Podcast
Questions and Answers
What type of fund is typically used to account for departmental operating activities like the city manager’s office and finance?
What type of fund is typically used to account for departmental operating activities like the city manager’s office and finance?
- Debt Service Fund
- Special Revenue Fund
- Capital Projects Fund
- General Fund (correct)
When tax or grant revenues are legally restricted for specific operating purposes such as maintenance of roads and bridges, which type of fund is created?
When tax or grant revenues are legally restricted for specific operating purposes such as maintenance of roads and bridges, which type of fund is created?
- General Fund
- Special Revenue Fund (correct)
- Internal Service Fund
- Debt Service Fund
Which fund is typically used to account for financial resources for major capital facilities like buildings, highways, or bridges?
Which fund is typically used to account for financial resources for major capital facilities like buildings, highways, or bridges?
- Capital Projects Fund (correct)
- Internal Service Fund
- Permanent Fund
- Enterprise Fund
If a city needs to accommodate a growing population by constructing new buildings or parks, which fund type is usually engaged?
If a city needs to accommodate a growing population by constructing new buildings or parks, which fund type is usually engaged?
Which fund is NOT used to account for tax or grant revenues or bond proceeds related to capital projects?
Which fund is NOT used to account for tax or grant revenues or bond proceeds related to capital projects?
In what fund type are payments to architects, engineers, construction contractors, and suppliers usually accounted for when a capital project is undertaken?
In what fund type are payments to architects, engineers, construction contractors, and suppliers usually accounted for when a capital project is undertaken?
What is the purpose of a Debt Service Fund?
What is the purpose of a Debt Service Fund?
When would a government be required to create a Debt Service Fund?
When would a government be required to create a Debt Service Fund?
Which expenses should be included in the cost of a capital asset?
Which expenses should be included in the cost of a capital asset?
How does a Permanent Fund differ from a Private-Purpose Trust Fund?
How does a Permanent Fund differ from a Private-Purpose Trust Fund?
According to Principle 7, which type of assets should not be depreciated?
According to Principle 7, which type of assets should not be depreciated?
Which type of fund accounts for financial resources when investments yield revenue for general government expenditures?
Which type of fund accounts for financial resources when investments yield revenue for general government expenditures?
How should donated capital assets be reported?
How should donated capital assets be reported?
What is the primary focus of accounting for governmental funds?
What is the primary focus of accounting for governmental funds?
In what situation would a government use a Permanent Fund instead of a Private-Purpose Trust Fund?
In what situation would a government use a Permanent Fund instead of a Private-Purpose Trust Fund?
What is the basis of accounting for the government-wide financial statements?
What is the basis of accounting for the government-wide financial statements?
According to Principle 8, what distinction should be made for long-term liabilities?
According to Principle 8, what distinction should be made for long-term liabilities?
Where should depreciation expense be reported?
Where should depreciation expense be reported?
What types of assets and liabilities are reported on the balance sheet for governmental funds?
What types of assets and liabilities are reported on the balance sheet for governmental funds?
What does the accounting equation for a simple governmental fund represent?
What does the accounting equation for a simple governmental fund represent?
Which financial statement is more similar to a statement of cash flows in governmental fund accounting?
Which financial statement is more similar to a statement of cash flows in governmental fund accounting?
What do Proprietary Funds account for in governmental accounting?
What do Proprietary Funds account for in governmental accounting?
How does governmental fund accounting differ from measuring financial position compared to other accounting methods?
How does governmental fund accounting differ from measuring financial position compared to other accounting methods?
What is the primary purpose of the statement of revenues, expenditures, and changes in fund balance in governmental fund accounting?
What is the primary purpose of the statement of revenues, expenditures, and changes in fund balance in governmental fund accounting?
Which basis of accounting should be used for measuring financial position and operating results in fund financial statements?
Which basis of accounting should be used for measuring financial position and operating results in fund financial statements?
In fund financial statements, when should revenues be recognized?
In fund financial statements, when should revenues be recognized?
For proprietary fund statements, which measurement focus and basis of accounting should be used according to the text?
For proprietary fund statements, which measurement focus and basis of accounting should be used according to the text?
How should transfers between funds be reported according to the text?
How should transfers between funds be reported according to the text?
In fund financial statements, when should expenditures be recognized?
In fund financial statements, when should expenditures be recognized?
How should financial statements for governmental funds be presented?
How should financial statements for governmental funds be presented?
