FAR 9

Question 1

GRaSPP (gov funds)

Answer 1

• 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

Question 2

SE (Proprietary funds)

Answer 2

• 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.

Question 3

CIPPOE (Fiduciary funds)

Answer 3

• 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.

Question 4

Budgetary Accounting JEs

Answer 4

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

Question 5

Encumbrances JEs

Answer 5

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