CGFM Exam 2 - Section 2, Chapter 2 -
Fund Accounting and Reporting Exam
Questions & Answers (Grade A+)
GASB Codification Section 1300 -
correct answer ✅Establish the foundational accounting and
reporting standards for state and local FUNDS
Fund -
correct answer ✅Funds are fiscal and accounting entities that are
segregated for the purpose of carrying out specific activities.
3 major categories of funds used by state and local governments -
correct answer ✅governmental, proprietary and fiduciary.
Governmental Funds -
correct answer ✅Traditionally been used to account for the
general services provided to the public. These services include
public safety, health, transportation, social services, recreation and
the administration of the government.
focus of governmental funds for reporting purposes -
correct answer ✅use the current financial resources
measurement
, CGFM Exam 2 - Section 2, Chapter 2 -
Fund Accounting and Reporting Exam
Questions & Answers (Grade A+)
focus and modified accrual basis of accounting. Expendable assets
are used to pay for current liabilities. The difference between assets
and liabilities is fund balance.
Type of accounting used for governmental funds -
correct answer ✅current financial resources measurement focus
and modified accrual basis of accounting.
Types of Government Funds -
correct answer ✅General Fund, Special Revenue Funds, Capital
Projects Funds, Debt Service Funds, Permanent Funds
General Fund purpose -
correct answer ✅- to account for and report all financial
resources, except those required to be accounted for in another
fund.
- Considered most important fund.
- Most administrative services of the government should be
accounted for in the general fund.
Fund Accounting and Reporting Exam
Questions & Answers (Grade A+)
GASB Codification Section 1300 -
correct answer ✅Establish the foundational accounting and
reporting standards for state and local FUNDS
Fund -
correct answer ✅Funds are fiscal and accounting entities that are
segregated for the purpose of carrying out specific activities.
3 major categories of funds used by state and local governments -
correct answer ✅governmental, proprietary and fiduciary.
Governmental Funds -
correct answer ✅Traditionally been used to account for the
general services provided to the public. These services include
public safety, health, transportation, social services, recreation and
the administration of the government.
focus of governmental funds for reporting purposes -
correct answer ✅use the current financial resources
measurement
, CGFM Exam 2 - Section 2, Chapter 2 -
Fund Accounting and Reporting Exam
Questions & Answers (Grade A+)
focus and modified accrual basis of accounting. Expendable assets
are used to pay for current liabilities. The difference between assets
and liabilities is fund balance.
Type of accounting used for governmental funds -
correct answer ✅current financial resources measurement focus
and modified accrual basis of accounting.
Types of Government Funds -
correct answer ✅General Fund, Special Revenue Funds, Capital
Projects Funds, Debt Service Funds, Permanent Funds
General Fund purpose -
correct answer ✅- to account for and report all financial
resources, except those required to be accounted for in another
fund.
- Considered most important fund.
- Most administrative services of the government should be
accounted for in the general fund.
