Fund Based F/S 3

Question 1

Types of Fiduciary Funds

Answer 1

Pension Trust

Agency

Private Purpose Trust

Investment Trust

Question 2

Pension trust funds

Answer 2

account for monies held in connection with employee retirement plans.

Question 3

Agency funds

Answer 3

hold money, usually for a short-period of time, for a specified outside party.

Question 4

Investment trust funds

Answer 4

hold monies to be invested for other governments in hopes of getting higher returns.

Question 5

Private-purpose funds

Answer 5

hold money in an agency capacity, often for indefinite period of time, for an external party

Question 6

Types of Proprietary Funds

Answer 6

Internal Service Fund

Enterprise Fund

Question 7

Enterprise funds

Answer 7

account for activities such as a subway system or a municipal swimming pool which offer a service to the public for a user fee.

Question 8

Internal service funds

Answer 8

account for activities such as vehicle garage or data processing center which offer a service to the other areas of the government for a user charge

Question 9

Types of Government Funds

Answer 9

General 
Special Revenue Fund
Capital Projects Fund
Permanent Fund
Debt Service Fund

Question 10

Special revenue funds

Answer 10

account for assets held by the government that have been legally restricted for operating purposes.

Question 11

Capital projects funds

Answer 11

accounts for the costs incurred in acquiring or constructing government facilities such as bridges and high schools.

Question 12

Permanent funds

Answer 12

account for assets contributed to the government by an external donor with the stipulation that the principal cannot be spent but any income can be used by the government

Question 13

Debt service funds

Answer 13

record financial resources accumulated to pay long-term liabilities and related interest as they come due

Question 14

general fund

Answer 14

accounts for all ongoing public service activities that are not accounted for in some other fund