Trivia Flashcards

What does 'IPERA' stand for in federal financial management?

Answer: Improper Payments Elimination and Recovery Act

IPERA stands for the Improper Payments Elimination and Recovery Act of 2010, which expanded requirements for agencies to identify, report on, and reduce improper payments.

Which basis of accounting is required for governmental fund financial statements under GASB?

Answer: Modified accrual basis

GASB requires governmental funds (General, Special Revenue, Debt Service, Capital Projects, and Permanent funds) to use the modified accrual basis of accounting.

The Anti-Deficiency Act prohibits federal agencies from doing what?

Answer: Obligating or expending funds in excess of amounts appropriated

The Anti-Deficiency Act prohibits federal agencies from obligating or expending funds exceeding amounts made available by Congress through appropriations.

What is the name of the annual financial report that the federal government as a whole is required to publish?

Answer: Financial Report of the United States Government

The Financial Report of the United States Government is published annually by the Treasury Department and presents the consolidated financial position of the federal government.

Under GASB Statement No. 34, which financial statement replaced the 'General Purpose Financial Statements' as the primary operating statement?

Answer: Statement of Activities

GASB 34 introduced the government-wide Statement of Activities, which presents the cost of each governmental function and the revenues generated by those functions.

What is a 'Prompt Payment Act' penalty designed to address?

Answer: Late payments by the federal government to vendors

The Prompt Payment Act requires federal agencies to pay invoices within specified time limits (generally 30 days) and imposes automatic interest penalties for late payments to vendors.

Which concept in government accounting represents the difference between assets and liabilities in a proprietary or trust fund?

Answer: Net Position

Net Position is used in proprietary funds and government-wide financial statements to represent the residual interest (assets minus liabilities), replacing the term 'equity' used in commercial accounting.