03 State and local government concepts Flashcards

1
Q

List the five types of governmental funds.

A

General fund
Special revenue funds
Capital project funds
Debt service funds
Permanent funds

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2
Q

List the two types of proprietary funds.

A

Enterprise funds
Internal service funds

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3
Q

What is the measurement focus basis of accounting for proprietary fund types?

A

Accrual accounting: Flow of economic resources

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4
Q

What is the measurement focus basis of accounting for governmental fund types?

A

Modified accrual: Flow of current expendable financial resources

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5
Q

List the four types of fiduciary funds.

A

Custodial funds
Pension trust funds
Private-purpose trust funds
Investment trust funds

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6
Q

What is the principal revenue of an internal service fund?

A

Fees charged to internal users

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7
Q

What is the principal revenue of an enterprise fund?

A

Fees charged to external users

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8
Q

What is the basis of accounting used by special revenue funds?

A

The modified accrual basis

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9
Q

What are the revenue recognition criteria under modified accrual accounting?

A

Measurable
Available

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10
Q

What is the primary function of the debt service fund in governmental accounting?

A

Payment of interest and principal on general long-term debt

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11
Q

What is the basis of accounting in which budgetary accounting is used?

A

Modified accrual basis

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12
Q

List the three broad categories of funds for state and local governmental entities.

A

Governmental funds
Proprietary funds
Fiduciary funds

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13
Q

What funds are used to account for any resources managed in trust by the governmental entity where the beneficiaries are outside of the governmental entity itself?

A

Private-purpose trust funds

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