6245788
Descripción
Fichas por Josh Rondestvedt, actualizado hace más de 1 año
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Creado por Josh Rondestvedt
hace más de 7 años
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| Pregunta | Respuesta |
| 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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