State & Local Govts Flashcards
1
Q
3 Types of Funds
A
Govt Funds (modified accrual acctg)
Proprietary Funds (accrual acctg)
Fiduciary Funds (accrual acctg)
2
Q
Governmental Funds
A
General, special revenue, debt service & capital projects
3
Q
Whats the measurement focus for governmental funds?
A
Current financial resources
4
Q
Proprietary Funds
A
Enterprise Funds & Internal Service Funds
5
Q
What is the measurement focus for proprietary funds?
A
Economic resources
6
Q
Fiduciary Funds
A
Pension trust fund, investment trust fund, private purpose trust fund & custodial funds
7
Q
Whats the measurement focus for proprietary funds?
A
Economic resources