Governmental Funds Flashcards
Capital assets donated to a governmental unit should be recorded at estimated ______ _______ when received
fair value
Interfund transfers received by a governmental-type fund should be reported in the Statement of Revenues, Expenditures, and changes in Fund balance as an ______ _______ _______
other financing source
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
general fund
Taxes are revenue when:
recorded/billed (and owed)
Taxes, public safety and regulation, intergovernmental, charges for services, and other are all ____ ____ for the general fund
revenue sources
General government, public safety, and culture and recreation are all ______ _______ for the general fund
expenditure types
Fixed assets purchased with governmental fund resources are only reported in the government- wide:
financial statements
Other financing sources include (2)
transfers & bond proceeds
Depreciation ______ recorded on the statement of revenues, expenditures, and changes in fund balance
is not
Account for revenues and expenditures that are legally restricted or committed for specific purposes other than debt service or capital projects.
special revenue funds
The life of the special revenue fund may be limited or unlimited but resources are _______________
expendable
Monitored Grant funds are:
special revenue funds
Expendable trust activities (scholarships; endowment funds) are:
special revenue funds
Non-monitored grant funds are:
agency trust funds
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
service debt fund
The debt service fund pays off the debt of the ________ funds, not the _______ funds
GRaSPP; SE PAPI
JE for investment income
DR: Cash
CR: revenue - investment income
JE for payment of interest
DR: expenditure
CR: cash
JE for payment of principal
DR: expenditures
CR: cash
Principal and interest expenditures should be recorded when they are legally ______ per the bond agreement
payable
There is no _________ of a premium or discount
amortization
Established for the consideration or purchase or leasing of significant fixed assets
capital projects fund
Life of the capital projects fund is short and limited to a construction period of ____ to ____ years
1; 3
Restricted capital grants are reported as revenues when ______
earned
