paying principal and interest. But these funds do not account for the --------- itself.
    Debt service funds account for resources restricted, committed, or assigned to paying principal and interest. But these funds do not account for the debt itself.
  11. --------------------------------------- account for resources that are restricted to the use of earnings (not principal) for the benefit of the government or its citizens.
    Permanent funds account for resources that are restricted to the use of earnings (not principal) for the benefit of the government or its citizens.
  12. The financial statements of governmental funds are prepared using the --------------------------------- of accounting.
    The financial statements of governmental funds are prepared using the modified accrual basis of accounting.
Author
Joens1313
ID
354005
Card Set
far 18 a 122220
Description
far 18 a 122220
Updated