F8

Question 1

This fund is involved with the ordinary operations of the government unit

Answer 1

General fund

Question 2

This fund accounts for specific taxes or sources of income that are restricted

Answer 2

Special revenue funds

Question 3

This fund accounts for the accumulation of resources and the payment of interest and principal on all debt obligations

Answer 3

Debt service fund

Question 4

Thus fund is used to set aside resources for the acquisition or construction of capital assets

Answer 4

Capital projects fund

Question 5

This fund reports resources that interest is restricted for and used for government programs

Answer 5

Permanent fund

Question 6

What are the four classifications of governmental funds

Answer 6

Nonspendable
Unassigned 
Commited
Assigned
restricted
NUCAR

Question 7

What is the only fund that can be unassigned?

Answer 7

General

Question 8

Which fund can only have restricted funds?

Answer 8

Permanent

Question 9

What are the basic FS of governmental funds?

Answer 9

Statement of revenues
Statement of expenditures
Changes in fund balance

Question 10

Governmental funds use what type of accounting

Answer 10

Modified accrual

Question 11

What is the Focus of governmental funds,

Answer 11

Current financial resources measurement fund

Question 12

True/false governmental funds have fixed assets and long term debt

Answer 12

false-

Question 13

What are the proprietary funds

Answer 13

Internal service funds

Enterprise funds

Question 14

Proprietary funds use what kind of accounting

Answer 14

Full accrual accounting

Question 15

What are the basic FS of proprietary funds

Answer 15

Statement of net position
Statement of revenues
Statement of expenses
Changes in fund bet position

Question 16

What is the focus of proprietary funds

Answer 16

Economic resource management- carry everything

Question 17

True false LTD and fixed assets are carried in proprietary funds

Answer 17

True

Question 18

This fund accounts for goods and services provided by governmental departments to other governmental departments within a single reportable unit

Answer 18

Internal service fund

Question 19

This fund accounts for the acquisition and operation of governmental facilities that are to be used by self supported outside users

Answer 19

Enterprise fund

Question 20

What are the fiduciary(trust) funds?

Answer 20

Pension trust funds
Agency trust funds
Private purpose trust funds
Increment trust funds

Question 21

Fiduciary funds use what method of accounting?

Answer 21

Full accrual

Question 22

What are the basic FS of the fiduciary funds

Answer 22

Statements of changes in net position

Statement of change in fiduciary net position

Question 23

The is acting like a trust or agency in which type of funds

Answer 23

Fiduciary/trust funds

Question 24

True false fiduciary funds carry LTD and fixed assets

Answer 24

True

Question 25

When is revenue recognized within modified accural

Answer 25

When measureable and available

Question 26

When are expenditures recorded under modified accrual

Answer 26

When the related fund liability is incurred

Question 27

What are the five governmental funds?

Answer 27

``` General Fund Special Revenue Fund Debt Service Fund Capital Projects fund And permanent fund ```