F9 - M2 - Fund Structure and Fund Accounting

Question 1

The three major categories of funds are (3)

Answer 1

governmental (GRaSPP), proprietary (SE), and fiduciary (CIPPOE).

Question 2

What is the mnemonic for governmental funds

Answer 2

(GRaSPP) - General Fund, Special Revenue, Debt Service, Capital Projects, Permanent Fund

Question 3

What is the mnemonic for Business Type Funds

Answer 3

SE - Internal Service Fund, Enterprise Fund

Question 4

What is the mnemonic for Fiduciary Funds

Answer 4

fiduciary (CIPPOE). - Custodial, Investment Trust, Private purpose, pension and other employee benefit funds.

Question 5

GASB 34 (as amended) establishes the minimum reporting requirements for governments, including ______________________

Answer 5

both fund-based and government-wide financial statement presentations supported by notes to the financial statements and required supplementary information.

Question 6

Governmental funds use the ___________ of accounting

Answer 6

modified accrual basis

Question 7

Proprietary (SE) funds use _________ accounting.

Answer 7

full accrual

Question 8

Fiduciary (trust) funds use ________ accounting.

Answer 8

full accrual

Question 9

The modified accrual basis of accounting is used with the ______________ measurement focus.

Answer 9

current financial resources measurement

Question 10

__________ is a blend of accrual and cash basis accounting concepts.

Answer 10

modified accrual basis

Question 11

The full accrual basis of accounting is used with the ____________ measurement focus. It is identical to the accrual basis used in commercial enterprises.

Answer 11

economic resources