Term
| Difference between Deficit and Debt |
|
Definition
Deficit: borrowing for the current year
Debt: accumulated borrowing by government |
|
|
Term
|
Definition
GASB = Govermental Accounting Standards Board
Sets standards for state and local governments |
|
|
Term
|
Definition
Federal Accounting Standards Advisory Board
Sets standards for federal government |
|
|
Term
|
Definition
Financial Accounting Standards Board
Sets standards for private sector; includes NFPs |
|
|
Term
| Three Categories of Government Funds |
|
Definition
Governmental Activities
Business-type Activities
Fiduciary Activities |
|
|
Term
|
Definition
| those financed through taxes and intergovernmental grants |
|
|
Term
|
Definition
| Financed through user charges |
|
|
Term
|
Definition
Those for which government acts as a trustee or agent for individuals, external organizations, or other governments
|
|
|
Term
| Governments classify funds into three broad categories... |
|
Definition
Governmental Funds
Proprietary Funds
Fiduciary Funds |
|
|
Term
Governmental Fund
(Definition and types of funds) |
|
Definition
Governmental funds: maintained to account for gov's operating and financing activities
General fund, special revenue funds, debt service funds
capital projects funds, permanent funds |
|
|
Term
|
Definition
Type of government fund
Accoutns for all unassigned resources |
|
|
Term
|
Definition
Revenues that are restricted or committed to expenditure for specific purposes other than debt service or capital projects
Type of gov fund |
|
|
Term
|
Definition
Used to account for resources that are restricted, committed, or assigned for payment of interest and principal on long-term debt
Type of gov fund |
|
|
Term
|
Definition
Accounts for resources that are used for capital outlays
Type of gov fund |
|
|
Term
|
Definition
Legally restricted so that earnings, not principal, may be used
Type of gov fund |
|
|
Term
Proprietary Funds
(Definition and types) |
|
Definition
Used to account for ongoing business-type activities of a government; operate in a manner simlar to private industry
Enterprise funds and internal service funds |
|
|
Term
|
Definition
| Used to account for activities in which government sells goods/service to public at large |
|
|
Term
|
Definition
| Account for business activities in which customers are other funds, departments, or agencies within the same governmental unit (or sometimes other units) |
|
|
Term
Fiduciary Funds
(Definition and types) |
|
Definition
Account for resources held by the government in a trust or agency capacity that are intended to benefit parties other than the government
Trust funds and agency funds |
|
|
Term
|
Definition
Account for assets that government holds as a trustee (party that administers property for beneficiary) for the benefit of a third party
Example: pension funds, investment trust funds, private purpose trust funds |
|
|
Term
|
Definition
Used to account for assets that a government holds as an agent (one who acts on behalf of another) temporarily for other parties; responsible for receiving and distributing assets
Holds assets for short periods of time |
|
|
Term
|
Definition
Comprehensive Annual Financial Report: annual report for municipalities and other gov agencies
Main sections: introductory, financial, statistical
Dense because of the number of users and relevant information |
|
|
Term
| Statements in Each Fund Category |
|
Definition
Governmental: B/S; statement of revenues, expenditures, and changes in fund balances
Proprietary: B/S; statement of revenues, expenditures, and changes in net assets
Fiduciary: statement of fiduciary net assets, statement of changes in fiduciary net assets |
|
|
