SU 17.1-.2 Fund Accounting Concepts and Reporting

1.) General Fund 2.) Special Revenue Fund 3.) Debt Service Fund 4.) Capital Projects Fund 5.) Permanent Fund

A governmental fund that accounts for all financial resources except those required to be reported elsewhere

A governmental fund that accounts for financial resources legally required to be spent for a specific purpose

A governmental fund that accounts for financial resources dedicated to the construction of major capital facilities

Governmental funds that are set aside for the purpose of paying principle and interest on general long-term debt

Governmental funds that are made up of assets donated by outside party. Only income generated from the asset, but not the principle, is allowed to be spent.

Business-type activities of the government; they serve defined customer groups and are generally financed by fees

Enterprise Funds and Internal Service Funds

Proprietary funds that account for government activities that benefit outside parties who are willing to pay for them

Proprietary Funds that account for activities performed primarily for the benefit of other governmental agencies

Resources held by the government in trust or as an agent for specific individuals, private organizations, or other governments

1.) Pension /employee Benefit Trust Funds 2.) Investment Trust Funds 3.) Private Purpose Trust Funds 4.) Agency Funds

The responsibility of the government to justify that their actions in the current period have complied with public decisions regarding the raising and spending of public money in the short term

The governments' responsibility to report to the extent to which they have met their accounting objectives efficiently and effectively, using all resources available for that purpose, and whether they can continue to meet the objective for the foreseeable future

The requirement that governmental entities report 2 sets of financial statements