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F8 > F8 > Flashcards

F8 Flashcards

1
Q

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

A

General fund

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2
Q

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

A

Special revenue funds

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3
Q

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

A

Debt service fund

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4
Q

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

A

Capital projects fund

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5
Q

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

A

Permanent fund

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6
Q

What are the four classifications of governmental funds

A 
Nonspendable
Unassigned 
Commited
Assigned
restricted
NUCAR
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7
Q

What is the only fund that can be unassigned?

A

General

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8
Q

Which fund can only have restricted funds?

A

Permanent

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9
Q

What are the basic FS of governmental funds?

A

Statement of revenues
Statement of expenditures
Changes in fund balance

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10
Q

Governmental funds use what type of accounting

A

Modified accrual

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11
Q

What is the Focus of governmental funds,

A

Current financial resources measurement fund

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12
Q

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

A

false-

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13
Q

What are the proprietary funds

A

Internal service funds

Enterprise funds

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14
Q

Proprietary funds use what kind of accounting

A

Full accrual accounting

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15
Q

What are the basic FS of proprietary funds

A

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

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16
Q

What is the focus of proprietary funds

A

Economic resource management- carry everything

17
Q

True false LTD and fixed assets are carried in proprietary funds

A

True

18
Q

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

A

Internal service fund

19
Q

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

A

Enterprise fund

20
Q

What are the fiduciary(trust) funds?

A

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

21
Q

Fiduciary funds use what method of accounting?

A

Full accrual

22
Q

What are the basic FS of the fiduciary funds

A

Statements of changes in net position

Statement of change in fiduciary net position

23
Q

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

A

Fiduciary/trust funds

24
Q

True false fiduciary funds carry LTD and fixed assets

A

True

25
Q

When is revenue recognized within modified accural

A

When measureable and available

26
Q

When are expenditures recorded under modified accrual

A

When the related fund liability is incurred

27
Q

What are the five governmental funds?

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

F8 (1 decks)

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