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Flashcards in Governmental Funds Deck (19):
1

What are different revenue sources for the General Fund?

Taxes, public safety and regulation, intergovernmental, charges for services and other revenues

2

What are different expenditure typs in the general fund?

General government, public safety, and culture and recreation

3

How are fixed assets reported in the general fund?

Expenditures

4

What type of accounting does the general fund use?

Modified accrual accounting

5

What type of revenues and expenditures does a special revenue fund account for?

Types that are legally restricted or committed for specific purposes other than debt service or capital projects

6

How should expendable trust activity be accounted for in?

Special Revenue fund

7

Are encumbrances used for the debt service fund?

No

8

JE for investment income

Dr. Cash, Cr. Investment income

9

Is there amortization of a premium or discount in the debt service fund?

No

10

JE to record unrestricted revenue

Dr. Cash, Cr. Revenue

11

JE to record restricted government grants

Dr. Cash, Cr. Revenue collected in advance

12

JE to recognize revenue restricted by a cost reimbursement contract

Dr. Expenditure, Cr. Vouchers payable/cash and Dr. Revenue collected in advance, Cr. Revenue

13

What fund should be used when the governmental unit is not primarily or potentially liable?

Agency fund and excluded from government-wide presentations

14

Where is the amount of net bond proceeds presented?

Statement of revenues, expenditures and changes in fund balances as "other financing sources."

15

How are encumbrances applicable for permanent funds?

No

16

How are permanent funds used?

Report resources that are legally restricted to the extent that only earnings and not principal may be used for the purposes that support the reporting government's programs

17

What are the 2 governmental funds that do not record encumbrances?

Debt service and permanent funds

18

What is available for public spending in special revenue funds?

Principal and interest

19

What is available for public spending in a permanent funds?

Interest only