Funds
Business-type activities that are self-supporting through user charges for services are reported within this activity category (i.e., fund category).
What is the proprietary activity or fund category?
The cost of equipment received for use by the General Fund is recorded in this General Fund account.
What is Expenditures?
This organization sets the accounting and financial reporting standards for all not- for- profit organizations that are nongovernmental.
What is the Financial Accounting Standards Board?
Estimated Revenues, Estimated Other Financing Sources, Appropriations, and Estimated Other Financing Uses are examples of this type of account.
What are budgetary accounts?
These are the three major activity categories (i.e., fund category) reported by state and local governments.
What are governmental, proprietary, and fiduciary?
These are the two types of proprietary funds.
What are enterprise funds and internal service funds?
When the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is credited to this account.
What is Budgetary Fund Balance?
Information that is essential and useful to placing information in the correct context is reported in this section of the CAFR?
What is the required supplementary information section?
The encumbrances control account of a governmental entity is decreased when this occurs.
What is when pre-encumbered goods are received?
A comprehensive annual financial report includes these three sections.
What are introductory, financial, and statistical?
A tourist tax that is restricted for use on maintenance projects in the historic downtown district should be accounted for in this type of fund.
What is a special revenue fund?
This account of a government is credited when a purchase order is approved.
What is Budgetary Fund Balance- Reserve for Encumbrances?
This is the section below expenditures on the Governmental Funds statement of revenues, expenditures, and changes in fund balances.
What is other financing sources and uses?
Required budgetary comparison schedules are reported in this section of the CAFR.
What is the required supplementary information section?
This term refers to when transactions and events are recognized in the accounting records.
What is basis of accounting?
Unlike the general fund, this type of fund has a project-life focus rather than a year-to-year life focus.
What is a capital projects fund?
An acquisition of net assets by the government that is applicable to a future reporting period.
What is a deferred inflow of resources?
This basic financial statement may contain a column for debt service funds.
What is the statement of revenues, expenditures, and changes in fund balances-governmental funds.
The Estimated Revenues control account of a government is always credited at this time.
What is when the budgetary accounts are closed?
These are the four types of fiduciary funds.
What are private- purpose trust, investment trust, pension trust, and custodial?
When bonds are sold at a premium for a capital project, the premium amount is generally transferred to this fund type.
What is a debt service fund?
The expenditure classifications of Current, Capital Outlay, and Debt is an example of this type of classification.
What is character?
These are the two required government- wide financial statements.
What are the government-wide statement of net position, and government-wide statement of activities?
GASB standards require that, at a minimum, all state and local governments present budgetary comparison schedules for these funds.
What are the General Fund and major special revenue funds for which annual budgets have been legally adopted?
These three categories of program revenues are reported in the Government-wide Statement of Activities.
What are charges for services, operating grants and contributions, and capital grants and contributions?