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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

Purpose of an investment trust fund

A governmental entity that sponsors one or more external investment pools should report the external portion of each pool as a separate investment trust fund