F9/M2 Fund Structure and Fund Accounting

Question 1

Governmental Funds

Answer 1

Balance Sheet
- FUND BALANCE
- Current Assets (+) Deferred Outflows =
Current Liabilities (+) Deferred Inflows (+)
Fund Balance

Statement of Revenues, Expenditures, and Changes in Fund Balance

• Revenue
• Expenditures
• Other Financing Sources

Question 2

Proprietary Funds

Answer 2

Statement of Net Position

Statement of Revenues, Expenses, and Changes in Net Position

• Operating Revenues
• Operating Expenses
• Non operating items

Question 3

Fiduciary Funds

Answer 3

Statement of Fiduciary Net Position

Statement of Changes in Fiduciary Net Position

• Additions
• Deductions
• Change in Net Position

Question 4

Modified accrual (GRaSPP)

Answer 4

• Revenue recognized when measurable and available to be collected within the current period or 60 days after year end
• Expenditures are recorded when related fund liability is recorded