Fiduciary Funds Flashcards
Is a statement of cash flows required for fiduciary funds?
No
What are revenues called in fiduciary funds?
Additions
What type of accounting is used for fiduciary funds?
Full accrual
Where are changes in the net pension liability included?
Pension expense
Where are certain changes not included in pension expense reported?
Deferred outflows or inflows of resources
How are plan’s net assets reported?
Fair value
What is an agency fund used for?
To collect cash to be held temporarily for an authorized recipient to whom it will be later disbursed
What statements aren’t required for Agency trust?
Income statement or statement of cash flows
When is the receivables and debt service transactions accounted for in the agency funds?
When the governmental unit “is not otherwise obligated”
What must happen for agency trust funds in the statement of fiduciary net position?
Current assets=Current liabilities
What financial statement is not required for private purpose trust?
Statement of cash flow
How are capital gains and losses recorded in private purpose trusts?
As adjustments to fund principal and not to income
What fund accounts for restricted funds when interest and principal is expendable?
Special revenue fund
What fund accounts for restricted funds when interest is nonexpendable?
Permanent fund
What fund accounts for restricted funds when interest and/or principal is expendable?
Private purpose trust
