Governmental Funds Flashcards
What are different revenue sources for the General Fund?
Taxes, public safety and regulation, intergovernmental, charges for services and other revenues
What are different expenditure typs in the general fund?
General government, public safety, and culture and recreation
How are fixed assets reported in the general fund?
Expenditures
What type of accounting does the general fund use?
Modified accrual accounting
What type of revenues and expenditures does a special revenue fund account for?
Types that are legally restricted or committed for specific purposes other than debt service or capital projects
How should expendable trust activity be accounted for in?
Special Revenue fund
Are encumbrances used for the debt service fund?
No
JE for investment income
Dr. Cash, Cr. Investment income
Is there amortization of a premium or discount in the debt service fund?
No
JE to record unrestricted revenue
Dr. Cash, Cr. Revenue
JE to record restricted government grants
Dr. Cash, Cr. Revenue collected in advance
JE to recognize revenue restricted by a cost reimbursement contract
Dr. Expenditure, Cr. Vouchers payable/cash and Dr. Revenue collected in advance, Cr. Revenue
What fund should be used when the governmental unit is not primarily or potentially liable?
Agency fund and excluded from government-wide presentations
Where is the amount of net bond proceeds presented?
Statement of revenues, expenditures and changes in fund balances as “other financing sources.”
How are encumbrances applicable for permanent funds?
No
