Funds financial statement

Question 1

what are the criteria to determine MAJOR funds?

Answer 1

A fund must meet 2 tests:
- 10% test (compare separately): 10% or more of total revenues, expenditures/expenses, assets and deferred outflows of resources, or liabilities and deferred inflows of the resources of all governmental funds OR enterprise funds
- 5% test (compare the total): meet 10% test and 5% or more of revenues, expenditures/expenses, assets and deferred outflows of resources, or liabilities and deferred inflows of resources of all governmental funds AND all enterprise funds

Question 2

what are the 3 things to remember when determining if a fund is a major fund?

Answer 2

• Aggregate fund balance/equity is not in either test
• the general fund is always a major fund
• internal service funds will not be considered in the evaluation of major and non-major funds

Question 3

what is the format of governmental funds BS?

Answer 3

Assets + deferred outflows of resources EQUAL to liabilities + deferred inflows of resources + fund balance

Question 4

What are the activities in statement of cashflow for proprietary funds?

Answer 4

• cash flows from operating activities: result from providing services, produce or delivery goods
• cash flows from non-capital financing activities: includes borrowing for noncapital purposes and cash receipts from grant or subsidiaries
• cash flows from capital and related financing activities: includes acquiring/disposing capital assets, borrow/repay what were borrowed, special assessments levied for capital acquisitions
• cash flows from investing activities: includes making and collecting loans and acquiring/disposing of debt/equity instruments

Question 5

what is the format of fiduciary funds BS?

Answer 5

(Assets + deferred outflows of resources) - (liabilities + deferred inflows of resources)