Just call me Bond, Municipal Bond
Paid for by taxes, regardless if service is used by the taxpayer or not.
What are Government Activities?
A separate set of self balancing books.
What is Fund Accounting?
This person is the Financial Audit Director at the Office of the State Auditor.
Who is Hollie Andrus?
This accounting basis recognizes revenues when collected.
What is the cash basis?
In this type of entity, profits go back to support the mission rather than shareholders.
What is a non-profit?
Section of CPA exam that includes the NFP & Government accounting topics.
What is FAR?
Services paid for by the taxpayer only if used..
What are business-type activities?
Additional financial statement required for Voluntary Health & Welfare organizations.
What is the Statement of Functional Expense?
This person is the Governor for the state of Utah.
Who is Gary Herbert?
This accounting basis recognized revenues when earned.
What is the accrual basis?
An example of this action is when you donate $10 to a charity.
What is a contribution?
% required to pass each section of the CPA exam.
What is 75%?
Fund used primarily for construction purposes.
What is the Capital Projects fund?
Income statement for Governmental entities.
What is the statement of revenue, expenditures, and changes in fund balances?
This person is the Attorney General at Utah Office.
Who is Sean D. Reyes?
This accounting basis combines accrual basis accounting with cash basis accounting.
What is the modified accrual basis?
Donations to this type of NFP can help reduce taxable income.
What is a 501(c)(3) organization?
Tax Return filed by nonprofits.
What is the 990?
Governmental entities use this focus when financial statements are prepared.
What is current measurement?
On a statement of financial position, assets - liabilities.
What are net assets?
Don’t get caught rubbing the nose of this bronze statue at the Utah State Capitol for good luck.
What is the Abraham Lincoln statue?
Accounting basis used primarily by for-profit entities.
What is the full accrual basis?
The person or entity that may add restrictions to a donation.
Who is the donor?
Number of multiple choice questions on the FAR exam.
What is 66 questions?
Money spent this year for future benefit.
What are capital outlay expenditures?
A gift to be invested in perpetuity
What is an endowment fund?
The year Utah became the 45th state in the Union.
What is 1896?
GASB sets the standards for this accounting basis.
What is modified accrual basis?
Under this agreement, the recipient of the donation will pay a set amount each year to the donor until certain criteria are met.
What is a Split Interest Agreement?
How Santa’s accountant values his sled.
What is Net Present Value?