Other Flashcards
In modified accrual revenues are recognized when _______ and ________ to finance expenditures of the current period.
In modified accrual revenues are recognized when measurable and available to finance expenditures of the current period.
What is an expense?
“Decrease in a financial resource to settle liability with current financial resources.”
In modified accrual when are expenses or expenditures measured?
When incurred
What are the 5 types of governmental funds?
General Special revenue Capital projects Debt service Permanent
Governmental fund types include:
General fund Special revenue fund Capital projects \_\_\_\_\_\_\_\_\_\_\_\_\_ \_\_\_\_\_\_\_\_\_\_\_\_\_
General Special revenue Capital projects Debt service Permanent
What are the two types of propriety funds?
Internal service fund
Enterprise fund
What propriety fund accounts for activities in which goods or services are performed for other governmental departments or other governments?
Internal service fund
What are the 3 types of governmental funds?
Government
Propriety
Fiduciary
If the city collects $800,000 from a city owned airport what type of fund would the money be deposited into?
Enterprise fund
If the city earns $200,000 from equities set aside to pay for interest on outstanding bonds , what type of fund would this money be deposited in?
Debt service fund
What account would a $4 million check be to pay a contractor for work on a bridge be written from?
Capital projects fund
If supplies are purchased that will be sold to other government departments, what fund would be used to pay?
Internal service fund
What account would be used to pay police officers?
General fund
Proprietary funds are run like a business and use what basis of accounting?
What are the two types of accounts?
Full accrual
- internal service
- enterprise funds
For proprietary funds:
Assets - Liabilities = __________
Assets - liabilities = net position
