Revenue Recognition
This basis of accounting is used when a revenue is both earned AND collected.
What is cash basis?
This fund type is used for activities primarily supported by user fees and charges.
What is a proprietary fund?
Ultimate responsibility for internal controls lies not with management but with this body.
What is the governing body?
It's the section of the ACFR where you'll find the Letter of Transmittal.
What is the Introductory Section?
An audit contract of this many years is recommended by GFOA.
What is 5 year?
This basis of accounting is used when an entity lays claim to resources (earning process complete)
What is accrual basis?
There are three types of funds. Governmental, Proprietary, and _________.
What is fiduciary?
It's the most significant factor promoting fraud. It's the same word used by Mayor Ginther in referring to Columbus as America's ________ City?
What is opportunity?
You may find subjective information in this part of the ACFR.
What is the Transmittal Letter?
A single audit is required when federal awards expended exceeds this six digit amount.
What is $750,000?
What are grants?
This fund type would report a statement of cashflows.
What is an enterprise fund?
This section of the annual financial report is the most useful source of information for assessing economic condition.
What is the statistical section?
These financial statements are the minimum information that must be included within a financial report for an independent auditor to assert that the government has complied with GAAP.
What is basic financial statements?
Rather than a revenue, a prepayment must be treated as this?
What is a liability?
This fund type has an economic resource measurement focus.
What is an enterprise fund?
These two sections of the ACFR fall outside of the external audit. Though the auditor must read to ensure data is consistent with the financial statements.
What is the introductory and statistical sections?
For an "on behalf" payment of salaries and benefits to a local government from a state, the receivable from the state would be treated as though it were this revenue type.
What is a grant?
In a general fund, ________ fund balance is a measure of spendable resources.
What is unassigned?