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1) The term fiduciary funds include agency, pension trust, investment trust, and private
purpose trust funds.
2) The required financial statements for agency funds includea Statement of Fiduciary
Net Position, and a Statement of Changes in Fiduciary Net Position.
3) Government financial audits are subject only to GAGAS.
4) The Federal Accounting Standards Advisory Board was formed by the Secretary of
the Treasury, Director of OMB, and Comptroller General.
5) The format and content of supplementary information which is not required by
GASB is up to the discretion of the reporting entity
6) Private health care organizations, both not-for-profit and for-profit, follow GASB
standards while government healthcare organizations follow FASB.
7) Revenues, but not expenses, are recorded the same under accrual and modified
accrual accounting.
8) Under governmental accounting principles for capital and operating leases;
expenditures are recorded each period for the amount of the annual lease payment for
all leases, but the expenditures are classified differently for capital and operating leases.
9) Using the worksheet approach, general (governmental) long term assets and long
term debt have a balance of zero until the worksheet entries are made.
10) Service Efforts and Accomplishments Reporting is best completed by usinga variety
of measures, which are reported consistently.
11) Encumbrances under modified accrual accounting are recognized when fund
liabilities are incurred.
12) When purchase orders are filled and the invoice amount differs from the estimated
amount, the amount reversed from the encumbrance account equals the invoice amount.
13) The Statement of Cash Flows for a private not-for-profit organization has three
different classifications of cash flows.
14) Encumbrance accounting is typically not used for Permanent Funds.
15) The term proprietary funds includes enterprise and internal service funds.
