ACCT 4421 Exam 1 Questions and Answers
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(GRaSPP)- resources restricted, committed or assigned to expenditure for capital outlays.
Capital Project Fund
(GRaSPP)- legally restricted so that only earnings, not principal, may be used. Permanent
Fund
Type of Fund- Business-like or commercial-type funds. Used for toll roads, public utilities,
airports, etc. Proprietary Fund
Proprietary Funds are prepared on __________ full accrual
(SE)- Accounts for activities in which the goods or services are provided to the general public for
a charge (i.e., electric and water utilities) Enterprise Fund
(SE)- Accounts for activities in which goods or services are provided for a charge to
• 1) other departments of the same government or
,• 2) other governments Internal Service Fund
Type of Fund• Used to account for resources held by the government but intended to benefit
parties other than the government. Not the government's money. Fiduciary Fund
Fiduciary Funds are prepared on ____________ full accrual
Fiduciary Funds are or aren't included in government wide statements? No (because it
isn't the governments money)
Fiduciary Funds are or aren't included in the CAFR? Yes
Which fund asks for statement of cash flows? Proprietary Fund
(CIPPOE)benefit the government employees (defined benefit plans, defined contribution plans
(401K), other post-employment plans. Pension Fund
, (CIPPOE)similar to mutual funds, benefit other governments that have entrusted their resources
to the fund (external investment pools). Investment Fund
(CIPPOE)all other trust funds that are not pension or investment in which the assets are
dedicated to providing benefit to recipients in accordance with benefit terms. Private
Purpose Fund
(CIPPOE)assets held temporarily by one government on behalf of another government.
Custodial Fund
3 parts of the CAFR Introductory
Financial
Statistical
NFP don't use fund accounting for external but they do for internal reporting true
Key Financial Documents for the government Budgets
Verified by Experts
(GRaSPP)- resources restricted, committed or assigned to expenditure for capital outlays.
Capital Project Fund
(GRaSPP)- legally restricted so that only earnings, not principal, may be used. Permanent
Fund
Type of Fund- Business-like or commercial-type funds. Used for toll roads, public utilities,
airports, etc. Proprietary Fund
Proprietary Funds are prepared on __________ full accrual
(SE)- Accounts for activities in which the goods or services are provided to the general public for
a charge (i.e., electric and water utilities) Enterprise Fund
(SE)- Accounts for activities in which goods or services are provided for a charge to
• 1) other departments of the same government or
,• 2) other governments Internal Service Fund
Type of Fund• Used to account for resources held by the government but intended to benefit
parties other than the government. Not the government's money. Fiduciary Fund
Fiduciary Funds are prepared on ____________ full accrual
Fiduciary Funds are or aren't included in government wide statements? No (because it
isn't the governments money)
Fiduciary Funds are or aren't included in the CAFR? Yes
Which fund asks for statement of cash flows? Proprietary Fund
(CIPPOE)benefit the government employees (defined benefit plans, defined contribution plans
(401K), other post-employment plans. Pension Fund
, (CIPPOE)similar to mutual funds, benefit other governments that have entrusted their resources
to the fund (external investment pools). Investment Fund
(CIPPOE)all other trust funds that are not pension or investment in which the assets are
dedicated to providing benefit to recipients in accordance with benefit terms. Private
Purpose Fund
(CIPPOE)assets held temporarily by one government on behalf of another government.
Custodial Fund
3 parts of the CAFR Introductory
Financial
Statistical
NFP don't use fund accounting for external but they do for internal reporting true
Key Financial Documents for the government Budgets
