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Financial Accounting and Reporting/Blueprint/1.C

State and local government concepts

Area 1: Financial Reporting (30-40%)

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Topics

  • Measurement focus and basis of accounting
  • Purpose of funds

Lessons

  • State and Local Government ConceptsFree

Study Frameworks

Governmental Accounting Fund Structure

Government Funds
Governmental Funds
General Fund
Special Revenue
Capital Projects
Debt Service
Permanent
Proprietary Funds
Enterprise
Internal Service
Fiduciary Funds
Pension Trust
Investment Trust
Private-Purpose Trust
Custodial

Governmental — Change in Fund Balance

Revenues + Other Financing Sources − Expenditures − Other Financing Uses

Net Pension Liability (GASB 68)

Net Pension Liability = Total Pension Liability − Plan Fiduciary Net Position

Reported on the government-wide Statement of Net Position for employer

Governmental vs. Commercial Accounting

FeatureGovernmental FundsProprietary FundsCommercial
Measurement focusCurrent financial resourcesEconomic resourcesEconomic resources
Basis of accountingModified accrualFull accrualFull accrual
Revenues recognized whenMeasurable & availableEarnedEarned
Long-term assets/debtNot reported in fundReported in fundReported
Budget integrationYes (legally required)OptionalNo
GRaSPPGeneral, Special Revenue, Debt Service, Capital Projects, Permanent

The five governmental fund types. Remember: the government GRaSPPs your tax money.

Practice These Topics(186 questions)