Terminology/Terms Flashcards
Used to account for sources and uses of financial resources applicable to the general government operation of the City
GENERAL FUND
Used to account for the payment of interest and principal on all general long-term debt other than those of Enterprise Funds
DEBT SERVICE FUND
Used to account for all resources used for the acquisition and /or construction of capital facilities of the city other than those by Enterprise Funds
CAPITAL PROJECTS FUND
Used to account for resources provided by particular donors for particular uses
SPECIAL REVENUE FUND
Used to account for resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that is, for the benefit of the government or its citizenry
PERMANENT FUND,
used to account for the external portion of investment pools held by the sponsoring government
INVESTMENT TRUST FUND
Used to account for resources held in a purely custodial capacity for others
AGENCY FUND
Customers are predominantly other departments or agencies of the government
INTERNAL SERVICE FUND,
Used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government
PRIVATE PURPOSE TRUST FUND
Customers are usually the general public (as well as businesses and other entities besides the government’s own departments or agencies
ENTERPRISE FUND
Example could be the Government Printers before being privatized
INTERNAL SERVICE FUND
Example could be BEB, WASA, BTA, before being privatized
ENTERPRISE FUND
The County paid salaries to general government employees
GENERAL FUND
A government paid general government bond principal ($500,000) and interest ($1,000,000) when it was due
DEBT SERVICE FUND
A government issued $5 million of general obligation bonds to finance construction of an addition to its courthouse
CAPITAL PROJECT FUND
Used to received funds from the Department of Treasury to be used for the response efforts related to local fiscal recovery from the Covid-19 pandemic
SPECIAL REVENUE FUND
Received contributions of $550,000 to establish a fund whose income is to be used to purchase library books. The principal of the gift is to be maintained intact in perpetuity
PERMANENT FUND
used to account for the external portion of investment pools held by the sponsoring government
INVESTMENT TRUST FUND
Used to account for resources held in a purely custodial capacity for other
AGENCY FUND
Used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government
PRIVATE PURPOSE TRUST FUND
A government electric utility purchased transmission equipment during the year at a cost of $5,000,000
ENTERPRISE FUND
Example could be the Government Printers before being privatized
INTERNAL SERVICE FUND
Fund used for : The segregation of resources accumulated to pay principal and interest on long-term debt of the general government.
DEBT SERVICE FUND
Fund used for: The levy and collection of property taxes for general operations of a city.
GENERAL FUND
