Flashcards in F8: Fiduciary Funds Deck (18):
1
Fiduciary Funds AKA
Trust Funds
2
PAPI stands for
Pension trust
Agency trust
Private purpose trust
Investment trust
3
What one statement is not required for all fiduciary funds?
Statement of Cash Flows
4
What does the 1st P in PAPI stand for?
Pension Trust Funds
5
Purpose of Pension trust funds
Government sponsored defined benefit and defined contribution plans
6
Expense types of pension trust funds
Benefits payments, refunds, and admin expenses
7
Fiduciary and proprietary funds both use ________
Full accrual accounting
8
What does the A in PAPI stand for?
Agency Trust (think mailman)
9
Purpose of agency trust funds
Collects cash to be held temporarily for an authorized recipient for later disbursement
10
3 examples of agency trust funds
-tax collection funds
-clearance funds
-special assessments
11
If a governmental unit has monitoring and/or determines eligibility, what is used?
a special revenue fund
12
If a governmental unit does NOT have monitoring or determine eligibility, what is used?
an agency trust fund
13
What does a statement of fiduciary net position look like for agency trust funds?
CA = CL
-No net position
-No I/S
-No cash flow statement
14
What does the 2nd P in PAPI stand for?
Private Purpose Trust
15
Purpose of a private purpose trust fund
Designated fund for reporting all other trust arrangements under which P&I are for the benefit of:
-Specific individuals
-Private organizations
-Other governments
16
Private Purpose Trust is not for what?
General public use
17
What does the I in PAPI stand for?
Investment Trust Fund
18