



Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
This is the notes for the second chapter on exam 1
Typology: Study notes
1 / 5
This page cannot be seen from the preview
Don't miss anything!
I. What is a fund A. A fund is a fiscal and accounting entity, each one has its own set of accounts and prepares its own financial statements
C. Deferred outflow of resources: consumption of NA by the government that is applicable to a future reporting period. NA may be used in one period to provide benefits solely for another period.
A. Governmental funds: maintain gov’s operating and financing activities. An expendable fund (resources from taxes/fees/etc)
A. Consists of: basic financial statements but way more than just that, very lengthy reports. Includes statements from both a gov-wide and fund level perspective. B. Introductory section: letter of transmittal and general info on the organization of a gov as well as the elected and admin officials C. Financial section: MD&A, basic F/S, notes to statements, RSI, combining and individual fund F/S
D. Statistical section: current and historical data with demographic, economic, and tax info E. Gov wide statements: statement of net position (b/s) and statement of activities (statement of rev and exp) F. Fund statements: governmental funds (b/s, statement of revenues, expenditures, changes in fund balance). Proprietary funds (b/s, statement of revenues, expenses, and changes in net position, and statement of CF). Fiduciary funds (statement of fiduciary net position, statement of changes in fiduciary net position) G. Major funds = net position is at least 10% of the relevant fund category and 5% of the corresponding total for all gov and enterprise funds combined VII. Differences of annual reports btwn gov & NFP A. FASB has no requirement for fund based reporting like GASB does B. NFPs have a current fund which is like a general fund. They also have some current restricted funds which are like the special revenue funds. They have plant funds for debt as well. C. NFP financial report: closer to regular business than governmental. Net assets are to be categorized by restriction of donors (either not restricted or restricted)