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8 Cards in this Set

  • Front
  • Back
What are the four types of funds?
government
propietary
fiduciary
account
What type of funds are included under governmental funds?
general fund
special revenue fund
capital projects funds
debt service funds
What are proprietary funds and what type of funds are included in this category?
proprietary funds are similar to those used in private industry. Money deposited in these accounts comes from such souces as charges for services.

Enterprise funds - fees charged for merchandise such as bookstore items, yearbook, school newpaper, or atheletics

internal services fund - one department performs service for another such as printing.
What are fudiciary funds and why type of funds are included in this category?
Fudiciary funds are used when the district may act as a trustee, or guardian over money that is distributed.

Trust funds - district serves as the agent in disbursing monies from the Trust Funds. (ie. estab. of a fund to continue to pay retirees)

Agendy Funds - student body monies and the treasuries of teacher and parent organizations. Receipts come from fundraising, ventures, student store, atheletic events, student body perfomances, concessions, publications and gifts.
What are long term assets and liabilities?
General fixed assets are reported in a government wide statement of net assets. Fixed assets related to proprietary or trust funds continue to be reported within those funds. Records of capital assets must include for each item a description, name, ID number, original cost and date of acquistion, location, and an estimated useful life that, in turn, yields a statement of the expected time and method of disposal.
What are proprietary funds and what type of funds are included in this category?
proprietary funds are similar to those used in private industry. Money deposited in these accounts comes from such souces as charges for services.

Enterprise funds - fees charged for merchandise such as bookstore items, yearbook, school newpaper, or atheletics

internal services fund - one department performs service for another such as printing.
What are fudiciary funds and why type of funds are included in this category?
Fudiciary funds are used when the district may act as a trustee, or guardian over money that is distributed.

Trust funds - district serves as the agent in disbursing monies from the Trust Funds. (ie. estab. of a fund to continue to pay retirees)

Agendy Funds - student body monies and the treasuries of teacher and parent organizations. Receipts come from fundraising, ventures, student store, atheletic events, student body perfomances, concessions, publications and gifts.
What are long term assets and liabilities?
General fixed assets are reported in a government wide statement of net assets. Fixed assets related to proprietary or trust funds continue to be reported within those funds. Records of capital assets must include for each item a description, name, ID number, original cost and date of acquistion, location, and an estimated useful life that, in turn, yields a statement of the expected time and method of disposal.