Fichas
Chapter 16 test flash cards
Fichas del conjunto (17)
- 1Government-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 - 25 primary types of government fundsGeneral Fund
Special Revenue Fund
Capital Projects Fund
Debt Service fund
Permanent fund - 3Two types of proprietary fundsEnterprise Fund
Internal Service Fund - 4Two types of fiduciary fundsTrust funds
Agency funds - 5Fund balance =CA + deferred outflows of resources - CL - deferred inflows of resources
- 6Governmental Funds - 5 classificationsNonspendable
Restricted
Committed
Assigned
Unassigned - 7How many general funds do each government have?1 general fund
- 8General 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 - 9Special Revenue Fund-gas tax rev--> highway maint
-state grant-->train police officers
-can have several special rev funds--separate entity
-used for restricted resources - 10Debt 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 - 11Capital 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 - 12Permanent Funds-benefit citizens at large or the govt itself
-only earnings may be used to support the gov't programs - 13Internal Service is a...Proprietary fund
- 14Interperiod equity is..incurring a cost in one period that is paid for in a later period
- 15Recording a budget..at BOY, dr Estimated Rev
- 16What 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 - 17—
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- Descripción
- (ACCT 380 Govt and NFP) Accounting Fichas sobre Chapter 16 test flash cards, creado por Josh Rondestvedt el 06/09/2016.
- Creado por
- Josh Rondestvedt
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