Created by Josh Rondestvedt
over 7 years ago
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Question | Answer |
Government-wide statements | -focus on gov't as whole -consolidates all of gov't operations -assess operational accountability -Presented on full accrual basis -measure economic resources |
5 primary types of government funds | General Fund Special Revenue Fund Capital Projects Fund Debt Service fund Permanent fund |
Two types of proprietary funds | Enterprise Fund Internal Service Fund |
Two types of fiduciary funds | Trust funds Agency funds |
Fund balance = | CA + deferred outflows of resources - CL - deferred inflows of resources |
Governmental Funds - 5 classifications | Nonspendable Restricted Committed Assigned Unassigned |
How many general funds do each government have? | 1 general fund |
General Fund | -most significant single fund -each government has 1 general fund -covers most major gov't functions (police ,fire, etc) -part can be considered as non-spendable -can be divided among all 5 fund balance classifications |
Special Revenue Fund | -gas tax rev--> highway maint -state grant-->train police officers -can have several special rev funds--separate entity -used for restricted resources |
Debt Service Fund | -obligation for debt being serviced is not report on the BS of the debt service fund -no governmental fund gives recognition to LT obligations |
Capital Projects Funds | -accts for financial resources that are restricted, committed, or assigned to expenditure for capital outlays -often issue bonds to finance specific projects -capital assets not reported on BS of capital project funds -capital assets are reported in the govt wide statements and supplementary schedules |
Permanent Funds | -benefit citizens at large or the govt itself -only earnings may be used to support the gov't programs |
Internal Service is a... | Proprietary fund |
Interperiod equity is.. | incurring a cost in one period that is paid for in a later period |
Recording a budget.. | at BOY, dr Estimated Rev |
What is an encumbrance? | -a recorded commitment or contract -recorded when a purchase order is issued, a contract is signed, or a commitment is made -for govt wide fin state--no entry is required -purpose: to prevent overspending |
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