Governmental Accounting-CPA
Reviewed questions & answers.
Purpose of Fund Accounting ANS - Enables Service & mission driven oganizations to easily monitor and
report compliance with spending purposes (fund restrictions), spending limits (budget), and other fiscal
accountability objectives
Fund Accounting (used by) ANS - Legal Restrictions (Governmental uinits, Colleges, Health Care
Organizations, Foundations and others)
GASB ANS - Governmental Accounting Standards Board - sets standards for Governmental Accounting &
Reporting
Sets Reporting for Not-for-Profits ANS - FASB
GAO ANS - Government Auditing Office - sets standards for Government Auditing Standards
Fund-definition ANS - Sum of money or other resources segretated for purpose of carrying on a specific
activity or obtainingcertain objectives in accordance with specific regulations, restrictions or limitations;
constituting an independent fiscal and accounting entity. Each fund is a set of self-balancing accounts
GASB 34 ANS - Sets fund structure for Governments
Government Funds
Proprietary Funds
Fiduciary Funds
Government funds - characteristics ANS - MAC GRaSP
Modified accrual Accounting
Current Financial Resources measurement focus
, Government Funds-No Profit Motive ANS - G R a S P P
General fund
special Revenue fund
debt Service funds
capital Projects funds
Permanent fund
General fund (Government) ANS - Accounts for ordinary operations of governmental unit. Financed
from taxes and other general revenues
special Revenue funds (Government) ANS - Account for revenues from specific taxes or other ear-
marked sources that (by law) are restricted or committed to finance particular activities of government
debt Service Funds (Government) ANS - Account for the accumulation of resources and the payment of
interest and principal on all "general obligation debt"
capital Projects funds (Government) ANS - Set up to account for resources retricted, committed or
assigned for the acquisition or construction of major capital assets by a governmental unit
Permanent fund (Government) ANS - used to report resources that are legally restricted to the extent
income and not principal, may be used for purposes supporting the reporting government's programs
(for benefit of the public)
Government funds - Balance Sheet ANS - Current Assets
<Current Liabilities>
____________________
=Fund Balance
=====================
Government funds - Statement of Revenues, Expenditures, and Changes in Fund Balance ANS -
Revenues
Reviewed questions & answers.
Purpose of Fund Accounting ANS - Enables Service & mission driven oganizations to easily monitor and
report compliance with spending purposes (fund restrictions), spending limits (budget), and other fiscal
accountability objectives
Fund Accounting (used by) ANS - Legal Restrictions (Governmental uinits, Colleges, Health Care
Organizations, Foundations and others)
GASB ANS - Governmental Accounting Standards Board - sets standards for Governmental Accounting &
Reporting
Sets Reporting for Not-for-Profits ANS - FASB
GAO ANS - Government Auditing Office - sets standards for Government Auditing Standards
Fund-definition ANS - Sum of money or other resources segretated for purpose of carrying on a specific
activity or obtainingcertain objectives in accordance with specific regulations, restrictions or limitations;
constituting an independent fiscal and accounting entity. Each fund is a set of self-balancing accounts
GASB 34 ANS - Sets fund structure for Governments
Government Funds
Proprietary Funds
Fiduciary Funds
Government funds - characteristics ANS - MAC GRaSP
Modified accrual Accounting
Current Financial Resources measurement focus
, Government Funds-No Profit Motive ANS - G R a S P P
General fund
special Revenue fund
debt Service funds
capital Projects funds
Permanent fund
General fund (Government) ANS - Accounts for ordinary operations of governmental unit. Financed
from taxes and other general revenues
special Revenue funds (Government) ANS - Account for revenues from specific taxes or other ear-
marked sources that (by law) are restricted or committed to finance particular activities of government
debt Service Funds (Government) ANS - Account for the accumulation of resources and the payment of
interest and principal on all "general obligation debt"
capital Projects funds (Government) ANS - Set up to account for resources retricted, committed or
assigned for the acquisition or construction of major capital assets by a governmental unit
Permanent fund (Government) ANS - used to report resources that are legally restricted to the extent
income and not principal, may be used for purposes supporting the reporting government's programs
(for benefit of the public)
Government funds - Balance Sheet ANS - Current Assets
<Current Liabilities>
____________________
=Fund Balance
=====================
Government funds - Statement of Revenues, Expenditures, and Changes in Fund Balance ANS -
Revenues
