Acct 7605 Ch. 11

Front 1

Types of governmental funds:

Back 1

1) General fund
2) Special revenue funds
3) Capital projects funds
4) Debt service funds
5) Permanent funds

Front 2

Types of proprietary funds:

Back 2

1) Internal service funds
2) Enterprise funds

Front 3

Types of fiduciary funds:

Back 3

1) Pension & other employee benefit trust funds
2) Agency trust funds
3) Private purpose trust funds
4) Investment trust funds

Front 4

General fund

Back 4

An operating "catch-all" fund for items not accounted for in other funds. Accounts for resources used to provide general governmental services. Revenues come from taxes & other general revenue sources. The general fund finances other funds through loans or transfers.

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Special revenue fund

Back 5

Accounts for resources legally restricted for some special purpose. Revenues are generated by specific taxes and legislation.

Front 6

Capital projects fund

Back 6

Accounts for resources used to acquire or construct a major capital project (e.g., if the city is responsible or secondarily responsible for the construction of a sidewalk for $100,000, the $100,000 expenditure is recorded in this fund).

Front 7

Debt service fund

Back 7

Accounts for resources used to SERVICE long-term debt. Pays off debts of other governmental funds; expenditures are used to pay only current payables, principle, and interest.

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Permanent fund

Back 8

Accounts for resources that a donor legally restricts that only the EARNINGS (not principal) be used in support of general governmental programs.

Front 9

Internal service fund

Back 9

Accounts for groups that provide services only to other persons within the governmental entity. Operations include central janitorial departments & central repair shops.

Front 10

Enterprise fund

Back 10

Accounts for operations financed in whole or in part by outside user charges (i.e., groups who provide services to the general public, who are generally profit seeking and use the same basis of financial accounting and reporting as used by publicly held corporations (e.g., public swimming pool, golf course, transportation system, etc.)).

Front 11

Trust fund

Back 11

Accounts for resources held in trust by the governmental entity, such as pensions, investment pools, & private purpose trust funds that were restricted by the donor for a certain use.

Front 12

Agency fund

Back 12

Accounts for resources not owned by the governmental entity, such as withholdings from city employee’s checks for subsequent payment to a charity. For example: special assessments for city construction would only be included in this fund if the city is in no way liable for the costs of construction.

Front 13

Fund-based statements:

Back 13

1) Focus on the flow and amount of current financial resources.
2) Modified accrual accounting: recognizes revenues when the resources are measurable and available to be used
3) Demonstrate that the entities actions in the current period have complied with the public’s decisions concerning the raising and spending of funds. Help citizens assess the government’s fiscal accountability in raising and utilizing resources.

Front 14

Government-wide statements:

Back 14

1) Reports government’s activities and financial position as a whole
2) Long-term evaluations
3) Accrual accounting.
4) Report the extent of meeting operating objectives efficiently and effectively
5) Measures economic resources.

Front 15

3 types of fund financial statements:

Back 15

1) Governmental
2) Proprietary
3) Fiduciary

Front 16

Governmental fund financial statements:

Back 16

1) Balance sheet
2) Statement of Revenues, Expenditures, & Changes in Fund Balances

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Proprietary fund financial statements:

Back 17

1) Statement of Net Assets or Balance Sheet
2) Statement of Revenues, Expenses, & Changes in Fund Net Assets or Fund Equity
3) Statement of Cash Flows

Front 18

Fiduciary fund financial statements:

Back 18

1) Statement of Fiduciary Net Assets
2) Statement in Changes in Fiduciary Net Assets

Front 19

Government-wide financial statements:

Back 19

1) Statement of Net Assets (LT assets & liabilities) reports all financial & capital resources
2) Statement of Activities shows the net revenue/expense for each function