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Copy #1 > Government Funds > Flashcards

Government Funds Flashcards

1
Q

What type of revenues does the general fund have?

A

property, franchise, public service taxes
public safety
inter-government
charges for services

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2
Q

What type of expenditures does the general fund have?

A

general government
public safety
culture

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3
Q

What is the general fund considered?

A

A Major Fund

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4
Q

What is the overall purpose of general fund?

A

used for ordinary operations

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5
Q

What is the overall purpose of special revenue fund?

A

revenue used to finance particular activities

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6
Q

What type of revenues does the special revenue fund have?

A

sales tax
gasoline tax
monitored grant funds

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7
Q

What type of expenditures does the special revenue fund have?

A

current operating and capital overlays

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8
Q

What is the overall purpose of special revenue fund?

A

revenue used to finance particular activities

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9
Q

What is an expendable trust activity?

A

scholarship or endowment funds where principal and interest may be used up fully

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10
Q

What is the overall purpose of debt service fund?

A

used to pay principal/interest on general obligation debt only to GRaSPP funds not SE PAPI

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11
Q

How do you record encumbrance in debt service fund?

A

NON ALLOWED IN FUND

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12
Q

JE for recording investment income in the debt service fund?

A

DB: Cash
CR: Revenue

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13
Q

JE to record principal and interest payments within the debt service fund?

When is this JE recorded?

A

DB: Expenditures
CR: Cash

When the payment is legally due

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14
Q

What is the overall purpose of debt service fund?

A

used to pay principal/interest on general obligation debt only to GRaSPP funds not SE PAPI

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15
Q

JE to record principal and interest payments within the debt service fund?

When is this JE recorded?

A

DB: Expenditures
CR: Cash

When the payment is legally due

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16
Q

What is the overall purpose of capital projects fund?

A

used for acquisition/construction of capital assets (short term 1-3 years)

ONLY used for assets of GRaSPP funds not SE PAPI

17
Q

What type of revenues does the capital projects fund have?

A

bond proceeds
transfers from other funds
capital grants
special assessments

18
Q

What are special assessments?

How are they recorded?

A

taxes/fees against property owners who will benefit from project

When government is liable then capital projects
If government is not liable than agency fund

19
Q

JE for recording the bond proceeds in capital projects fund?

JE for transfer of bond issue premium?

A

DB: Cash
CR: Other financing sources - bond issue proceeds
CR: Other financing sources - premium on bonds

DB: Inter-fund transfer debt service
CR: Cash

20
Q

What type of expenditures does the capital projects fund have?

A

Capital outlay

21
Q

JE to record encumbrance for signed contracts?

JE to record for approved payment?

A

DB: Encumbrances
CR: Budgetary control

DB: Budgetary control
CR: Encumbrances

22
Q

At what amounts do you report the following items in the government wide financials:

Purchased items
construction
capital lease
donated item
forfeiture item
A 
Cost to buy
cost to construct
PV lease payments
FMV
LCM
23
Q

If encumbrances are outstanding at year end, what do you do with them?

A

carried forward as a component of fund balance and restricted

24
Q

What is the overall purpose of capital projects fund?

A

used for acquisition/construction of capital assets (short term 1-3 years)

ONLY used for assets of GRaSPP funds not SE PAPI

25
Q

What is the overall purpose of capital projects fund?

A

Income NOT principle is used to support government programs

26
Q

Which funds do not have encumbrances?

A

General and permanent

27
Q

Which fund will have a fund balance non-spendable inventory of supplies?

A

General Fund

28
Q

How should encumbrances outstanding at year-end be reported?

A

A component of committed or assigned fund balance

Copy #1 (35 decks)

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