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;
19 Cards in this Set
- Front
- Back
|
What is a fund |
Set of accounts for a specific type ofactivity, purpose, etc. self balancing sets of accounts for specific activitieslike funding a school, fire department, etc. |
|
|
Three types of Funds |
1) Governmental 2) Proprietary 3) Fiduciary |
|
|
Governmental |
contains cost and resources for any type of activity that is not commercial; basic services provided with no profit motive |
|
|
Proprietary |
- governmental activities that act like a business - cost recovery type system - water, utilities , golf course |
|
|
Fiduciary |
activities where the government is holding resources owned by other parties |
|
|
What kind of balances in the different funds? |
Governmental = Fund balance Proprietary and Fiduciary = Net Assets |
|
|
General Fund (Gov't Fund) |
- Dumping ground for where other things don't fit - Supplies, postage, A/P, etc. |
|
|
Special Revenue (Gov't Fund) |
- specific type of project or idea or cause that the gov't is overseeing - funds come from a special source, like a specific tax levy |
|
|
Capital Projects (Gov't Fund) |
- manages some kind of a project where something is being acquired or more than likely built - every building has their own capital account |
|
|
Debt Service (Gov't Fund) |
- pay long term debt on principle, interest, etc. |
|
|
Permanent Fund (Gov't Fund) |
- resources where the resources cannot be spent - interest on an amount of money can be used but not the principle amount |
|
|
Enterprise Fund (Proprietary Fund) |
- general public is paying for service - community pool, golf course, public utilities, bus services, etc. |
|
|
Internal Service Fund (Proprietary Fund) |
- provides a service that other governmental departments use, not the general public - maintenance department, landscaping, etc. |
|
|
Trust (Fiduciary Fund) |
- pensions, investment trust fund, private purpose fund |
|
|
Agency Fund (Fiduciary) |
- Pass through entity - gathers funds and forwards funds to another department or agency; Assets = Liabilities - Collection of property taxes |
|
|
Governmental Fund (FS statements) |
Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance |
|
|
Proprietary and Fiduciary (FS Statements) |
Balance sheet Cash Flow Statement of Revenues and Expenses |
|
|
What type of accounting for Governmental Funds? |
Modified accrual |
|
|
What type of accounting for Proprietary and Fiduciary? |
Accrual |
