Fund Statements
Name the two Proprietary Funds?
What are Enterprise Funds and Internal Service Fund
True or False:
Are Special-Purpose governments legally separate entites?
TRUE
Internal Service funds account for?
What is financing of good and services provided by one department or agency
What is the basis of accounting for Governmental Funds?
What is Modified Accrual Basis
What two fund-based financial statements do the 5 governmental funds report?
What are the Balance Sheet and The Statement of Revenues
Budgetary accounting is not required for these types of funds?
What are
Debt Service Fund, Permanent Fund, Enterprise Fund, and Internal Service Fund
What do governmentwide financial statements include?
What are the Statement of Net Position and Statement of Activities
True or False:
Agency fund accounts for resources held by a government unit as a custodial agent for individuals, and public organizations
FALSE
Modified accrual accounting is applied in what two groups?
What are Revenues and Expenditures
These budgets specify expected revenue from the various spurced provided by law
What are Operating Budgets
List the 5 Governmental Fund types Acronyms?
What are
GF, SRF, DSF, CPF, and PF
GASB 34 requires what two Reconciliation schedules to reconcile net change in the total amounts reported on the governmental funds statements?
What are the
Reconciliation schedule for statement of net position & Reconciliation schedule for statement of activities
For Financial Reporting, are Encumbrances recorded for Permanent Funds?
What is...Possibly
What is used in governmental accounting to assist in management control, authority to levy taxes & collect revenue?
What is Budget
What does the basis of accounting refer too?
What is the timing of recognizing a transaction for financial reporting purposes
Capital project funds account for what two types of financial resources?
What are resources specified for acquisition or constructions of major capital faculties or improvements that benefit the public
What are two types of general long-term debt obligations A government may have?
What are Serial Bonds and Special Assessment Bonds
Name two Fiduciary Fund Types?
What are Trust Funds and Agency Funds
A government unit can have several types of budget, give two examples
What are Operating Budgets and Capital Budgets
What does MFOA stand for?
What is Municipal Finance Officers Association
The three main types of Fiduciary Funds are..
What are
Pension & Other employee benefit trust funds, Investment trust funds, and Private-Purpose Trust Funds
Name one type of reporting requirements GASB 34 establishes for special-purpose governments?
What is Engaged in more than one government program or in both governmental and business-type activities
GASB 34 establishes what four types of interfund activities
What are
Interfund loans, Interfund services provided and used, Interfund transfers, and Interfund reimbursements
What is the entry in a General Fund if the item is for an interfund loan?
What is Debit Fund and Credit Cash
Name the Five elements of a statement of financial condition
What are
Assets, Liabilities, A deferred outflow of resources, A deferred inflow of resources, & Net Position