Exam (elaborations)
FAR CPA F9 Questions & Detailed Answers
- Course
- CPA
- Institution
- University Of Texas - Austin
FAR CPA F9 Questions & Detailed Answers
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FAR CPA F9 Questions & Detailed AnswersWhat are three major Governmental Funds? - ANS Governmental Funds (GRaSPP)
Proprietary Funds (SE)
Fiduciary Funds (Cippoe)
Governmental Funds - ANS -GRaSPP
-Modified accrual
-Current financial resource focus
*General* Fund
Special *Revenue* Funds
*and*
Debt *Service* Funds
Capital *Projects* Funds
*Permanent* Funds
General Fund - ANS Governmental Fund
OPERATING FUND, BILLS, SALARIES
Special Revenue Fund - ANS Governmental Fund
, FEDERAL MONEY
Ex: SCHOOL LUNCH MONEY
Debt Service Fund - ANS A fund to account for financial resources set aside for the
payment of interest and principal on long-term debt; a sinking fund.
Ex: mortgage payments
Capital Projects Fund - ANS A fund to account for financial resources set aside for
the acquisition or construction of major capital facilities.
Permanent Fund - ANS legally restricted so that only earnings, not principal, may
be used
Proprietary Funds - ANS -Full Accrual
-Economic resources measurement
-Treat like a customer / not a citizen
Internal *Service* Funds
*Enterprise* Dund
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