Chapter 2 Flashcards
capital projects fund
fund accounts for financial resources that are restricted, committed or assigned for capital outlays.
General Fund
fund accounts for all resources that are not required to be accounted for in other funds; in essence, it accounts for all unassigned resources.
Debt Service Fund
fund accounts for financial resources to expenditure for principal and interest on its long-term debt. (sinking fund)
Special Revenue Fund
funds account for revenues that are restricted or committed to expenditure for specific purposes other than debt service or capital projects.
permanent funds
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.
government activites
financed predominatly through taxes and intergovernmental grants
Business-type activities
are those financed predominantly through user charges.
Fiduciary Activities
Are those for which the government acts as a trustee or agent for individuals, external organizations, or other governments.
Proprietary-type funds
used to account for the ongoing business-type activities of a government
Enterprise funds
(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)
Internal Service Funds
(type of proprietary) funds are used to account for business-type activites in which users are internal
Fiduciary-type funds
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.
Trust Funds
(fiduciary) account for assets that the government holds as a trustee for the benefit of parties other than the government itself. ie pension funds
Agency funds
(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
Gasoline tax revenues that must be used for highway maintenance
special revenue fund
hotel occupancy tax earmarked for specific purpose
Special revenue funds
lottery fund proceeds that must be used for education
special revenue fund
state law-enforcement grant that must be used to train police officers
special revenue funds
private donations that must be used to repair and maintain parks and other recreational facilities
special revenue
state and federal aid for elementary and secondary education
special revenue
Utilities golf courses hospitals mass transportation toll roads landfill facilities convention and entertainment facilities parking lots and garages airport and harbor facilities housing authorities
enterprise fund
vehicle repair service that maintains and services the cars and trucks of the police department, fire department, sanitation department, and so forth
internal service funds
motor pool that acts as a intragovernmental rental car agency
internal service fund
electronic data processing department that maintains records and performs computer services for all other departments
internal service funds
