Fiduciary Funds Flashcards
What is a pension trust fund?
Pension trust funds are government sponsored pensions
Do fiduciary funds have statement of cash flows?
NO
What is journal entry to record revenue (addition) for pension fund?
Dr: Cash
Cr: Additions: employer contribution - restricted
What is journal entry for GRaSPP funds and SE-PAPI funds to show transfer of money to pension trust fund?
GRaSPP
Dr: Expenditures
Cr: Cash
SE-PAPI
Dr: Expenses
Cr: Cash
What is the purpose of agency trust fund?
- Collects cash and delivers it
Like mailman
- There is no monitoring
Does agency trust fund have income statement or statement of cash flows.
Agency trust fund does not have an income statement or statement of cash flows.
What is journal entry to record county collections and retaining of a FEE.
When you retain a fee in agency fund, because there is no income statement you give it to general fund.
Dr: Cash
Cr: Due to other units (towns)
Cr: Due to county general fund
If governmental unit has monitoring what fund does it go to?
If governmental unit has a liability what fund does it go to?
If governmental unit has no monitoring what fund does it go to?
If governmental unit has monitoring what fund does it go to? Special Revenue Fund
If governmental unit has a liability what fund does it go to ? Capital projects fund and debt service fund
If governmental unit has no monitoring what fund does it go to? Agency trust fund
What is the purpose of private purpose trust fund?
For private use. Ex:
Individuals home burned down, the money from private purpose fund would help them.
How to determine the correct fund for restricted funds?
If public use and interest and principal is used, then special revenue fund.
If public use and interest only is used, then permanent fund.
If private use and interest and/or principal use is used then private purpose fund.
