Advanced Accounting - Governmental Accounting Exam Questions and Correct Answers Latest Update 2024 (Rated A+)
Governmental Funds - Answers include all funds that account for activities a government carries out primarily to provide citizens with services that are financed primarily through taxes...
Governmental Funds - Answers include all funds that account for activities a government carries out
primarily to provide citizens with services that are financed primarily through taxes
Proprietary Funds - Answers account for a government's ongoing activities that are similar to those
conducted by for-profit organizations. This fund type normally encompasses operations that assess a
user charge so that determining profitability or cost recovery is important
Fiduciary Funds - Answers account for monies held by the government in a trustee or agency capacity.
Such assets must be maintained for others and cannot be used by the government for its own programs
General Fund - Answers this account is to account for and report all financial resources not accounted
for and reported in another fund; it accounts for many of a government's most important services, a
broad range of ongoing functions
Special Revenue Fund - Answers account for resource inflows that are restricted or committed for a
specific purpose other than debt payments or capital projects; donor restrictions are attached to the
revenue to require that expenditure be limited to specific operating purposes
Capital Projects Fund - Answers this fund type accounts for financial resources restricted, committed, or
assigned to be used for capital outlays such as acquiring or constructing bridges, high schools, roads, or
municipal office complexes; funding for these projects normally comes from grants, sale of bonds, or
transfers from general revenue
Debt Service Fund - Answers these funds record financial resources accumulated to pay long-term
liabilities and interest as they come due, however, this fund type does not account for a government's
long-term debt
Permanent Fund - Answers this category of fund accounts for financial resources restricted by external
donor, contract, or legislation with the stipulation that the principal cannot be spent but any income can
be used by the government, often for a designated purpose to benefit the general citizenry
Internal Service Fund - Answers this fund type accounts for any operation that provides services to
another department or agency within the government on a cost-reimbursement basis , these funds
charge fees but perform their service for the primary benefit of parties within the government rather
than for outside users
Enterprise Fund - Answers any government operation that is open to the public and financed, at least in
part, by user charges is likely to be classified as this type of fund
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
