Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CGFM Exam 2 > Sec 2, Ch 2 > Flashcards

Sec 2, Ch 2 Flashcards

1
Q

What are the three types of funds?

A
  1. Governmental
  2. Proprietary
  3. Fiduciary
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the 5 types of governmental funds?

A
  1. General fund
  2. Debt Service fund
  3. Special Purpose fund
  4. Capital Project fund
  5. Permanent fund
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Establishing funds provides for efficient administration and reporting under what Act?

A

Single Audit Act

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a serial bond?

A

A bond which requires the payment of both principal and interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 2 types of proprietary funds?

A
  1. Enterprise funds

2. Internal Service funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Enterprise funds are used for what type of activities?

A

Public utilities such as sewer, solid waste collection, water treatment, recreation centers, public hospitals, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How are the activities of enterprise funds reported?

A

Business-like activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the types of fiduciary funds? (4):

A
  1. Pension trust funds
  2. Investment trust funds
  3. Private-purpose trust funds
  4. Agency funds
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 5 classifications for Governmental fund balance reporting?

A
  1. Non-spendable Fund Balance
  2. Restricted Fund Balance
  3. Committed Fund Balance
  4. Assigned Fund Balance
  5. Unassigned Fund Balance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What type of accounting and measurement focus does Governmental funds use?

A

Current financial resources; modified accrual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Proprietary funds require what charge?

A

User fees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the purpose of a fiduciary fund?

A

To hold assets when the government is a trustee or agent for others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What type of accounting and measurement focus does Proprietary and Fiduciary funds use?

A

Economic resources; accrual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is the most important fund for a state/local government?

A

General fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are Special Revenue funds used for?

A

For resources that are legally restricted or committed for special purposes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are Capital Project Funds used for?

A

The acquisition and construction of major gov’t facilities

17
Q

What are Debt Service Funds used for?

A

Resources used to pay debt instruments on long-term obligations

18
Q

What are Permanent Funds used for?

A

Resources that require only the earnings on investments be used to benefit the gov’t

19
Q

What are Enterprise Funds used for?

A

Business-type activities in which the primary customers are outside of the gov’t

20
Q

What are Internal-Service funds used for?

A

To provide services to other departments of the government, intended to cover the cost of providing services

21
Q

True or False: Fiduciary funds are reported only at the fund level

A

True

22
Q

What are Agency fund used for?

A

To hold resources on a temporary basis, due to others and have no residual balance

23
Q

What are the required financial statements for Governmental funds?

A
  1. Balance sheet
  2. Statement of revenues/expenditures
  3. Changes in fund balances
24
Q

True or False: A reconciliation is not required for governmental funds and governmental activities at the gov’t-wide level?

A

False

25
Q

What are the required financial statements for Proprietary funds?

A
  1. Statement of net Position (balance sheet)
  2. Statement of Revenues/Expenses and Changes in Fund Net Position (Operating Statement)
  3. Statement of Cash Flows
26
Q

What basis is the statement of cash flows prepared?

A

Direct basis

27
Q

What are the required statements for Fiduciary funds?

A
  1. Statement of Fiduciary Net Position

2. Statement of Changes in Fiduciary Net Position

28
Q

What is required for the genernal fund and each major special revenue fund with a legally adopted annual budget?

A

Budgetary comparison schedule

29
Q

What is required for gov’ts that budget on a basis other than GAAP

A

A reconciliation between the budgetary comparison schedule and the operating statement

CGFM Exam 2 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions