Governmental Accounting Overview
questions and 100% answers.
What are the objectives of Fund Accounting? ANS -1) In compliance with legal restrictions
2) In compliance with spending limits/budgetary control
Not-for-profit organizations not run by governments do not use? ANS -Governmental accounting
Governmental accounting is tested within what three themes? ANS -Fund structure
Fund accounting
External Reporting
What are the different governmental accounting funds? To hold you must? ANS -Graspp GRaSPP
General Fund
special Revenue Fund
debt Service Fund
Capital Projects fund
Permanent Fund
What is the Balance sheet format for the Funds? ANS -Current Assets and deferred outfluts (like Pre
Paids)
------------------------------
Current liabilities + deferred inflows of resources (like deferred revenue)
Plus: fund balance
----------------------------------
Equals: total current liabilities, deferred inflows of resources, and fund balance (Like RE)
, What is the "income Statement" format for the governmental funds? ANS -The Statment of Revenues,
Expenditures, and Changes in Fund Balance!
Revenues
Less: Expenditures
------------------------------------
equals: Net Change in fund Assets.
What are the Proprietary funds? ANS -SE!
Internal Service Fund
Enterprise Fund
What is are the Financial statements for the Proprietary Funds? ANS -The Statement of Net position,
The Statement of Revenues, Expense, and changes in Fund net position.
What is the format for the Statement of Net position (proprietary funds)? ANS -All assets and deferred
outflow of resources
less: all liabilities and deferred inflows of resources
-------------
Equals: Net position
What is the format for the Statement of Revenues, expenses, and Changes in fund net position? ANS -
Operating Revenue
Less: operating expenses
Pluss: nonoperating revenue or Less: expenses
---------
Change in Net position
questions and 100% answers.
What are the objectives of Fund Accounting? ANS -1) In compliance with legal restrictions
2) In compliance with spending limits/budgetary control
Not-for-profit organizations not run by governments do not use? ANS -Governmental accounting
Governmental accounting is tested within what three themes? ANS -Fund structure
Fund accounting
External Reporting
What are the different governmental accounting funds? To hold you must? ANS -Graspp GRaSPP
General Fund
special Revenue Fund
debt Service Fund
Capital Projects fund
Permanent Fund
What is the Balance sheet format for the Funds? ANS -Current Assets and deferred outfluts (like Pre
Paids)
------------------------------
Current liabilities + deferred inflows of resources (like deferred revenue)
Plus: fund balance
----------------------------------
Equals: total current liabilities, deferred inflows of resources, and fund balance (Like RE)
, What is the "income Statement" format for the governmental funds? ANS -The Statment of Revenues,
Expenditures, and Changes in Fund Balance!
Revenues
Less: Expenditures
------------------------------------
equals: Net Change in fund Assets.
What are the Proprietary funds? ANS -SE!
Internal Service Fund
Enterprise Fund
What is are the Financial statements for the Proprietary Funds? ANS -The Statement of Net position,
The Statement of Revenues, Expense, and changes in Fund net position.
What is the format for the Statement of Net position (proprietary funds)? ANS -All assets and deferred
outflow of resources
less: all liabilities and deferred inflows of resources
-------------
Equals: Net position
What is the format for the Statement of Revenues, expenses, and Changes in fund net position? ANS -
Operating Revenue
Less: operating expenses
Pluss: nonoperating revenue or Less: expenses
---------
Change in Net position
