Reporting Entity
A city is an example of this type of governmental entity.
What is a general purpose government?
The core services provided by a government, such as public safety, are reported within this activity category (i.e., fund category).
What is the governmental activity or fund category?
A governmental unit’s official annual report prepared and published as a matter of public record.
What is the comprehensive annual financial report?
This term refers to what items are being reported in the financial statements (i.e., the nature of the resources, claims against resources, and flows of resources that are reported by a fund or activity).
What is measurement focus?
This fund must always be reported as a major fund.
What is the general fund?
A public school district is an example of this type of governmental entity.
What is a special purpose government?
This type of fund would be used to account for financial resources set aside for the purpose of making principal and interest payments on general long- term debt.
What is a debt service fund?
This section of the comprehensive annual financial report presents tables and charts showing social and economic data in addition to financial trends, fiscal capacity, and operating information of the government.
What is the statistical section?
The basis of accounting that recognizes revenues when earned and expenses when incurred.
What is the accrual basis of accounting?
The estimated future liability for goods or services resulting from placing a purchase order or signing a contract.
What is an encumbrance?
Legally separate organizations for which the elected officials of the primary government are financially accountable.
What are component units?
This type of fund would be used to account for the activities of a water utility department, which offers its services to the general public on a user charge basis be recorded?
What is an enterprise fund?
These financial statements are part of the required basic financial statements and provide an overview of the total government’s financial information.
What are the government- wide financial statements?
This is the measurement focus related to the accrual basis of accounting.
What is the economic resources measurement focus?
In the governmental funds, property tax revenue includes current year property taxes levied collected during the current year or within this number of days after the end of the current fiscal year.
What is 60 days?
GASB standards establish that the governmental reporting entity must include these entities.
What are the primary government and its component units?
If a governmental fund meets these criteria, it must be reported as a major fund.
What is has elements equal to or greater than 10% of the corresponding elements of total governmental funds and 5% of the corresponding elements of total governmental and enterprise funds combined?
These are the two required fiduciary fund financial statements.
What are the statement of fiduciary net position and the statement of changes In fiduciary net position?
Governmental funds use this type of measurement focus.
What is the current financial resources measurement focus?
These are the five categories of fund balance.
What are nonspendable, restricted, committed, assigned, and unassigned?
GASB standards provide these two methods for including component unit financial information with that of the primary government.
What are blending and discrete presentation?
This is the only fund that can have a positive unassigned fund balance.
What is the general fund?
These are the three required components of a governmental financial report.
What are management's discussion and analysis, basic financial statements, and required supplementary information?
These are the two criteria for recognizing revenue under the modified accrual basis of accounting.
What are measurable and available?
Other financing sources reported in the Governmental funds statement of revenues, expenditures, and changes in fund balances generally include cash inflows from these sources.
What are proceeds from debt issuances and transfers from other funds?