Fiduciary Funds Flashcards
For all fiduciary funds, the statement of cash flows ________ required
is not
JE to record money from other funds being transfer to the pension trust fund
DR: cash
CR: additions: employer contribution - restricted
JE of a GRaSPP fund transferring money to a pension trust fund
DR: expenditures
CR: cash
JE of a SE-PAPI fund transferring money to a pension trust fund
DR: expenses
CR: cash
Fiduciary funds are ______ funds
trust
_______ of pension trust funds frequently include benefit payments, refunds, and admin expenses
expenses
Pension trusts capitalize ____ ______ and record related _______ expense. They also carry _______
fixed assets; depreciation; LTD
Collects cash to be held temporarily for an authorized recipient to whom it will be later disbursed. The recipient may be another fund or some individual or firm or even government outside of the government
agency trust fund
JE to record county collections and retaining of a fee (%)
DR: cash
CR: due to other units (towns)
CR: due to county general fund
If there is no monitoring, the ______ fund is used
agency
If there is monitoring, the ____ ______ fund is used
special revenue
When there is no liability for special assessments, the _____ fund is used
agency
When there is liability for special assessments, the _____ ______ and _____ _____ funds
capital projects; debt service
For agency funds, there is no ____ _____ in the balance sheet (just assets = liabilities, no ____ ______ and no ______________
net position; income statement; statement of cash flows
Designated fund for reporting all other trust arrangements under which principal and income are for the benefit of one of the following: specific individuals, private organizations, and other governments
private purpose funds
For private purpose funds, capital gains and losses are recorded as adjustments to _______ principal and not to income
fund
When a restricted fund is for public use and both interest and principal are available for spending, the ______ ______ fund is used
special revenue
When a restricted fund is for public use and only interest is used for spending, the ________ fund is used
permanent
When a restricted fund is for private use and both interest and principal are available for spending, the ______ ______ fund is used
private purpose
The fund established so that a government entity that sponsors one or more external investment pools should report the external portion of each pool as a separate ________ trust fund
investment (2)
Routine employer contributions to a pension trust fund are expenditures of the _______ fund.
general
The ______ fund bears the cost of funding the pension plan
general
Two statements required for investment trust funds:
statement of fiduciary net position & statement of changes in fiduciary net position
