Proprietary FUN(D)
Accounting Basis where revenues are measured when they are earned, and expense are recognized in the period they are incurred.
What is Full Accrual?
Why are internal services used?
What is because they are cheaper and more efficient?
Enterprise Funds provide service to who?
What are customers outside of the government?
GASB says Long term leases provide lessee with "Blank" asset
What is intangible right-to-use asset?
However, if the lease is more the 12 months it must be reported as what for FASB
What is a finance or operating lease?
What type of budgets does the Proprietary Fund use?
What is Flexible Budgets?
Motor pools are set up using what from other funds?
What are assets?
Boards and outside consultants determine what in regard to Enterprise funds.
What is Price?
What are long-lived and are stationary in nature can be chosen to not report any depreciation expense under the modified approach?
What Capital Assets
What is the name of the Lease categorization that records a separate lease interest expense and is for terms less than 12 months?
What is Financing leases?
How are assets and Liabilities classed for the statement of net potion?
What is Short and Long Term?
What are the 3 ways Net position components could be reported as?
what is
Net Investment in capital assets
Restricted
Unrestricted
Used for special services only provided to some taxpayers
What are Special Assessments
What is the difference between GASB and FASB classification of leases?
What are short-term and long-term vs. Financing vs Operating?
What is the difference between an Enterprise Fund and an Internal Service Fund?
What is the customer?
What are the three required financial statements?
What is
Statement of net position (balance sheet)
Statement of revenues, expenses, and changes in net position
Statement of cash flows
If net position is negative a portion is reclassified as what?
What is unrestricted net position?
the closing process of the Enterprise Fund involves transferring the balance of revenue, expenses and other temp. accounts to what account
What is the net position account?
FASB has a separate section called what
What is other comprehensive income?
Credit account an Internal Revenue Service would use in order to recognize cash from the General fund
What is Transfer from general fund?
What is the Accounting equation for the statement of net position?
What is Assets+Deffered Out. - Liab. -Def. Inflows + Fund Net Position?
When is Net position is restricted?
What is when it is externally imposed by creditors in debt covenants, or entities that provide grants?
Who assess Special Assessments on what share of the cost they must cover
Who is the goverment?
the main difference between GASB and FASB is how they must report what
What is earnings or net income?
Measurement focus of a proprietary fund