F8-M6 Governmental Fund Structure And Fund Accounting Flashcards
Financial position - what statement
Balance sheet - available resources and obligation
Current financial resource focus for government funds - what statement
The statement of revenues and expenditures-
report resources received and consumed during the current period
Government fund focus
1) current financial resources
2) financial position
Income determination focus -funds
Proprietary and fiduciary funds
Permanent fund
Nonexpendable - used to report resources that are legally restricted to the extent of income and not principal. - ex: library supported by a gift. support the reporting of government programs for the benefit of the public. - only use interest, not the principal
special revenue funds
revenue from specific taxes or other earmarked sources are restricted or committed to finance particular activities of a government
investment trust funds
used to account for external investment pools.
GRSPP
Governmental Fund: 1) General Fund 2) Special Revenue Funds 3) Debt Service Funds 4) Capital Projects Funds 5) Permanent Fund
Government Fund - Basis and no what
1) Modified Accrual basis of accounting 2) Current “financial resources” measurement focus = current only ( NO FIXED ASSET AND LTD)
Proprietary Fund - Basis
Full Accrual. Economic resources measurement focus
Proprietary Funds - SE
1) Internal Service Funds 2) Enterprise Funds - act like running a business- “for profit”
Fiduciary Funds
Full accrual basis of accounting/ “Economic resources” measurement focus
Fiduciary Funds - CIPP
1) Custodial Funds 2) Investment Trust Funds 3) Private Purpose Trust Funds 4) Pension - employee benefit - trust funds
Special Revenue Fund
expendable - can use both interest and principal
modified accrual
General fund - recognizes revenues in the accounting period in which they become available and measurable
