Understanding Government Funds: Types, Accounting, and Regulations, Quizzes of Introduction to Public Administration

Download Understanding Government Funds: Types, Accounting, and Regulations and more Quizzes Introduction to Public Administration in PDF only on Docsity! TERM 1 what is a fund? DEFINITION 1 A fiscal and accounting entity with a self-balancing set of accounts TERM 2 why are funds segregated? DEFINITION 2 for the purpose of carrying on specific activities or attaining certain objectives TERM 3 what are the 3 state and local government fund types? DEFINITION 3 GovernmentalProprietaryFiduciary TERM 4 what are governmental type funds used for? DEFINITION 4 used for activities that are largely unique to the government environment TERM 5 what are proprietary funds used for? DEFINITION 5 business-type activities TERM 6 what are fiduciary funds used for? DEFINITION 6 they act as an agent or trustee of moneys that generally belong to other parties TERM 7 what are the 5 types of government funds? DEFINITION 7 general fundSpecial revenue fundCapital project fundDebt service fundpermanent fund TERM 8 what does the general fund account for DEFINITION 8 all financial resources except those required to be accounted for in another fundex. general government, public safety, public works, culture and recreation TERM 9 what does the Special Revenue fund account for DEFINITION 9 specific revenue sources that are legally restricted to expenditure for specific reasonsex. gasoline taxes to finance road repairs TERM 10 what does the capital projects fund account for DEFINITION 10 financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary or trust funds)ex. Construction of a center for rehab TERM 21 who are the US standard setters? what level do they operate? DEFINITION 21 Federal level--FASABState and local level--GASBPrivate, Non- profit, (non-governmental) --FASB TERM 22 who is FASAB (the federal accounting standards advisory board) consist of? DEFINITION 22 Office of management and budget (executive branch)Governmental Accountability office (congress)US Treasury department TERM 23 What is GASB? DEFINITION 23 state and local standard setterCovers basic governments and entities owned or controlled by governmentsits predecessor is the NCGA or the National Council on Gov Accounting TERM 24 What is FASB? DEFINITION 24 Private/non profit and non-governmental standard setterFinancial Accounting standards boardCovers non profit orgs not related to government entities-private nonprofit hospitals, colleges, museums, etcits predecessors are the accounting principles board and the committee on accounting procedures TERM 25 what has to be included in governmental fund financial statements? DEFINITION 25 balance sheetstatement of revenues, expenditures, and changes in fund balance TERM 26 what has to be included in proprietary fund financial statements? DEFINITION 26 statement of net assets, revenues, expenses, and changes in fund net assets/position TERM 27 what has to be included in fiduciary fund financial statements? DEFINITION 27 statement of fiduciary net assetsstatement of changes in fiduciary net assets TERM 28 what does accrual basis refer too? DEFINITION 28 general business concepts of revenue and expense apply when recording exchange like transactions TERM 29 what does modified accrual basis refer too? DEFINITION 29 applies to funds financed by taxes and other non voluntary contributionsrevenues are recorded when "measurable and available"GASB and FASB statements specifically address recognition of non-exchange contribution revenues TERM 30 expenses vs. expenditures DEFINITION 30 in accrual basis accounting : expenses are recognized when the related resource or service is used (propriety and fiduciary funds)depreciation expense on fixed assets is recognized over the service life of the assetin modified accrual basis accounting: expenditures are recorded when a liability is incurred--equipment purchases are treated as expenditures as soon as you are required to pay--when the goods arrive (governmental funds) TERM 31 what is the basis of accounting for governmental funds? DEFINITION 31 modified accrual TERM 32 what is the basis of accounting for proprietary funds? DEFINITION 32 accrual TERM 33 what is the basis of accounting for fiduciary funds? DEFINITION 33 accrual TERM 34 what is a budget? DEFINITION 34 a plan regarding how revenues will be spent on a year to year basis TERM 35 what is a line item budget? DEFINITION 35 these illustrate where public money will be spent item by item.most popular in local governments given its relative simplicity