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Chapter 15 - Governmental Accounting questions with right answers.

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Chapter 15 - Governmental Accounting questions with right answers.

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Chapter 15 - Governmental Accounting
questions with right answers.
Governmental Accounting is primarily for... ANS -state and local governments



______ governs the accounting rules in Governmental Accounting? ANS -GASB



GASB ANS -Governmental Accounting Standards Board



Funds are utilized to emphasize... ANS -fiscal accountability



What is a fund in the for-profit BUSINESS sector? ANS -savings account/money set aside for a specific
purpose



What is a fund for a government? ANS -complete set of accounts set aside for a specifc purpose



3 categories of funds ANS -1. Governmental type funds - acts like the gov'

2. Proprietary type funds - acts like a business

3. Fiduciary type funds - acts on behalf of 3rd parties



Governmental Type Funds ANS -1. General Fund - general, day-to-day activities

2. Capital Project Fund - activities of construction, buildings

3. Special Revenue Fund - short term activities

4. Debt Service Fund - used pay debt interest and principal

5. Permanent Fund - used for investments, only earnings are used for PUBLIC purpose, don't touch
capital, ex. edownment



Proprietary type funds ANS -1. Enterprise Fund - provides services for people outside the gov'

2. Internal service Fund - provides services for other parts of the gov'

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