F8

Question 1

fund structure for government

Answer 1

1. governmental funds 5
   Current/ Modified/Accrual/Current
2. proprietary funds 2 SE
3. fiduciary funds 4 PAPI “SPACE”

Question 2

governmental fund

Answer 2

1. general fund
2. special revenue fund
3. debt service fund
4. capital project fund
5. permanent fund

Question 3

governmental fund balance sheet

Answer 3

current assets+ deferred outflows recources= current liability+ deferred inflows + fund balance

Question 4

governmental fund- statement of revenues/ expenditures

and changes in fund balance

Answer 4

Revenue
(Expenditures)
other financing sources (uses)
= Net change in FUND Balance

Question 5

Proprietary Fund / Fiduciary Fund Balance sheet

Answer 5

all assets + deferred outflows SAME
(all liability + deferred inflows )
= Net Position

Question 6

Proprietary Fund / Fiduciary Fund Statement of revenue /EXPENSE / changes in Net Position

Answer 6

Proprietary Fiduciary
Operating revenue Additions
(operating expense) ( Deduction)
Non-operating revenue/ expense = Changein Net Position
= Change in Net Position

Question 7

two important reconciling items between fund F/S ans G-wide F/S

Answer 7

1. adding fixed asset

2. subtracting long term liability (non-current liab)

Question 8

I/S

Answer 8

MAC SPACE
Revenue is recognized when Revenue is recognized
measurable and available when earned
(collectible) within 60DAYS
after year-end!!!

Question 9

Classification of Governmental Fund balance

Answer 9

UN-CAR

1. Non- spendable
2. Unassigned Only POSITIVE balance in General fund
3. Restricted limit to /Bond covenant
4. Committed only be used for special purpose/ set aside
5. Assigned

Question 10

BAE Budgetary Accounting journal entry

Answer 10

DR estimated revenue 
      estimate other financing  sources 
      budgetary control negative 
CR appropriation control 
      estimate other financing uses 
      budgetary control positive

Question 11

Fixed asset and Long term Debt service

Answer 11

asset -expenditure /
proceeds from debt service- other finance sources
Expenditure -principal
interest
Both items are recorded in governmental -wide F/S