F8 Flashcards
This fund is involved with the ordinary operations of the government unit
General fund
This fund accounts for specific taxes or sources of income that are restricted
Special revenue funds
This fund accounts for the accumulation of resources and the payment of interest and principal on all debt obligations
Debt service fund
Thus fund is used to set aside resources for the acquisition or construction of capital assets
Capital projects fund
This fund reports resources that interest is restricted for and used for government programs
Permanent fund
What are the four classifications of governmental funds
Nonspendable Unassigned Commited Assigned restricted NUCAR
What is the only fund that can be unassigned?
General
Which fund can only have restricted funds?
Permanent
What are the basic FS of governmental funds?
Statement of revenues
Statement of expenditures
Changes in fund balance
Governmental funds use what type of accounting
Modified accrual
What is the Focus of governmental funds,
Current financial resources measurement fund
True/false governmental funds have fixed assets and long term debt
false-
What are the proprietary funds
Internal service funds
Enterprise funds
Proprietary funds use what kind of accounting
Full accrual accounting
What are the basic FS of proprietary funds
Statement of net position
Statement of revenues
Statement of expenses
Changes in fund bet position
What is the focus of proprietary funds
Economic resource management- carry everything
True false LTD and fixed assets are carried in proprietary funds
True
This fund accounts for goods and services provided by governmental departments to other governmental departments within a single reportable unit
Internal service fund
This fund accounts for the acquisition and operation of governmental facilities that are to be used by self supported outside users
Enterprise fund
What are the fiduciary(trust) funds?
Pension trust funds
Agency trust funds
Private purpose trust funds
Increment trust funds
Fiduciary funds use what method of accounting?
Full accrual
What are the basic FS of the fiduciary funds
Statements of changes in net position
Statement of change in fiduciary net position
The is acting like a trust or agency in which type of funds
Fiduciary/trust funds
True false fiduciary funds carry LTD and fixed assets
True
When is revenue recognized within modified accural
When measureable and available
When are expenditures recorded under modified accrual
When the related fund liability is incurred
What are the five governmental funds?
General Fund Special Revenue Fund Debt Service Fund Capital Projects fund And permanent fund
