Governmental Accounting Chapters 1-3
questions with answers.
what are the 5 governmental funds? ANS - General fund, capital projects fund, debt service fund,
special revenue fund, and permanent fund
what's the acronym for governmental type funds ANS - Good (general)
savers (special revenue)
Do (Debt service)
Count (Capital Projects)
Pennies (Permanent)
General fund ANS - This fund accounts for most of the basic services provided by the government. It
accounts for and reports all financial resources not accounted for and reported in another fund.
Capital Projects Fund ANS - This fund accounts for and reports financial resources that are committed or
assigned to expenditure for capital outlays. It accounts for the purchase or construction of major capital
improvements except those purchased or constructed by a proprietary or fiduciary fund.
Debt Service Fund ANS - This fund accounts for and reports financial resources that are restricted,
committed or assigned to expenditure for principal and interest, other than interest or principal on
proprietary or fiduciary activities.
Special Revenue Fund ANS - This fund accounts for and reports the proceeds of specific revenue sources
that are restricted or committed to expenditure for a specified purpose other than debt service or
capital projects.
Permanent Fund ANS - This fund accounts for and reports resources that are restricted to the extent
that only earnings, and not principal, may be used for purposes that support the reporting government's
programs.
, Proprietary funds ANS - This category of funds is used to account for a government's activities that are
businesslike in nature. specifically they operate to provide services to customers who pay for the
services rendered.
What are the 2 types of proprietary funds? ANS - enterprise funds and internal service funds
enterprise funds ANS - are used when resources are provided primarily through the use of sales and
service charges external to the government.
examples of enterprise funds ANS - water and other utilities, airports, swimming pools, and transit
systems
internal service funds ANS - account for services provided by one department of a government to
another, generally on a cost-reimbursement basis. in some cases, these services are also provided to
other governments.
Examples of internal service funds ANS - print shops, motor pools, and self insurance funds
Fiduciary Funds ANS - account for resources which the government is acting as a trustee or collecting/
disbursing agent.
What are other names for fiduciary funds? ANS - trust, agency funds
What are the 4 fiduciary funds? ANS - Agency funds
Pension (and other employee benefit) trust fund
investment trust funds
Private purpose trust funds
Agency funds ANS - are used to account for situations in which the government is acting as a
collecting/disbursing agent
questions with answers.
what are the 5 governmental funds? ANS - General fund, capital projects fund, debt service fund,
special revenue fund, and permanent fund
what's the acronym for governmental type funds ANS - Good (general)
savers (special revenue)
Do (Debt service)
Count (Capital Projects)
Pennies (Permanent)
General fund ANS - This fund accounts for most of the basic services provided by the government. It
accounts for and reports all financial resources not accounted for and reported in another fund.
Capital Projects Fund ANS - This fund accounts for and reports financial resources that are committed or
assigned to expenditure for capital outlays. It accounts for the purchase or construction of major capital
improvements except those purchased or constructed by a proprietary or fiduciary fund.
Debt Service Fund ANS - This fund accounts for and reports financial resources that are restricted,
committed or assigned to expenditure for principal and interest, other than interest or principal on
proprietary or fiduciary activities.
Special Revenue Fund ANS - This fund accounts for and reports the proceeds of specific revenue sources
that are restricted or committed to expenditure for a specified purpose other than debt service or
capital projects.
Permanent Fund ANS - This fund accounts for and reports resources that are restricted to the extent
that only earnings, and not principal, may be used for purposes that support the reporting government's
programs.
, Proprietary funds ANS - This category of funds is used to account for a government's activities that are
businesslike in nature. specifically they operate to provide services to customers who pay for the
services rendered.
What are the 2 types of proprietary funds? ANS - enterprise funds and internal service funds
enterprise funds ANS - are used when resources are provided primarily through the use of sales and
service charges external to the government.
examples of enterprise funds ANS - water and other utilities, airports, swimming pools, and transit
systems
internal service funds ANS - account for services provided by one department of a government to
another, generally on a cost-reimbursement basis. in some cases, these services are also provided to
other governments.
Examples of internal service funds ANS - print shops, motor pools, and self insurance funds
Fiduciary Funds ANS - account for resources which the government is acting as a trustee or collecting/
disbursing agent.
What are other names for fiduciary funds? ANS - trust, agency funds
What are the 4 fiduciary funds? ANS - Agency funds
Pension (and other employee benefit) trust fund
investment trust funds
Private purpose trust funds
Agency funds ANS - are used to account for situations in which the government is acting as a
collecting/disbursing agent
