State & Local Govts Flashcards

1
Q

3 Types of Funds

A

Govt Funds (modified accrual acctg)
Proprietary Funds (accrual acctg)
Fiduciary Funds (accrual acctg)

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2
Q

Governmental Funds

A

General, special revenue, debt service & capital projects

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3
Q

Whats the measurement focus for governmental funds?

A

Current financial resources

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4
Q

Proprietary Funds

A

Enterprise Funds & Internal Service Funds

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5
Q

What is the measurement focus for proprietary funds?

A

Economic resources

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6
Q

Fiduciary Funds

A

Pension trust fund, investment trust fund, private purpose trust fund & custodial funds

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7
Q

Whats the measurement focus for proprietary funds?

A

Economic resources

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