Government Fund Financial Statements

Question 1

Which of these funds do operating transfers effect?

Governmental Funds? Proprietary Funds, Fiduciary funds?

Answer 1

Governmental Funds = Yes

Proprietary Funds = Yes

Fiduciary Funds = Yes

Governmental and Proprietary both require a Statement of revenues and expenditures while Fiduciary does not/

Question 2

assets and liabilities arising from reverse repurchase and fixed coupon reverse repurchase agreements should

Answer 2

NOT be Netted and should be listed under fund liability as ‘Obligations under reverse repurchase agreements,’ and the underlying securities should be reported as ‘investments.’”

Question 3

County’s general fund statement of revenues, expenditures, and changes in fund balances, what transaction has an effect on the excess of revenues over expenditures?

Answer 3

Purchase of Fixed assets