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FAR8 > Governmental Funds > Flashcards

Governmental Funds Flashcards

1
Q

Capital assets donated to a governmental unit should be recorded at estimated ______ _______ when received

A

fair value

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2
Q

Interfund transfers received by a governmental-type fund should be reported in the Statement of Revenues, Expenditures, and changes in Fund balance as an ______ _______ _______

A

other financing source

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3
Q

Created at the beginning of the governmental unit, and it exists throughout the life of that unit. Accounts for the general activities of a government that are not accounted for by any other fund

A

general fund

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4
Q

Taxes are revenue when:

A

recorded/billed (and owed)

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5
Q

Taxes, public safety and regulation, intergovernmental, charges for services, and other are all ____ ____ for the general fund

A

revenue sources

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6
Q

General government, public safety, and culture and recreation are all ______ _______ for the general fund

A

expenditure types

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7
Q

Fixed assets purchased with governmental fund resources are only reported in the government- wide:

A

financial statements

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8
Q

Other financing sources include (2)

A

transfers & bond proceeds

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9
Q

Depreciation ______ recorded on the statement of revenues, expenditures, and changes in fund balance

A

is not

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10
Q

Account for revenues and expenditures that are legally restricted or committed for specific purposes other than debt service or capital projects.

A

special revenue funds

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11
Q

The life of the special revenue fund may be limited or unlimited but resources are _______________

A

expendable

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12
Q

Monitored Grant funds are:

A

special revenue funds

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13
Q

Expendable trust activities (scholarships; endowment funds) are:

A

special revenue funds

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14
Q

Non-monitored grant funds are:

A

agency trust funds

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15
Q

Created to account for the accumulation of resources and the payment of currently due interest and principal on “long-term general obligation debt” by setting aside cash and cash equivalents

A

service debt fund

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16
Q

The debt service fund pays off the debt of the ________ funds, not the _______ funds

A

GRaSPP; SE PAPI

17
Q

JE for investment income

A

DR: Cash
CR: revenue - investment income

18
Q

JE for payment of interest

A

DR: expenditure
CR: cash

19
Q

JE for payment of principal

A

DR: expenditures
CR: cash

20
Q

Principal and interest expenditures should be recorded when they are legally ______ per the bond agreement

A

payable

21
Q

There is no _________ of a premium or discount

A

amortization

22
Q

Established for the consideration or purchase or leasing of significant fixed assets

A

capital projects fund

23
Q

Life of the capital projects fund is short and limited to a construction period of ____ to ____ years

A

1; 3

24
Q

Restricted capital grants are reported as revenues when ______

A

earned

25
Q

Unrestricted capital grants are recognized ______

A

immediately

26
Q

JE to record unrestricted gov grant

A

DR: cash
CR: revenue

27
Q

JE to record restricted gov grant

A

DR: cash
CR: revenue collected in advance

28
Q

JEs to recognize revenue restricted

A

DR: expenditure
CR: vouchers payable/cash
DR: revenue collected in advance
CR: revenue

29
Q

JE to record a general or a special revenue fund transfer

A

DR: cash
CR: other financing sources

30
Q

When the government unit is not liable, the ____ _____ will account for special assessments

A

agency fund

31
Q

Used to report resources that are legally restricted to the extent that only earnings and not principal, may be used for the purposes that support the reporting government’s programs (for the benefit of the public)

A

permanent funds

32
Q

Two of the governmental funds that do not record encumbrances:

A

debt service fund & permanent fund

33
Q

If principal and interest is available for spending for public-restricted funds, the funds are recorded in:

A

special revenue fund

34
Q

If only the interest may be used for spending for public-restricted funds, the funds are recorded in:

A

permanent funds

FAR8 (6 decks)

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