F6 M6

Question 1

governmental funds use?

Answer 1

current financial resources measurement
modified accrual basis of accounting

Question 2

proprietary and fiduciary funds use?

Answer 2

economic resources measurement
accrual basis of accounting

Question 3

governmental funds mnemonic GRSPP

Answer 3

General Fund
Special Revenue Fund
Debt Service Fund
Capital Projects Fund
Permanent Fund

Question 4

proprietary funds mnemonic SE

Answer 4

Internal Service Fund
Enterprise Fund

Question 5

fiduciary funds mnemonic CIPPOE

Answer 5

Custodial Fund
Investment Trust
Private Purpose Trust
Pension Trust
and
Other Employee Benefit

Question 6

when is revenue recognized under modified accrual?

Answer 6

when available and measurable

Question 7

when is revenue recognized under accrual?

Answer 7

when available and earned

Question 8

what is a general fund?

Answer 8

for ordinary operations of governmental unit financed from taxes and other revenues

Question 9

what is a special revenue fund?

Answer 9

revenues from specific taxes or other resources restricted for use to finance activities

Question 10

what is a debt service fund?

Answer 10

used for payment of interest and principal of debt

Question 11

what is a capital projects fund?

Answer 11

resources restricted for construction of capital assets

Question 12

what is a permanent fund?

Answer 12

restricted to the extent that only income can be used to support gov activities (not principal)

Question 13

what is an internal service fund?

Answer 13

goods and services provided by departments to other departments within gov unit

Question 14

what is an enterprise fund?

Answer 14

used for the acquisition and operation of gov facilities to support user charges (external customers)

Question 15

when are enterprise funds required?

Answer 15

1) fund is financed by debt secured by pledge of fee revenue
2) laws require collection fees to recover costs
3) pricing policies established to produce fees to recover costs

Question 16

what is a custodial fund?

Answer 16

resources in temporary custody of gov

Question 17

what are investment trust funds?

Answer 17

for external investment pools

Question 18

what are private purpose trust funds?

Answer 18

assets used to provide benefits to recipients with benefit terms and assets legally protected from creditors of gov

Question 19

what is a pension and other employee benefit trust fund?

Answer 19

resources for defined benefit plans, defined contribution plans, post-employment benefit plans, and other LT employee benefit plans

Question 20

the statement of revenues and expenditures reports?

Answer 20

resources received and consumed during current period

Question 21

the balance sheet reports?

Answer 21

available resources and current obligations

Question 22

income determination is a focus of…

Answer 22

proprietary and fiduciary funds

Question 23

measurement focus of a government focuses on…

Answer 23

flow of current financial resources and resulting financial position

Question 24

a local government unit can use both of what?

Answer 24

accrual and modified accrual accounting

Question 25

government-wide financial statements are required to use?

Answer 25

accrual basis for both governmental activities and business type activities

Question 26

governmental funds B/S

Answer 26

1) current assets + deferred outflows
2) current liabilities + deferred inflows of resources + fund balance
= total current liabilities, deferred inflows of resources, and fund balances

Question 27

governmental funds statement of revenues, expenditures, and changes in fund balance

Answer 27

1) revenues
2) (expenditures)
3) other financing resources (uses)
= net change in fund balance

Question 28

proprietary statement of net position

Answer 28

1) all assets + deferred outflows of resources
2) (all liabilities + deferred inflows of resources)
=net position

Question 29

proprietary statement of revenues, expenses, and changes in fund net position

Answer 29

1) operating revenue
2) (operating expenses)
3) nonoperating revenue (expenses)
= change in net position

Question 30

statement of fiduciary net position

Answer 30

1) all assets + deferred outflows of resources
2) (all liabilities + deferred inflows of resources)
= net position

Question 31

statement of changes in fiduciary net position

Answer 31

1) additions
2) (deductions)
= change in net position