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
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.
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.
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
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