Understanding fund accounting - Governmental funds
9 important questions on Understanding fund accounting - Governmental funds
Generally accepted accounting principles permit a government to have only one general fund. What is the name of this fund?
There are two acceptable accounting methods for inventories in the general fund and other governmental funds. This method records an expenditure for inventories when they are consumed. What is the name of this second method?
City receives a grant to build a new recycling centre. What kind of fund is this?
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How should bond anticipation notes be recorded?
- the bond anticipation notes should be considered a short-term liability and recorded in the fund that receives the proceeds from these notes (usually the capital projects fund) or,
- Since they are expected to be repaid using the proceeds from a long-term debt issuance, they should be treated as a long-term liability.
The second type of financing that may or may not be recorded as a liability of a governmental fund. xxx Are financial instruments that create a potential call on a government's current financial resources. What is the term for the xxx?
No. 1 Demand bonds issued by state and local governments (GASBI 1). It addresses the accounting for demand bonds that have demand provisions that are exercisable at the balance sheet date or within one year from the date of the balance sheet. Interpretation No. 1 requires that these bonds be reported as a liability of the fund, unless all of the following conditions are met:
- Convert a takeout agreement.
- The takeout agreement does not expire within one year.
- The takeout agreement is not cancelable by the lender or the prospective lender during that year.
- The other party to the takeout agreement is expected to be financially capable of honoring the takeout agreement.
The investment earnings, not the principal can be spent. The money can only be spent for the benefit of the government or its citizens. What sort of fund is described?
There are two types of proprietary funds (eigen fondsen):
- Enterprise funds.
- Internal service funds.
What type of accounting do proprietary funds use?
What type of accounting do proprietary funds use?
What are enterprise funds primarily used for?
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