B5 Flashcards

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1
Q
A
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2
Q

Reconciling Govt Fund to Govt Wide Funds

Capital Outlays
Debt Service - Principal payments
Interest Expense
Interest Payment accrued, but not paid
Loan Proceeds
Accrued Revenue
Depreciation Expense

A

Reconciling Govt Fund to Govt Wide Funds

Capital Outlays - Added back
Debt Service - Principal payments - Added back
**Interest Expense - Not adjusted
**Interest Payment accrued, but not paid - Subtracted
Loan Proceeds - Subtracted
Accrued Revenue - Added Back
Depreciation Expense - Subtracted

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5
Q

What are the classifications for classifying a fund as a Major Fund?

A

10% of all the revenue from its fund category (Gov’t / Enterprise) and 5% of total revenues across all relevant funds)

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