Ch2

Question 0

Restricted

Answer 0

Fund balance includes amounts constrained to specific purposes by their providers, through constitutional provisions or by enabling legislation

Question 1

Nonspendable

Answer 1

Fund balance includes amounts that are not in spendable form or are required to be maintained intact

Question 2

Committed

Answer 2

Fund balance includes amounts constrained to specific purposes determined by the highest decision making authority of the government itself

Question 3

Assigned

Answer 3

Fund balance includes amounts a government intends to use for a specific purpose

Question 4

Unassigned

Answer 4

Fund balance includes amounts that are available for any purpose

Question 5

Governmental type funds

Answer 5

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

Question 6

General fund

Answer 6

Accounts for all unassigned resources

Question 7

Special revenue fund

Answer 7

Account for revenues that are restricted or committed to expenditure for specific purposes other than debt service or capital projects

Question 8

Capital projects fund

Answer 8

Account for resources that are restricted, committed or assigned for capital outlays

Question 9

Debt service fund

Answer 9

Account for resources that are restricted, committed, or assigned for the payment of interest and principle on long term debt

Question 10

Permanent fund

Answer 10

Used to report resources that are legally restricted so that only earnings, not principle, may be used to support the government’s programs

Question 11

Proprietary type funds

Answer 11

Enterprise fund

Internal service fund

Question 12

Enterprise fund

Answer 12

Account for business type activities in which the government sells goods or services to the general public at large

Question 13

Internal service fund

Answer 13

Account for business type activities in which the customers are other funds, departments, or agencies within the same governmental unit or occasionally other governmental units

Question 14

Fiduciary type funds

Answer 14

Trust fund

Agency fund

Question 15

Trust fund

Answer 15

Accounts for assets that the government holds as a trustee for the benefit of parties other than the government itself

Includes pension funds, investment trust funds, & private purpose trust funds

Question 16

Agency funds

Answer 16

Account for assets that a government holds as an agent temporarily for other parties.

Example: taxes held for another government