Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
13 Cards in this Set
- Front
- Back
|
governmental funds
|
expendable fund entities that consist of net financial resources dedicated to a specific use
current assets - current liabilities = fund balance financial resource inflows (by source) - financial resource outflows (by function) = change in fund balance |
|
|
general fund
|
type of govt. fund
used to account for all financial resources except those included in other funds |
|
|
special revenue fund
|
type of govt. fund
used to account for proceeds of specific revenue sources and expenditures dedicated to that fund ex: NJ's Spinal Cord Research Fund |
|
|
capital projects fund
|
type of govt. fund
used to account for proceeds and expenditures for construction of major capital facilities ex: NJ's Correctional Facilities Construction Fund |
|
|
debt service fund
|
type of govt. fund
used to account for payment of principal and interest on long-term debt (ie bonds) ex: RU maintains DSF to account for expenditure of both interest and principal of bonds used to finance construction |
|
|
permanent fund
|
type of govt. fund
used to account for proceeds that benefit general govt. and its citizens principal must remain intact, only earnings may be expended |
|
|
proprietary funds
|
used to account for activities of governmental organizations that are similar to, and accounted as, those activities found in business enterprises
current assets + noncurrent assets - current liabilities - noncurrent liabilities = net assets |
|
|
enterprise funds
|
type of proprietary fund
provide goods and services to general public on a continuing basis financed primarily through user charges ex: high schools maintain a food-service fund to provide school lunches for students and faculty |
|
|
internal service funds
|
type of proprietary fund
provide goods and service to other governmental units, resulting in interfund transactions ex: RU maintains centralized copying facility and bills various departments based on # of copies made |
|
|
fiduciary funds
|
used to account for assets held by governmental units in a trustee capacity for private organizations or other governmental entities
|
|
|
private-purpose trust funds
|
type of fiduciary fund
serves as trustee for other parties outside the governmental entity ex: high schools maintain a student aid trust fund to support the college education of needy individuals |
|
|
pension trust funds
|
type of fiduciary fund
used to account for defined benefit and defined contribution plans in which the government acts as a trustee ex: NJ maintains State Police Retirement Fund |
|
|
agency funds
|
type of fiduciary fund
serves as agent on behalf of parties outside the entity (receive-hold-remit funds) ex: township collects property taxes and distributes the taxes to school district and county assets = liabilities there is no fund balance, revenues, or expenditures |
