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Not for Profit > Terminology/Terms > Flashcards

Terminology/Terms Flashcards

1
Q

Used to account for sources and uses of financial resources applicable to the general government operation of the City

A

GENERAL FUND

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2
Q

Used to account for the payment of interest and principal on all general long-term debt other than those of Enterprise Funds

A

DEBT SERVICE FUND

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3
Q

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

A

CAPITAL PROJECTS FUND

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4
Q

Used to account for resources provided by particular donors for particular uses

A

SPECIAL REVENUE FUND

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5
Q

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

A

PERMANENT FUND,

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6
Q

used to account for the external portion of investment pools held by the sponsoring government

A

INVESTMENT TRUST FUND

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7
Q

Used to account for resources held in a purely custodial capacity for others

A

AGENCY FUND

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8
Q

Customers are predominantly other departments or agencies of the government

A

INTERNAL SERVICE FUND,

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9
Q

Used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government

A

PRIVATE PURPOSE TRUST FUND

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10
Q

Customers are usually the general public (as well as businesses and other entities besides the government’s own departments or agencies

A

ENTERPRISE FUND

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11
Q

Example could be the Government Printers before being privatized

A

INTERNAL SERVICE FUND

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12
Q

Example could be BEB, WASA, BTA, before being privatized

A

ENTERPRISE FUND

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13
Q

The County paid salaries to general government employees

A

GENERAL FUND

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14
Q

A government paid general government bond principal ($500,000) and interest ($1,000,000) when it was due

A

DEBT SERVICE FUND

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15
Q

A government issued $5 million of general obligation bonds to finance construction of an addition to its courthouse

A

CAPITAL PROJECT FUND

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16
Q

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

A

SPECIAL REVENUE FUND

17
Q

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

A

PERMANENT FUND

18
Q

used to account for the external portion of investment pools held by the sponsoring government

A

INVESTMENT TRUST FUND

19
Q

Used to account for resources held in a purely custodial capacity for other

A

AGENCY FUND

20
Q

Used to account for all other trust arrangements under which principal and/or income benefit individuals or groups outside the government

A

PRIVATE PURPOSE TRUST FUND

21
Q

A government electric utility purchased transmission equipment during the year at a cost of $5,000,000

A

ENTERPRISE FUND

22
Q

Example could be the Government Printers before being privatized

A

INTERNAL SERVICE FUND

23
Q

Fund used for : The segregation of resources accumulated to pay principal and interest on long-term debt of the general government.

A

DEBT SERVICE FUND

24
Q

Fund used for: The levy and collection of property taxes for general operations of a city.

A

GENERAL FUND

25
Q

Fund used for Used to account for acquisition of major capital assets.

A

CAPITAL PROJECT FUND

26
Q

Fund used for : Accounts for contributions by the government and employees to be invested and paid to employees after retirement

A

PENSION TRUST FUND

27
Q

Fund used for -Used to account for the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes

A

SPECIAL REVENUE FUND

28
Q

Fund classification that includes General Fund Debt Service Fund, Capital Project Funds et al.

A

GOVERNMENTAL FUNDS

29
Q

Fund classification that includes Internal Service Funds and Enterprise Funds

A

PROPRIETARY FUNDS

30
Q

Fund Classification that includes Agency fund

A

FIDUCIARY FUNDS

31
Q

Before being privatized BEB and WASA would have been accounted for in this specific Fund

A

ENTERPRISE FUND

32
Q

Baron Bliss Bequest could be accounted for in specific fund similar to this

A

PERMANENT FUND

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