F8 Study Cards

Govermental and not for profit organization financial reporting is designed to demonstrate the ------------------------- of each organization for the stewardship of the resources in their care.

Govermental and not for profit organization financial reporting is designed to demonstrate the accountabilty of each organization for the --------------------- of the resources in their care.

identifying and displaying the -------------------------------------- of govermental and not for profit organizations is intergral to this type of financial reporting and related accounting.

in accounting for public funds both goverments and not for profit organizations seek to demonstrate their ---------------------------  for the entity taken as a while and their fiscal accountabiltiy for specific funding.

in accounting for public funds both goverments and not for profit organizations seek to demonstrate their operational accountabilty  for the entity taken as a while and their fiscal accountabiltiy for -------------------------.

foundational to govermetnal and not for profit organization accounting is the concept of ---------------------------------

-------------------------------- enables service and mission driven organizations to easily monitor and report compliance with spending purposes, spending limits, and other fiscal accountability objectives.

fund accounting enables service and mission driven organizations to -------------------------- and -------------------- with spending purposes, spending limits, and other fiscal accountability objectives.

Goverments use ----------------------- to demonstrate fiscal accountability in their external reporting and use funds for internal accounting.

Goverments use fund accounting to demonstrate fiscal accountability in their ---------------------------- and use funds for ----------------------------------.

Not for profit organizations may use funds for ---------------------.  Funds are not used for not for profit external reporting

Not for profit organizations may use funds for internal accounting.  Funds are not used for not for profit ------------------------

name 6 types of entities that use govermental and non for profit accounting

--------------------- is the govermental counterpart to FASB

GASB stands for

A ------- is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an independent fiscal and accounting entity

A fund is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with --------------------------------------------------------------, constituting an independent fiscal and accounting entity

A fund is a sum of money or other resource segregated for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an ----------------------------------------------------------

A fund is a sum of money or other resource ----------------------- for the purpose of carrying on a specific activity or attaineing certain objectives in accordance with specific regulations restrictions or limitations, constituting an independent fiscal and accounting entity

---------------------- defines a fund structure for goverments

Eleven fund types are classifed in to what 3 catagoies

GASB 34 establishes -------------------------------------------------- to be in compliance with GAAP

Financial activity of the primary government is classified in what 2 ways

For goverment

Fiducaiary funds are -------------------
from the goverment wide presentation

For goverment

Fiducaiary funds are excluded from the -----------------------------

for Goverment

Enterprise funds are carried intot he -------------------------------------- section of the goverment wide financial statements  generally with no reconciling items

for Goverment

Enterprise funds are carried intot he business type activities section of the -------------------- financial statements  generally with no reconciling items

for Goverment

------------------------- are carried intot he business type activities section of the goverment wide financial statements  generally with no reconciling items

for Goverment

Enterprise funds are carried intot he business type activities section of the goverment wide financial statements  generally with no reconcili-----------------------

for goverment

--------------------------- are often merged with govermental activities displayed in the ogvernment wide finacials

for goverment

internal service funds are often merged with govermental activities displayed in the ---------------------------------------

--------------------------- are accounted for using the modified accrual basis of accounting and use the current financial resources measurement focus.

govermental funds are accounted for using the ----------------------------- of accounting and use the current financial resources measurement focus.

----------------------------- often have a budgetary focus and seek to measure financial position and the changes therein

Governmental funds often have a ----------------------------- and seek to measure financial position and the changes therein

Governmental funds often have a budgetary focus and seek to ----------------------------- and the changes therein

The main financial statement of govermental funds are the statement of revenues, expenditures, and changes in fund balance

The main financial statement of ---------------------------------- are the statement of revenues, expenditures, and changes in fund balance

Govermental Fund types include the following 6 types of funds

Govermental Fund types include the following 6 types of funds

General Funds
------------------------
Debt service funds
Capital projects funds 
Permanent Funds
--------------------

Govermental Fund types include the following 6 types of funds
General Funds
Special revenue funds
Debt service funds
-------------------------
----------------------------
Proprietary Funds

For Govermental Funds, What does GRaSPP mean?

What is a General Fund

In a --------------------, all transactions not accounted for in other funds are accounted in it.

In a general fund, all transactions ---------------------------------- in other funds are accounted in it.

In a general fund, all transactions not accounted for in ------------------------- are accounted in it.

What is a Special revenue fund

special revenue funds are set up to account for --------------------- from specific taxes or other earmarked sources that are restricted or committed to finance particular activities of goverment.

special revenue funds are set up to account for revenues from specific taxes or other earmarked sources that are ---------------------------------------- to finance particular activities of goverment.

What are Debt service funds

--------------------------- are funds set up to account for the accumulation of resources and the payment of interest and principal on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.

Debt service funds are funds set up to account for the accumulation of ------------------ and the payment of interest and principal on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.

Debt service funds are funds set up to account for the accumulation of resources and the payment of ------------------------- on all general obligation debt other than that serviced by enterprise funds or special assessment in anothor fund.

Debt service funds are funds set up to account for the accumulation of resources and the payment of interest and principal on all ------------------------------- other than that serviced by enterprise funds or special assessment in anothor fund.

What are Capital Projects funds

------------------------------ are funds set ip to account for resources restricted committed or assigned for the acquisition or construction of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.

capital projects funds are funds set ip to account for resources ------------------------------------ for the acquisition or construction of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.

Capital project funds are funds set ip to account for resources restricted committed or assigned for the ---------------------------------- of major capital assets by a goverment unit, expect those projects financied by an enterprise fund or by a special assessment.

In a --------------------------, the resources are restricted, committed or assigned to debt service expenditures

In a debt service fund, the resources are ------------------------------------------------ to debt service expenditures

What is a permanent fund

A -------------------------------- is a fund used to report resources that are legally restricted tot he extent income and not principle may be used for purposes supporting the reporting government programs

A permanent Fund is a fund used to ----------------------------- that are legally restricted tot he extent income and not principle may be used for purposes supporting the reporting government programs

A permanent Fund is a fund used to report resources that are legally restricted to the extent ----------------------------- may be used for purposes supporting the reporting government programs

A permanent Fund is a fund used to report resources that are legally restricted tot he extent income and not principle may be used for purposes supporting the ------------------------------------------------------

What are Propriertary Funds

-------------------------------- account for business type activities and their accounting is similar to commercial accounting.

Propriertary Funds account for business type activities and their accounting is similar to --------------------------------------------.

------------------------------ use the full accrual basis accounting and should be reported using the economic resources measurement focus.

Propriertary Funds use the full accrual basis accounting and should be reported using the ---------------------------------- measurement focus.

Propierty Funds include

---------------------funds

-----------------------funds

internal service funds and enterprise funds are examples of what type of funds

What are internal service funds

Internal Service Funds are funds set up to account for ---------------------------- provided by designated departments on  a fee basis to other departments and agencies within a single govermental unit or to other govermental units.

Internal Service Funds are funds set up to account for goods and services provided by -------------------------------- on  a fee basis to other departments and agencies within a single govermental unit or to other govermental units.

Internal Service Funds are funds set up to account for goods and services provided by designated departments on  a ---------------- to other departments and agencies within a single govermental unit or to other govermental units.

What is a enterprise fund

enterprise funds are funds set up to account for the ---------------------------------- of govermental facilitites and services that are intended to be primarily self supported by user charges.

enterprise funds are funds set up to account for the acquisition and operation of ---------------------------------------------- that are intended to be primarily self supported by user charges.

Enterprise funds are required when any one of these three criteria are met

Enterprise funds are required when any one of these three criteria are met

1. ----------------------------------------
2. Laws require collection fees adquate to recover costs
3. Pricing policeis are established to produce fees to recover costs.

Enterprise funds are required when any one of these three criteria are met

1. the activity of the fund is financied by dent secured by a pledge of fee revenue
2. ----------------------------------------
3. Pricing policeis are established to produce fees to recover costs.

Enterprise funds are required when any one of these three criteria are met

1. the activity of the fund is financied by dent secured by a pledge of fee revenue
2. Laws require collection fees adquate to recover costs
3. --------------------------------------------------------------

What are fiduciary Funds

--------------------------------- are funds account for assts received where the goverment acts in the capacity of a trust or agency fund.

financial staemetns of fiduciary funds should be reported using the ---------------------------------------------------- and the ------------------------------------------------.

The 4 fiduciary funds are

The 4 fiduciary funds are

1.
2. Agency Trust funds
3. Private Purpose Trust Funds
4. investment Trust Funds

The 4 fiduciary funds are

1. Pension trust funds
2.
3. Private Purpose Trust Funds
4. investment Trust Funds

The 4 fiduciary funds are
1. Pension trust funds
2. Agency Trust funds
3.
4. investment Trust Funds

The 4 fiduciary funds are
1. Pension trust funds
2. Agency Trust funds
3. Private Purpose Trust Funds
4.

What is a pension trust fund

 -----------------------funds account for resources of defined benefit plans, defined contribution plans, post employment benefit plans, and other long term employee benefit plans

What are agency trust funds

 ----------------------funds account for resources in the tempory custody of a govermental unit

What are Private Purpose trust funds

------------------------- funds are the designated funds for all other trust fund arrangements under which principal and income are for the benefit of specific individuals, private organizations, or other goverments. 

What are investment trust funds

------------------- are funds that account for external investment pools