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FAR > GOVERNMENT > Flashcards

GOVERNMENT Flashcards

1
Q

Governmental Funds

A 
General fund
Special Revenue Fund
and
Capital Projects fund
Permanent Fund
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2
Q

General Fund

A

accounts for ordinary operations of a governmental unit that are financed from taxes and other general revenues. all transactions not accounted for in some other funds are accounted for here.

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3
Q

Special Revenue (“R”)

A

account for revenues from specific taxes or other earmarked sources that are restricted or committed to finance particular activities of government other than debt service or capital projects

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4
Q

Debt Service

A

account for the accumulation of resources and the payment of interest and principal on all “general obligation debt”

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5
Q

Capital Projects

A

Capital projects funds account for recources used for the acquisition or construction of major capital assets by a governmental unit

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6
Q

Permanent

A

Permanent funds are used to report resources that are legall restriced to the extent that income, and NOT PRINCIPAL, may be used for purposes that support the reporting government’s programs

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7
Q

PROPRIETARY FUNDS

A

“SE”
Internal Service
Enterprise Fund

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8
Q

Internal Service fund

A

account for goods and services provided by departments on a cost reimbursement fee basis to other departments

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9
Q

Enterprise funds

A

account for the acquisition and operation of governmental facilities and services that are intended to be primarily (over 50%) self supported by user charges. customers are primarily external (often used for utilities (water & sewer), airports, and transit systems

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10
Q

FIDUCIARY FUNDS

A 
"PAPI"
Pension fund 
Agency Fund
Private Purpose
Investment trust
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11
Q

Pension trust funds

A

account for resources of defined benefit and defined contribution plans, as well as post retirement benefit plans

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12
Q

Agency trust funds

A

account for resources temporarily in the custody of a governmental unit

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13
Q

Private Purpose

A

Private purose trust funds account for all other trust arrangements under which principal and income are for the benefit of specific individuals, private organizations, and other governments

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14
Q

Investment Trust

A

investment trust funds account for external investment pools

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15
Q

GOVERNMENTAL FUND RECONCILIATION

A

governmental fund F/S are RECONCILED to the GOVERNMENTAL ACTIVITES section of the government-wide presentation.

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16
Q

ENTERPRISE FUND PRESENTATION

A

enterprise funds are carried into the BUSINESS TYPE ACTIVITIES section of the government-wide F/S, generally with no reconciling items

17
Q

INTERNAL SERVICE FUNDS PRESENTATION

A

Internal service funds are often merged with GOVERNMENTAL ACTIVITIES displayed in the government-wide financials

18
Q

FIDUCIARY FUNDS PRESENTATION

A

fiduciary funds are presented INDIVIDUALLY as FUND F/S, but are EXCLUDED from the government-wide financial statement presentation.

19
Q

GOVERNMENT (GRaSPP) FUNDS BALANCE SHEET

A

current assets and deferred OUTFLOWS
current liabilities and deferred INFLOWS of resources
+ FUND BALANCE
= TOTAL CURRENT LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND FUND BALANCES

= current financial resources measurement, CURRENT only,( no fixed assets or LTD)

20
Q

GRaSPP: statement of REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE

A

Revenues

other financing sources
= NET CHANGE IN FUND ASSETS

21
Q

enterprise funds are required when

A

one of these criteria are met :
1. the activity of the fund is financed by DEBT SECURED BY A PLEDGE OF FEE REVENUE

  1. laws require collection fees adequate to recover costs
  2. pricing policies are established to produce fees to recover costs
22
Q

ENTERPRISE FUND PRESENTATION

- STATEMENT OF NET POSITION

A

STATEMENT OF NET POSITION =
all assets and deferred outflows of resources

= NET POSITIONS (NOT FUND BALANCE)

economic resources measurement focus
Carry everything; fixed assets and LTD

23
Q

ENTERPRISE FUND PRESENTATIONS

- STATEMENT OF revenues, EXPENSES, and changes in FUND NET POSITION

A

OPERATING REVENUE

= CHANGE IN NET POSITION

24
Q

FIDUCIARY (TRUST) FUNDS PRESENTATION

- STATEMENT OF FIDUCIARY NET POSITION

A

STATEMENT OF FIDUCIARY NET POSITION
All ASSETS and deferred outflows of resources

= NET POSITION (NOT FUND BALANCE)

25
Q

FIDUCIARY (TRUST) FUNDS PRESENTATION

- STATEMENT OF CHANGES IN FID. NET POSITION

A

ADDITIONS

= CHANGE IN NET POSITION

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