Exam 1 Flashcards
The fund that accounts for day-to-day services provided by government. (only financial assets, short-term liabilities, and maturing long-term liabilities)
Governmental Fund
The fund that accounts for government activities that operate in a manner similar to the private sector enterprises. (All assets and liabilities)
Proprietary Fund
The fund that accounts for resources held in trust. (All assets and liabilities)
Fiduciary Fund
A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources.
Fund Accounting
What is the (1)basis of accounting, (2) measurement focus, and (3) fund types of Governmental Funds?
- Accrual and Modified Accrual
- Current financial resources (Cash inflows and outflows)
- GF, SRF, DSF, CPF, and PF
What is the (1)basis of accounting, (2) measurement focus, and (3) fund types of Proprietary Funds?
- Accrual
- Economic resources
- IF and EF
What is the (1)basis of accounting, (2) measurement focus, and (3) fund types of Fiduciary Funds?
- Accrual
- Economic resources
- Pension, investment trust, private-purpose trust, and custodial
What are the financial statements for Governmental Funds?
Balance Sheet and Statement of revenues, expenditures, and changes in fund balance
What are the financial statements for Proprietary Funds?
Statement of net position, statement of cash flows, and statement of revenues, expenses, and changes in net position
What are the financial statements for Fiduciary Funds?
Statement of changes in fiduciary net position, and statement of fiduciary net position
What is the Governmental-type funds accounting equation?
Financial resources = (short-term liabilities and matured long-term liabilities + Fund balance)
Revenues and amounts available from previously
accumulated fund balance equal the appropriations. (State and municipalities are required to have this)
Balanced Budget
What are the 3 approaches to budgetary?
- Object-of-expenditure
- Performance and planning-programming budget
- Zero-based Budgeting
Data may be used to supplement budget requests
to show expected accomplishments. What is this called?
Service Efforts and Accomplishments (SEA)
SEA data may include (4 things)
- Description of Function
- Inputs
- Outputs
- Outcomes
What are 5 revenue classifications?
- Taxes
- Charges for service
- Fines and forfeitures
- Interests on investments
- Fees for permits and licenses
What are the 5 subclassifications for expenditures? (largest to smallest)
- Fund
- Function/program
- Organizational Unit
- Activity
- Object
What is the operating environment for governments/nonprofits?
To provide services to constituents
What are the users of information regarding governmental/nonprofit entities?
Internal users (managers) and external users (resource providers, oversight bodies, and service recipients)
