FAR 9 Flashcards

1
Q

GRaSPP (gov funds)

A
  • General Fund: ordinary operations
  • Special Rev fund: rev from specific taxes that is restricted or committed for particular activities
  • Debt service fund: cash reserve that is used to pay for the interest and principal payments on certain types of debt. (except from enterprise fund)
  • Capital Projects fund: resources restricted, committed, or assigned for the acqusiitions or construction of major capital assets (except financed by enterprise fund).
  • Permanent Fund: used to report resources that are legally restricted to the extent that income but not principal may be used
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2
Q

SE (Proprietary funds)

A
  • Internal service fund: tracks goods or services shifted between departments on a cost reimbursement basis.
  • Enterprise funds: fund that provides goods or services to the public for a fee that makes the entity self-supporting.
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3
Q

CIPPOE (Fiduciary funds)

A
  • Custodial funds: a financial account set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary.
  • Investment trust funds: account for external investment pools
  • Private Purpose trust funds: report all other trust arrangements under which the principal and income benefits individuals, private organizations or other governments.
  • Pension (and Other Employee Benefit) trust funds: used to report assets that the government holds in trust for beneficiaries of defined contribution plans and other employee benefit plans.
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4
Q

Budgetary Accounting JEs

A

Beg of year:
Est Rev Control XX
Appropriations XX
Budgetary Control XX (plug)

End of year:
Appropriations XX
Budgetary Control XX
Est Rev Control XX

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5
Q

Encumbrances JEs

A

Beg of Year:
Encumbrances XX
Budgetary Control XX

End of Year: (reverse amount left from beg entry no matter the cost of the items purchased)
Budgetary Control XX
Encumbrances XX

Actual expenditure:
Expenditures XX
Voucher’s Payable XX

To close budgetary accounts related to outstanding PO:
Unassigned Fund Balance XX
Fund Balance Committed XX

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