Chapter 02 - Overview of Financial Reporting for State and Local Governments
CHAPTER 2 Overview of Financial Reporting for State and Local Governments
1 THE SOLUTION TO THIS AND THE FIRST EXERCISE OF CHAPTERS 1 AND 3 THROUGH 9 WILL DIFFER FROM STUDENT TO
CHAPTER 1 Introduction to Accounting and Financial Reporting for Governmental and
THE SOLUTION TO THIS AND THE FIRST EXERCISE OF CHAPTERS 2 THROUGH 9 WILL
DIFFER FROM STUDENT TO STUDENT ASSUMING EACH HAS A DIFFERENT CAFR.
Accounting for Other Governmental Funds
CHAPTER 5 Accounting for Other Governmental Fund Types: Capital Projects, Debt
Service, and Permanent
COUNTY OFFICE BUILDING CONSTRUCTION FUND
CAPITAL PROJECTS FUND GENERAL JOURNAL
Chapter 03 Modified Accrual Accounting
CHAPTER 3: MODIFIED ACCRUAL ACCOUNTING:
INCLUDING THE ROLE OF FUND BALANCES AND BUDGETARY AUTHORITY
RAINY DAY FUNDS ARE CLASSIFIED AS COMMITTED ONLY IF THEY ARE CREATED BY A
RESOLUTION OR ORDINANCE THAT IDENTI
Jefferson County - Governmental Funds
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended 12-31-2014
Jefferson County Governmental Funds Balance Sheet as of 12-31-2015
Taxes Reveivable (n
Chapter 04 - Accounting for the General and Special Revenue Funds
CHAPTER 4 Accounting for the General and Special Revenue Funds
VILLAGE OF SEASIDE PINES GENERAL FUND
ESTIMATED OTHER FINAN
SUNY Old Westbury
Professor K. Trim
Name: Theotokis N. Prattas
Multiple Choice Section: (5 Points each). Please enter your answer on the Answer sheet provided
1. What types of differences can cause issues b
Under U.S. GAAP: Lower of cost or market
Under IFRS: Lower of cost or net realizable value.
Under U.S. GAAP
Inventory value is lower of $250,000 and $180,000.
Thus, the value of Inventory under U.S. G
Carlson International, Ltd.
Reconciliation from IFRS to U.S GAAP
For Year Ended 2015
Net Income under IFRS:
Additional write down of inventory to market price.
Accumulated depreciation on revaluation of buildings
Background Information: Financial Statements - Governmental Funds
CITY OF COTTONWOOD
As of December 31, 2015
Cash and cash equivalents
Chapter 8 Case Study
LA Corporation, Inc.
A. Pound is the functional currency
Cost of goods sold
Selling and administrative expense
Income before tax
Plus: Retained earnings, 1/1/2015
Chapter 12 - International Transfer Pricing
International Transfer Pricing
Multiple Choice Questions
1. The monetary amount used to record intercompany transactions is called:
A) exchange rate
B) transfer price
C) conversion rate
Accounting standards for the federal government and its agencies are established by the Federal
Accounting Standards Advisory Board.
Accounting standards for the federal government and its agencies are established by the G
The Single Audit Act is intended to provide assurance to the federal government that federal funds
have been expended in accordance with laws and regulations, but does not include a report on internal
Fiduciary funds use the modified accrual basis of accounting.
Fiduciary funds use the economic resource measurement focus.
Fiduciary Funds are not included in the government-wide financial statements.
Private colleges and universities use the same accounting and reporting standards as public colleges and
The AICPA Audit Guide: Not-for-Profit Organizations applies to private colleges and universities.
Government-wide statements are prepared using the accrual basis; therefore, governmental fund-basis
statements need to be adjusted from their original modified accrual basis.
Government-wide statements are prepared using the
Every general purpose government will have a single General Fund.
The General Fund accounts for any resources not reported in one of the other funds.
In the General Fund, revenues are recognized when earned and
Proprietary funds use the accrual basis of accounting.
Enterprise Funds and Internal Service Funds are part of the larger category of Proprietary Funds.
Internal Service Funds account for activities that produc
Like charities and private colleges, private not-for-profit health care organizations follow FASB
Private health care organizations, both not-for-profit and for-profit, follow FASB standards while
The financial statements of private not-for-profits are intended primarily for use by present and potential
After the issuing of Statement 117, not-for-profit financial statements are relatively standardized across
City and county governments are typically classified as special purpose governments.
According to GASB Statement No. 34, "General-purpose governments are thought to be those that offer
more than one type of basic governmenta
Because capital project, debt service and permanent funds use modified accrual accounting, these funds
would typically record budgets.
Because debt service and permanent funds use modified accrual accounting, these funds wou
A Comprehensive Annual Financial Report (CAFR) would include an introductory section,
management's discussion and analysis, basic financial statements, required supplementary information
other than MD&A, combining and individual fund stat
The Governmental Accounting Standards Board sets financial reporting standards for all units of
government: federal, state, and local.
Fund accounting exists primarily to provide assurance that resources are used according