12/5 Chapter 18 Flashcards Preview

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Flashcards in 12/5 Chapter 18 Deck (25):
1

general fund

all governments have a general fund

2

revenue sources

tax

3

redevelopment agency

certain resources are used in this to fund the redevelopments, raised by incremental property tax

4

capital project fund

for each project there is a fund

5

permanent fund

cemetery is an example, the principal is left alone

6

proprietary funds

Enterprise Funds - trying to break even
Recreation fund

7

18-2

summarizes the different types of fund, look at slides

8

accrual method

method businesses use

9

modified accrual method

they don't keep capital assets and long term debt, it is mainly for short term, what we can spend we have to be able to get it within 60 days, deferred inflow of resources

10

deferred outlfow

deferred charge, bond issuance cost, deferred loss

11

government funds

have budgets

12

general fund

all activities should be accounted for in the general fund unless specifically required by law or
the nature of the activities is proprietary
it is a catch all

13

reserve in fund balance must be

kept at a 25% of all revenue level

14

special revenue fund

purpose: to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specific purposes
with the exception of inflows for cap projects and expendable sources

15

two statements in gov fund

balance sheet
the statement of revenues, expenditures, and changes in fund balance(operating statement)
net income is increase in fund balance

16

capital project fund

to account for financial resources used for the acquisition or construction of major capital facilities
except of those financed by
proprietary fund, and
trust funds
a temporary fund related to an acquisition
at completion
the fund is closed
the cost is recorded as a capital asset in the GCA-GLTL general ledger
outflows - costs incurred during construction are charged to expenditures

17

we don't record

fixed assets or depreciation

18

revenues

bond proceeds, etc

19

debt service fund

to account for the servicing of debt initially recorded as a liability in the GCA-GLTL

20

examples of general long term debt obligations

serial bonds
term bonds
special assessment bonds
notes and warrants
capital leases

21

look at page 906 and 907

for calculations know it, on test maybe

22

revenue
expenditures
fund balance

the financial statements

23

major funds

listed in their own column

24

proprietary fund statements

statement of net assets(balance sheet)
statement of cash flows
noncapital, and capital

.......

25

internal service funds

to account for activities that provide services solely for governments