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| 1 |
The five governmental funds are
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1.) General Fund 2.) Special Revenue Fund 3.) Debt Service Fund 4.) Capital Projects Fund 5.)...
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The General Fund is
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A governmental fund that accounts for all financial resources except those required to be reported...
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The Special Revenue Fund is
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A governmental fund that accounts for financial resources legally required to be spent for...
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The Capital Projects Fund is
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A governmental fund that accounts for financial resources dedicated to the construction of...
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Debt Service Funds are
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governmental funds that are set aside for the purpose of paying principle and interest on general...
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Permanent Funds are
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governmental funds that are made up of assets donated by outside party. Only income generated...
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Proprietary Funds account for
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business-type activities of the government; they serve defined customer groups and are generally...
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The 2 Types of Proprietary Funds are
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Enterprise Funds and Internal Service Funds
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Enterprise Funds are
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proprietary funds that account for government activities that benefit outside parties who are...
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Internal Service Funds are
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Proprietary Funds that account for activities performed primarily for the benefit of other...
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Fudiciary Funds account for
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resources held by the government in trust or as an agent for specific individuals, private...
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| 12 |
The 4 types of Fiduciary Funds are
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1.) Pension /employee Benefit Trust Funds 2.) Investment Trust Funds 3.) Private Purpose Trust...
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Fiscal Accountability is
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The responsibility of the government to justify that their actions in the current period have...
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Operational Accountability
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the governments' responsibility to report to the extent to which they have met their accounting...
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Reporting for governmental bodies was fundamentally changed by GASBS 34. its most important...
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the requirement that governmental entities report 2 sets of financial statements
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