Fund Based F/S

Question 1

Governmental funds

Answer 1

include all public service activities such as the police and fire departments

Question 2

Proprietary funds

Answer 2

include all services offered for a user charge

Question 3

Fiduciary funds

Answer 3

are held by the government in a trustee or agency capacity

Question 4

If money is received where the principal must be maintained but the income can be spent

Answer 4

the recording is done in the permanent funds

Question 5

budgetary information

Answer 5

is created by funds

as a result it relates to the fund-based statements

Question 6

the original budget, the final budget, and the actual figures

Answer 6

1) can be presented as a separate statement within the fund-based financial statements or
2) can be disclosed within the notes to the general purpose financial statements.

Question 7

The general fund

Answer 7

is normally a large fund so it must be reported separately

Question 8

Other individual funds that are big enough to be viewed as major

Answer 8

must be reported in a separate column

Question 9

all individual funds that are not major

Answer 9

are accumulated into a separate column

Question 10

The fund-based financial statements for the governmental funds

Answer 10

report the current financial resources held by each fund and current claims to those financial resources.

Neither an asset or Liability is reported on the Fund based F/S