F8 Flashcards
Governmental Funds Acronym
MAC GRaSPP – Modified Accrual Current only. General Fund. Revenue (Special) Fund. And Service (Debt) Fund. Project (Capital) Fund. Permanent Fund
Proprietary & Fiduciary Funds Acronym
SPACE- SE, PAPI, Accrual, Carry FA & LTD, Economic (Everything)
Proprietary Funds?
SE- ISF & Enterprise Fund
Fiduciary Funds?
PAPI- Pension, Agency, Private purpose, Investment Trust Funds
What are the types of governmental fund balances?
NU CAR- Non-spendable, Unassigned, Committed, Assigned, Restricted
What is modified accrual?
BAE BAE- Budget, Activity, Encumbrances ………. NOT FOR DSF OR PF
What is budgetary accounting? (BAE)
book on opposite side of control
What is activity? (BAE)
READ- Revenues (measurable & available) Expenditures (all spending) Assets (expenditure) Debt (other financing sources)
What is an encumbrance? (BAE)
commit funds for purchase orders
What are the 3 categories of proprietary net position?
“RUN to SE your net position”- RUN = Restricted, Unrestricted, Net interest
What is the governmental (GRaSPP) B/S?
CA = CL + Fund Balance (NU CAR)
What is the proprietary (SE) B/S?
Assets = Liabilities + Net Position (RUN)
What is the fiduciary (PAPI) B/S?
Assets = Liabilities + Net Position
What is the governmental (GRaSPP) I/S?
Revenues, Expenditures, Other financing sources (uses)
What is the proprietary (SE) I/S?
Operating revenues, Operating expenses, Non-operating revenues and expenses
