03 State and local government concepts Flashcards
List the five types of governmental funds.
General fund
Special revenue funds
Capital project funds
Debt service funds
Permanent funds
List the two types of proprietary funds.
Enterprise funds
Internal service funds
What is the measurement focus basis of accounting for proprietary fund types?
Accrual accounting: Flow of economic resources
What is the measurement focus basis of accounting for governmental fund types?
Modified accrual: Flow of current expendable financial resources
List the four types of fiduciary funds.
Custodial funds
Pension trust funds
Private-purpose trust funds
Investment trust funds
What is the principal revenue of an internal service fund?
Fees charged to internal users
What is the principal revenue of an enterprise fund?
Fees charged to external users
What is the basis of accounting used by special revenue funds?
The modified accrual basis
What are the revenue recognition criteria under modified accrual accounting?
Measurable
Available
What is the primary function of the debt service fund in governmental accounting?
Payment of interest and principal on general long-term debt
What is the basis of accounting in which budgetary accounting is used?
Modified accrual basis
List the three broad categories of funds for state and local governmental entities.
Governmental funds
Proprietary funds
Fiduciary funds
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?
Private-purpose trust funds