F8: Proprietary Funds Flashcards Preview

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Flashcards in F8: Proprietary Funds Deck (22):
1

What is the acronym used for Proprietary Funds?

"SE"

2

What type of accrual do proprietary funds get?

FULL accrual

3

What does the "S" stand for in "SE"?

Service (internal) fund

4

Purpose of a service internal fund

To finance and account for services and suppliers provided exclusively to other departments within a government (usually a cost-reimbursement basis)

5

Keyword for examples of service internal funds

"Central"
(central janitorial depts, central computer processing depts)

6

Revenue sources for service internal funds

-Restricted grant revenues
-Operating revenues

7

How are restricted revenues accounted for with service internal funds?

Recognized as revenue in the year monies are spent

8

How are operating revenues accounted for with service internal funds?

Recognized when earned

9

What are operating revenues?

Billings for services provided

10

Proprietary funds are "SPACE". what does that mean?

SE
PAPI
Accrual
Carry FA & LTD & depreciation
Economic resources measurement focus

11

Are budgetary accounts and encumbrances used with Proprietary Funds?

NO!

12

3 categories of equity displayed under net position "RUN"

1- Restricted
2- Unrestricted
3- Net Investment

13

What does the "E" stand for in "SE"?

Enterprise Fund

14

Purpose of an enterprise fund

Accounts for operations that are financed and operated in a manner similar to private business enterprise

15

Keyword for examples of enterprise funds

"Public"
(public utilities, public hospitals, etc.)

16

Revenue sources for Enterprise Funds

-Either Operating or Nonoperating

17

Operating Revenues examples

Charges for services (water and sewer billings)

18

Nonoperating Revenues examples

Interest, Shared revenues between two levels of government (state and local)

19

Expense types for Enterprise Funds

-Either Operating or Nonoperating

20

SE-PAPI funds do NOT record what?

BAE

21

Cost components of a Municipal Landfill

-Cost of equipment expected to be installed after landfill is closed
-Cost of gas monitoring
-Cost of final cover (capping)

22

How often should the estimated total costs be adjusted?

Annually