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8 Cards in this Set
- Front
- Back
What are the four types of funds?
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government
propietary fiduciary account |
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What type of funds are included under governmental funds?
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general fund
special revenue fund capital projects funds debt service funds |
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What are proprietary funds and what type of funds are included in this category?
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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. |
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What are fudiciary funds and why type of funds are included in this category?
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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. |
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What are long term assets and liabilities?
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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.
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What are proprietary funds and what type of funds are included in this category?
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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. |
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What are fudiciary funds and why type of funds are included in this category?
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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. |
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What are long term assets and liabilities?
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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.
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