31 terms

ACC 632 Exam 1

STUDY
PLAY

Terms in this set (...)

State and Local Governments are overseen by?
GASB (Governmental Accounting Standards Board)
Private Not-for-Profits are overseen by?
FASB (Financial Accounting Standards Board)
Federal Government and its agencies are overseen by?
FASAB (Federal Accounting Standards Advisory Board)
Characteristics of Not-for-Profit?
Receive contribution without expecting return
Have a purpose other than making profit
No stock or dividends
Categories of Not-for-Profit Organizations?
Voluntary Health and Welfare
Health Care
Colleges and Universities
Other not-for-profit
Characteristics of Governmental Entities?
Elected officers or controlling majority appointed or approved
Ability to create and enforce a tax
Can issue tax-exempt debt
Governmental Funds:
GRASPP
General Fund
Special Revenue Fund
Debt Service Fund
Permanent Fund
Capital Projects Fund
What is the General Fund?
Accounts for most of the basic services provided by the government
What are examples of a General Fund?
Police/Fire Protection
Library Services
Municipal Departments
What is the Special Revenue Fund?
Specific revenue items restricted or otherwise limited to spending for specific purposes other than debt services or capital projects
What are examples of a Special Revenue Fund?
Federal or state grants
Taxes specifically restricted
Dedicated tax on motor fuel for highway paving
Hotel occupancy taxes for business district maintenance
What is the Debt Service Fund?
Financial resources that are restricted, committed or assigned to expenditure for principal interest on general (governmental) long-term debt
What are examples of the Debt Service Fund?
Property taxes and transfers of resources from other funds to pay debt service on LT debt issues to acquire capital assets
What is the Permanent Fund?
Restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government's programs
What are examples of the Permanent Fund?
Endowment gift to provide technology resources to a city run public library
What is the Capital Projects Fund?
Resources are restricted, committed or assigned to expenditure for capital outlays
What are examples of the Capital Projects Fund?
Construction of firehouse, roads/highways
Purchase of new municipal building
What is the Internal Service Fund?
Resources used to supply goods or services, on a cost reimbursement basis, within the government unit or to other governments
What are examples of the Internal Service Fund?
Centralized motor pool
Centralized purchasing
Print services
What is the Enterprise Fund?
Resources used to supply goods and services, for a fee, to users who are entirely or primarily external to the government unit
What are examples of the Enterprise Fund?
Municipal Airport
Utility Services
Municipal Golf Courses
Proprietary Funds:
SE
Internal Service Fund
Enterprise Fund
Fiduciary Funds:
PAPI
Pension Fund
Agency Fund
Private-Purpose Trust Fund
Investment Fund
What is the Pension Fund?
Resources held in trust for employee retirement plans and other employee benefit plans
What are examples of the Pension Fund?
Defined Benefit Pension Plans
Retiree Health Benefit Plans
What is the Agency Fund?
Used to account for resources held by a governmental entity which are not owned by the entity, but which are payable to some outside party such as another governmental unit
What are examples of the Agency Fund?
Sales or property taxes collected by a government on behalf of another government
Social Security taxes withheld from employee paychecks to distribute to the federal government
What is the Private-Purpose Trust Fund
Report all other trust arrangement sunder which principal and income benefits individuals, private organizations, or other governments
What is an example of the Private-Purpose Trust Fund?
Unclaimed Property
What is the Investment Trust Fund?
Accounts for external portion of investment pools reported by the sponsoring government
What is an example of the Investment Fund?
Portion of external investment pool that belongs to other governments