Capital Assets & Investments
Long Term Debt
Business-Type Activities
Fiduciary and Permanent Funds
Miscellaneous
100
These assets are not required to be depreciated if their condition is assessed at least every 3 years, the annual cost to preserve at a self-determined level is estimated and the maintenance is documented under this named method.
What are infrastructure assets and the modified approach?
100
General obligation bonds are secured be these two things.
What is the full faith and credit of the government and the ability to raise revenue or levy taxes?
100
When residents of the City of Tampa receive water service and make payments for water, they are interacting with these types of funds, respectively.
What is an enterprise fund (water utility) and an internal service fund (utility billing)
100
Employee age, salary and years of employment along with actuarial estimates of life expectancy are used to determine the funding of this.
What is a defined benefit pension plan?
100
The City of Tampa issued bonds for The University of Tampa to construct a residence hall, however the city is not responsible for repayment.
What is Conduit Debt?
200
Although usually associated with nonprofit organizations, this along with eminent domain, construction, foreclosure, escheat and purchase are means of acquiring a capital asset for a government.
What is a donation?
200
Although these long-term obligations are more costly to governments, their appeal is the built-in means to repay, they are theoretically not an obligation of the government-at-large and they do not require voter approval.
What are revenue bonds?
200
Just because a city charges residents to play golf on the municipal court, does not mean that the golf course is accounted for in an enterprise fund. The pricing policy and fees charged must cover all costs including capital and this.
What is solely secure debt financing?
200
A note to the financial statements of a city CAFR contains this information: Description, Classes of employees, contribution requirements, concentration of investments and accounting policies.
What is a disclosure for a defined contribution plan?
200
According to GASB 49, if a city discovers an unauthorized dump in an exclusive neighborhood, it should record a liability when these conditions are met.
What are estimable and the occurrence of an obligating event?
300
Recording a general capital in this manner in fund financial statements is counterintuitive for most accounting students.
What is an expenditure?
300
To avoid excessive debt, governments use this tool which is often based on a percentage of assessed property value less government, churches and nonprofit property.
What is a debt limit?
300
These funds are reported with governmental activities in the government-wide financial statements and in a Governmental Activities column in the proprietary fund financial statements.
What are Internal Service Funds?
300
Morgan Stanley, Raymond James and the like, but for state and local governments.
What is an Investment Pool?
300
Landfill closure costs are recognized while the landfill is in use. The estimate is based on these two pieces of information.
What are the total estimated cost and the proportion of the landfill used?
400
Thanks to GASB 34, governments must now depreciate assets in the government-wide statements, however, you won't find a depreciation line item because depreciation expense is recorded here.
What is with the program or function expenses in the Statement of Activities
400
Governments prepare a statement of cash flows for proprietary funds that is similar to those prepared for for-profit entities except that Financing Activities are separated into these categories.
What are noncapital financing activities and capital and related financing activities?
400
Contributing to the Florida Prepaid Plan made it a lot easier when it was time for our children to go to college.
What is a private-purpose trust?
400
You have a greater chance of being struck by lightning than winning the lottery which is accounted for in this type of fund.
What is enterprise fund?
500
These assets do not have to be depreciated if they are 1) on public display or used for research, 2) preserved and 3) under a policy that proceeds of their sale will be used, in essence, to replace these items.
What are works of art and historical treasures
500
Municipalities and investors rely on this information which is key to interest costs, the municipality's ability to issue debt and therefore its ability to provide services.
What is a bond rating?
500
These types of funds must be evaluated to determine whether they are major or non-major.
What are governmental and enterprise funds?
500
The county receives grant funding on behalf of the city and does not have administrative involvement, nor does it have direct financial involvement. It simply collects and distributes the funds to the city.
What is a pass through agency fund?
500
Although not required to fund these, governments will now be required to record liabilities when these benefits, typically accounted for in trust funds, are earned.
What are defined benefit pensions and other postemployment benefits?
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