GASB Flashcards
What is a recognized subsequent event? How is it treated?
Events that provide addtl. information about conditions that existed at the date of the Statement of Net Assets. Statements are usually adjusted
What is a nonrecognized event? How is it treated?
Events that provide addtl. information about conditions that did not exist at the date of the Statement of Net Assets. Statements are usually NOT adjusted
What are three categories of governmental funds?
- Governmental
- Proprietary
- Fiduciary
What does a governmental fund account for?
Accounts for sources, uses and balances of general govt. financial resources.
What does a proprietary fund account for?
Accounts for business-type activities
What does a fiduciary fund account for?
Accounts for resources held by a govt. as a trustee for the benefit of others.
What are the five types of governmental funds?
- General Fund
- Special Revenue Fund
- Capital Projects Fund
- Debt Service Fund
- Permanent Fund
What does a general fund account for?
A. Governmental Fund
B. Accounts for everything not required by other funds
What does a special revenue fund account for?
Accounts for specific revenue sources that are restricted or committed to certain expenditures(except for debt service or capital projects)
What does a capital projects fund account for?
Accounts for resources that are restricted to the construction or acquisition of capital assets.
What does a debt service fund account for?
Accounts for resources that are assigned to service debt principal or interest.
What does a permanent fund account for?
Accounts for endowments that are commited to a public purpose.
What are the two types of proprietary funds?
- Enterprise
2. Internal Service
What does an enterprise fund account for?
Accounts for business-type activities where the public is the primary user.
What does an internal service fund account for?
Business-type activities where other governmental departments are the primary users.
