G&NP Final Vocab

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  1. General Purpose Governments
    Governments that provide many categories of services to their residents, such as states, counties, municipalities, and townships. Typical services include public safety, road maintenance, and health and welfare.
  2. Special Purpose Governments
    Governments that provide only a single function or a limited number of functions, such as independent school districts and special districts. Formally called limited purpose governments.
  3. Business-Type Activties
    Commercial-type activities of a government, such as public utilities (e.g., electric, water, gas, and sewer utilities), transportation systems, toll roads, toll bridges, hospitals, parking garages and lots, liquor stores, golf courses, and swimming pools.
  4. Fund
    A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
  5. Fund Accounting
    An accounting system organized on the basis of funds, each of which is considered a separate accounting entity. Accounting for the operations of each fund is accomplished with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Resources are allocated to and recorded in individual funds based upon purposes for which they are to be spent and the means by which spending activities are controlled. Fund accounting is used by states and local governments and internally by not-for-profit organizations that need to account for resources the use of which is restricted by donors or grantors.
  6. Fiscal Accountability
    Current-period financial position and budgetary compliance reported in fund-type financial statements of governments.
  7. Operational Accountability
    Information useful in assessing operating result and short- and long-term financial position and the cost of providing services from an economic perspective reported in entitywide financial statements.
  8. Interperiod Equity
    A term coined by the Government Accounting Standards Board indicating the extent to which current-period revenues are adequate to pay for current-period services.
  9. Expenditures
    An expenditure is recorded when liabilities are incurred pursuant to authority given in an appropriation (q.v.). If the accounts are kept on the accrual basis (q.v.) or the modified accrual basis (q.v.), this term designates the cost of goods delivered or services rendered, whether paid or unpaid, including expenses, provision for debt retirement not reported as a liability of the fund from which retired, and capital outlays. When the accounts are kept on the cash basis (q.v.), the term designates only actual cash disbursements for these purposes.
  10. Expenses
    A charge incurred, whether paid or unpaid, for operation, maintenance, interest, and other charges presumed to benefit the current fiscal period.
  11. Program Revenue
    Revenues linked to a specific function or program and reported separately from general revenues on the government-wide statement of activities.
  12. General Revenue
    Revenues that are not directly linked to any specific function or do not produce a net revenue.
  13. Economic Resources Measurement Focus
    Attention on measuring the total economic resources that flow in and out of the government rather than on measuring current financial resources only.
  14. Debt Service Funds (DSFs)
    Funds used to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest. Debt service funds should be used to report resources if legally mandated. Financial resources that are being accumulated for principal and interest maturing in future years also should be reported in debt service funds.
  15. Appropriations
    • Authorizations granted by a legislative body to incur liabilities for purposes specified in the Appropriation Act (q.v.). Note: An appropriation is usually limited in amount and as too the time when it may be expended.
  16. Encumbrance
    Accounts used to record the estimated amount of purchase orders, contracts, or salary commitments chargeable to an appropriation. The account is credited when goods or services are received and the actual expenditure of the appropriation is known.
  17. Budgetary Accounts
    Those accounts that reflect budgetary operations and condition, such as estimated revenues, appropriations, and encumbrances, as distinguished from proprietary accounts.
  18. Other Financing Sources
    An operating statement classification in which financial inflows other than revenues are reported, for example, proceeds of long-term debt and transfers in.
  19. Capital Projects Fund (CPFs)
    Funds used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets. Capital projects funds exclude those types of capital-related outflows financed by proprietary funds or for assets that will be held in trust for individuals, private organizations, or other governments.
  20. General Capital Asset (GCA)
    Those capital assets of a government that are not recognized by a proprietary or fiduciary fund.
  21. Capital Asset
    Assets of a long-term character that are intended to continue to be held or used, such as land, buildings, machinery, furniture, and other equipment. Note: The term does not indicate the immobility of an asset, which is the distinctive character of "fixture" (q.v.).
  22. Infrastructure Assets
    Roads, bridges, curbs and gutters, streets, sidewalks, drainage systems, and lighting systems installed for the common good.
  23. Other Financing Uses
    An operating statement classification in which financial outflows other than expenditures are reported, for example, transfers out.
  24. Modified Approach
    An approach that allows the government to elect not to depreciate certain eligible infrastructure assets provided certain requirements are met.
  25. General Obligation (GO) Bonds
    Bonds for whose payment the full faith and credit of the issuing body is pledged. More commonly, but not necessarily, general obligation bonds are considered to be those payable from taxes and other general revenues. In some states, these bonds are called tax-supported bonds.
  26. Agency Fund
    • Funds consisting of resources received and held by the government as an agent for others; for example, taxes collected and held by a municipality for a school district. Note: Sometimes resources held by a government for other organizations are handled through an agency fund known as a pass-through agency fund.
  27. Trust Fund
    Funds consisting of resources received and held by the government as trustee, to be expended or invested in accordance with the conditions of the trust.
  28. Investment Trust Fund
    Funds used to account for the assets, liabilities, net position, and changes in net position corresponding to the the equity of the external participants.
  29. Private-Purpose Trust Fund
    Funds that account for contributions received under a trust agreement in which the investment income of an endowment is intended to benefit an external individual, organization, or government.
  30. Pension Trust Fund (PTFs)
    Public Employee Retirement Systems (PERS) - The organizations that collect retirement and other employee benefit contributions from government employers and employees, manage assets, and make payments to qualified retirants, beneficiaries, and disabled employees.
  31. Comprehensive Annual Financial Report (CAFR)
    A government's annual report that contains three sections-- introductory, financial, and statistical. A CAFR provides financial information beyond the general purpose external financial statements and conforms to guidance in the GASB Codification.
  32. Enterprise funds
    A fund established to finance and account for the acquisition, operation, and maintenance of governmental facilities and services that are entirely or predominantly self-supporting by user charges; or for when the governing body of the government has decided periodic determination of revenues earned, expenses incurred, and/or net income is appropriate. Governmentally owned utilities and hospitals are ordinarily accounted for by enterprise funds.
  33. Internal Service Funds (ISFs)
    Funds established to finance and account for services and commodities furnished by designated department or agency to other departments and agencies within a single government or to other governments. Amounts expended by the fund are restored thereto either from operating earning or by transfers from other funds, so that the original fund capital is kept intact. Formerly called a working capital fund or intragovernmental service fund.
  34. general fund
    to account for all current financial resources except those required to be accounted for in another fund
  35. special revenue funds
    to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects
  36. capital projects funds
    to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets
  37. debt service funds
    to account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest
  38. permanent funds
    to account for and report resources that are restricted to extent that only earnings, and not principal, may be used for purposes that support the primary government's programs (those that benefit the government or its citizenry). (Note: similar permanent trusts that benefit private individuals, organizations, or other governments--that is, private-purpose trust funds--are classified as fiduciary funds)
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G&NP Final Vocab
2014-05-20 18:55:38

Final vocabulary words
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