Governmental - Types of Funds

Question 1

Governmental Funds

Answer 1

• Non-commercial activities
  1) Special Revenue
  2) Permanent

Question 2

Fiduciary Funds

Answer 2

• Hold/manage assets owned by others (Cost-recovery)
  1) Private-purpose trust
  2) Agency fund
  3) Pension trust
  4) investment trust

Question 3

Agency Fund

Answer 3

*Account for custodial activities of gov’t service

Question 4

Proprietary Funds

Answer 4

• Profit oriented commercial activites
  1) Enterprise Funds (ie. sports arenas municipal transportation)
  2) Internal service funds (ie. svc provided to other gov’t entities - print shops, motor pools, central operations)