F8 Flashcards
What funds are ‘governmental funds’?
GRASPP
- General Fund
- Special Revenue Fund
- Debt Service Fund
- Capital Projects Fund
- Permanent Fund
What funds are Proprietary Funds?
SI
- Internal Service Funds
- Enterprise Funds
What funds are Fiduciary Funds?
PAPI
- Pension Trust Fund
- Agency Trust Fund
- Private Purpose Trust Fund
- Investment Trust Fund
What type of funds use both:
- Current financial resource measumrent focus
- Modified accrual basis of accounting
Only Governmental Funds:
- General Fund
- Special Revenue Fund
- Debt Service Fund
- Capital Projects Fund
- Permanent Fund
What funds use both:
- Economic resources measurement focus
- Full accrual basis of accounting
Both Proprietary Funds and Fiduciary Funds:
- Internal Service Fund
- Enterprise Fund
- Pension Trust Fund
- Agency Trust Fund
- Private Purpose Trust Fund
- Investment Trust Fund
What type of fund is Internal Service Fund?
Describe what the Internal Service Fund is used for.
Proprietary Fund
It’s set up to account for goods and services provided by designated departments on a (cost reimbursement) fee basis to other departments and agencies within a single governmental unit or to other governmental units.
What type of fund is Enterprise Fund?
Describe what the Enterprise Fund is used for.
Proprietary Fund
It is set up to account for the acquisition and operation of governmental facilities and services that are intended to be primarily (over 50%) self-supported by user agencies (utilities, airports, transit, etc.)
Primary customers are external.
What type of Fund is Pension Trust Fund?
Describe what the Pension Trust Fund is used for.
Fiduciary Fund
Accounts for resources of defined benefit plans, defined contribution plans, post-employment benefit plans, and other LT employee benefit plans.
What type of Fund is Agency Trust Fund?
Describe what the Agency Trust Fund is used for.
Fiduciary Fund
Account for resources in the temporary custody of a governmental unit.
What type of Fund is Private Purpose Fund?
Describe what the Prive Purpose Fund is used for.
Fiduciary Fund
These are the designated funds for all other trust fund arrangements under which principal an dincome are for the benefit of specific individuals, private organization, or other governments.
What type of Fund is Investment Trust Fund?
Describe what the Investment Trust Fund is used for.
Fiduciary Fund
Account for external investment pools.
What type of Fund is General Fund?
Governmental Fund
Set up to account for the ordinary operations of a governmental unit which is financied from taxes and other general revenues. All transactions not accounted for in other funds are accounted for here. All accounts are “current” classification.
What type of Fund is Special Revenue Fund?
Governmental Fund
Set up to account for revenues from specific taxes or other earmarked sources that (by law) are restricted or committed to finance particular activities of government.
What type of Fund is Special Revenue Fund?
Governmental Fund
What type of Fund is Capital Projects Fund?
Governmental Fund
Set up to account for resources restricted, committed or assigned for the acquisition or construction of major capital assets by a governmental unit, except those projects financied by an enterprise fund.
