How are fiduciary funds presented in the government-wide financial statements?
A) Fiduciary funds are included in the fund basis statements but not in the government-wide. B) Fiduciary funds are reported by fund type, not as major funds. Fiduciary funds use the economic resources measurement focus and accrual accounting.
Which of the following are required financial statements of fiduciary funds?
Which of the following are required financial statements of fiduciary funds? A. Fiduciary funds’ financial statements include the Statement of Fiduciary Net Position, the Statement of Changes in Fiduciary Net Position, and the Statement of Fiduciary Cash Flows.
Where in the basic financial statements would one find Fiduciary activities reported?
D) Fiduciary activities are reported in the government-wide statements in a separate column.
Which of the following is a fiduciary fund?
Governments are often required to hold or manage assets on behalf of others. GASBS 34 updated the types of fiduciary funds to include the following: pension (and other employee benefit) trust funds; investment trust funds; private‐purpose trust funds; and agency funds.
Where in the basic financial statements most commonly would one find internal service fund assets reported?
Where in the basic financial statements, (most commonly) would one find internal service fund activities reported? A. In the proprietary funds’ statements and in the business-type activities column of the government-wide statements.
What is the difference between fund financial statements and government-wide financial statements?
While government-wide financial statements are a summary of all government funds and accounts, the fund-based financial statements show a specific fund’s financial statement. These funds are the governmental funds, proprietary funds, and fiduciary funds.
What are the 5 classifications of fund balance?
The new fund balance classifications will indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. Constraints are broken down into five different classifications: nonspendable, restricted, committed, assigned, and unassigned.
Why is unassigned fund balance reported only in the general fund?
Because unassigned fund balance represents amounts that are not constrained in any way, not even by an intention to use them for a specific purpose, the general fund is the only appropriate place to report this classification of fund balance.
What is the main difference between general fund and special revenue fund?
The general fund is a government’s basic operating fund and accounts for everything not accounted for in another fund. Special revenue funds are intended to be used to report specific revenue sources that are limited to being used for a particular purpose, such as transportation aid.
What are the similarities and differences between internal service funds and enterprise funds?
Both the internal service fund and enterprise funds are classified as proprietary fund. Internal service funds are reported as part of governmental activities column while enterprise funds are reported as part of business type activities column of the governmental wide financial statements.
What are the purposes of enterprise funds and internal service funds?
The Enterprise Operating and Internal Service Funds Reserves are accumulated and maintained to provide stability and flexibility in response to unexpected adversity and/or opportunities.
What are the internal service funds?
An internal service fund is a fund used in governmental accounting to track goods or services shifted between departments on a cost reimbursement basis. An example of an internal service fund is a maintenance department that provides equipment maintenance services to other departments.
Do internal services funds report depreciation?
6.70 Internal service funds are proprietary funds so depreciation of capital assets must be recorded.
How are internal service funds reported?
4.3. 6.10 The internal service funds are reported in all of the proprietary fund financial statements in a separate column to the right of the total enterprise funds column. Major fund requirements do not apply to the internal service funds and their information is combined into one column.
What are the internal service funds reported on the government wide statements?
Internal Service Funds Examples include contributions, interfund loans, proceeds of tax-supported bond issues, or transfers from other governments that will use the services of the internal service fund.
What are internal service funds used for quizlet?
While internal service funds exist primarily to provide goods and services to other departments and agencies of the same government, there is no prohibition to providing the goods or services to other governments as well. You just studied 34 terms!