Fund Accounting Flashcards
1
Q
What’s a fund?
A
-A separate fiscal and accounting entity wit ha self balancing set of accounts
2
Q
What are the three fund categories?
A
- Governmental Funds
- Proprietary Funds
- Fiduciary Funds
3
Q
Under Budgetary Accounting, when are formal Dr/Cr entries made? When are they altered?
A
- At beginning of period to recored estimated revenues and authorized expenditures (appropriations)
- Only if there are changes in the budget
4
Q
What are the two sets of financial statements for Governmental entities?
A
- Fund Statements: One for each fund category
- Government Wide Statements
5
Q
How are Government-Wide Statements presented? (Remember doesn’t include fiduciary funds)
A
-On full accrual basis
6
Q
What are the two types of Proprietary Funds?
A
- Enterprise Funds
- Internal Service Funds
7
Q
Do governmental funds have long term items?
A
-No
8
Q
How do we account for fixed assets and long term liabilities for Governmental entities?
A
-In separate Account Groups not included in Fund Statements but included in Government Wide Statements
