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Accounting > Chapter 2 > Flashcards

Chapter 2 Flashcards

0
Q

capital projects fund

A

fund accounts for financial resources that are restricted, committed or assigned for capital outlays.

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1
Q

General Fund

A

fund accounts for all resources that are not required to be accounted for in other funds; in essence, it accounts for all unassigned resources.

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2
Q

Debt Service Fund

A

fund accounts for financial resources to expenditure for principal and interest on its long-term debt. (sinking fund)

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3
Q

Special Revenue Fund

A

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

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4
Q

permanent funds

A

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

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5
Q

government activites

A

financed predominatly through taxes and intergovernmental grants

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6
Q

Business-type activities

A

are those financed predominantly through user charges.

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7
Q

Fiduciary Activities

A

Are those for which the government acts as a trustee or agent for individuals, external organizations, or other governments.

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8
Q

Proprietary-type funds

A

used to account for the ongoing business-type activities of a government

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9
Q

Enterprise funds

A

(type of proprietary) funds are used to account for business-type activities in which the government sells goods or services to the general public at large (users external)

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10
Q

Internal Service Funds

A

(type of proprietary) funds are used to account for business-type activites in which users are internal

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11
Q

Fiduciary-type funds

A

resources held by the government in a trust or agency capacity that are intended to benefit parties other than the government itself. There are two types of fiduciary funds.

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12
Q

Trust Funds

A

(fiduciary) account for assets that the government holds as a trustee for the benefit of parties other than the government itself. ie pension funds

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13
Q

Agency funds

A

(fiduciary) account for assets that a government holds as an agent temporarily for other parties. the government is mainly responsible for receiving the assets and for distributing them to the parties entitled to them agency funds differ from trust funds in that the government typically holds the assets for a shorter period of time and has only limited responsibility for investing them

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14
Q

Gasoline tax revenues that must be used for highway maintenance

A

special revenue fund

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15
Q

hotel occupancy tax earmarked for specific purpose

A

Special revenue funds

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16
Q

lottery fund proceeds that must be used for education

A

special revenue fund

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17
Q

state law-enforcement grant that must be used to train police officers

A

special revenue funds

18
Q

private donations that must be used to repair and maintain parks and other recreational facilities

A

special revenue

19
Q

state and federal aid for elementary and secondary education

A

special revenue

20
Q 
Utilities
golf courses
hospitals
mass transportation
toll roads
landfill facilities
convention and entertainment facilities 
parking lots and garages
airport and harbor facilities 
housing authorities
A

enterprise fund

21
Q

vehicle repair service that maintains and services the cars and trucks of the police department, fire department, sanitation department, and so forth

A

internal service funds

22
Q

motor pool that acts as a intragovernmental rental car agency

A

internal service fund

23
Q

electronic data processing department that maintains records and performs computer services for all other departments

A

internal service funds

24
Q

pension trust funds

A

benefit the government’s employees by providing income, disability income, health care insurance, and related forms of remuneration to retirees and their beneficiaries

25
Q

investment trust funds

A

similar to mutual funds, benefit the parties, usually other governments, which have entrusted their resources to the fund.

26
Q

private purpose trust funds

A

encompass all trust funds other tan pension and investment trust funds and unlike the other trust funds, these funds may be expendable or non-expendable.

27
Q

Taxes collected by one government for the benefit of another

A

agency funds

28
Q

special assessments collected to repay debt that the government services but for which it is not responsible

A

agency funds

29
Q

refundable deposits

pass-through grants

A

agency funds

30
Q

Cafr has 3 sections

A

Introductory section
Financial Section
Statistical section

31
Q

government-wide statements

A

statement of net assets

statement of activities

32
Q

Governmental Funds Statements

A

balance sheet, statement of revenues, expenditures, and changes in fund balances

33
Q

Proprietary funds (statements)

A

Balance sheet, statement of revenues, expenses, and changes in net assets, statement of cash flows

34
Q

Fund accounting equation

A

assets=liabilities+fund balance

35
Q

nonspendable

A

iincludes amounts that are not in spendable form or are required to be maintained intact.

36
Q

restricted

A

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

37
Q

committed

A

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

38
Q

assigned

A

includes amounts a government intends to use for a specific purpose

39
Q

unassigned

A

invludes amounts that are available for any purpose

40
Q

Not for profit financial reports

A

statement of position
staement of activities
statement of cash flows

41
Q

not for profits must classify net assets in to what categories

A 
unrestricted
temporarily restricted
permanently restricted
(decided by donor)
42
Q

Comprehensive Annual Financial Report

A

CAFR

43
Q

Plant Funds

A

All funds having to do with the capital assets and related debt

Accounting (14 decks)

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