Question
I have a final to study for and these are the tops, can I have some guidance on the below? What are the types of
I have a final to study for and these are the tops, can I have some guidance on the below?
What are the types of fiduciary funds, when are they used and how are they accounted for?
What are the parts of a CAFR and what does each contain?Is the CAFR the only way state and local governments can report their financial information?
How do GASB audits differ from FASB audits?
What is the purpose of the Single Audit Act?
What are the environmental, organizational and financial factors that may affect a government's finances?
What is FASAB, who determines it, who are its major users and its major objectives?
What is the purpose of the Federal Financial Management Improvement Act of 1996?
What are the Federal budgetary accounts?
Why are some organizations tax exempt and what must they do to maintain that status.
How do the federal and state governments exercise oversight of tax exempt organizations.
What taxes may a tax-exempt organization be required to pay.
With respect to NFPs, know the difference between support and revenue from exchange transactions.
Reconciling statements (what are they and what types of items need to be included?)
Component units (relationship w/primary government)
Describe the following key financial performance concepts: financial position, financial condition, and economic condition.
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