Governmental Fund Accounting Flashcards

1
Q

What are the 3 generic categories of fund?

A
  • Governmental funds = GRaSPP
  • Proprietary funds = SE
  • Fiduciary Funds = CIPPOE
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2
Q

What are governmental fund types?

A

GRaSPP
- General fund: ordinary operations
- Special Revenue fund (fully expendable): set up from specific taxes or other earmarked sources (by law) to finance particular activities
- Debt Service fund: set up to pay principal and interest of all general obligation fund
- Capital Project fund: set up for acquisition or construction of major capital assets by a government unit
- Permanent fund (limit to earnings): to report resources that are legally restricted to the extent that income (not principal) may be used to support reporting governmental programs for the benefit of the public

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3
Q

What are proprietary fund types?

A

SE
- Internal services funds: internal customers
- Enterprise funds: Funds are often used for utilities. external customers
- Note: income determination

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4
Q

What accounting method used in governmental funds?

A
  • Modified accrual basis of accounting (governmental financial statements)
  • Current financial resources measurement focus (NO FA and LTD)
  • Note: record the “flow of current financial resources” and NO income determination
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5
Q

what accounting methods used in proprietary funds?

A
  • Full accrual basis of accounting (government-wide financial statements)
  • Economic resources measurement focus (carry everything on BS)
  • Note: income determination
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6
Q

what accounting methods used in fiduciary funds?

A
  • Full accrual basis of accounting
  • Economic resources measurement focus (carry everything on BS)
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7
Q

what are fiduciary fund types?

A

CIPPOE
- Custodial funds: for temporary custody of government unit
- Investment trust funds: for external investment pools
- Private purpose trust funds
- Pension (and Other Employee benefit) trust funds

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8
Q

What is MAC-GRaSSP?

A
  • Modified
  • Accrual accounting
  • Current financial resources measurement focus
  • GRaSPP
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9
Q

What us SCARE?

A
  • SE
  • CIPPOE
  • full Accrual accounting
  • Record non-current assets and liabilities
  • Economic resources measurement focus
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10
Q

what are the differences between Modified and Full accrual basis accounting?

A

Modified basis:
- Revenues are recognized when available and measurable
- Expenses: recorded when incurred, but incurred unpaid debt service expenses are not accrued

Full accrual basis:
- Revenue is recognized when earned
- Expenses are recognized when incurred

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