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MSB WTR10 AC 330 XM

MSB GovNFP Unit 2

QuestionAnswer
Legally separate organizations such as governmental hospitals for which the elected officials of the primary government are financially accountable for are called what? Component Units
What are the three fund categories for which governments must present fund financial statements? Governmental, Proprietary, and Fiduciary
A separate fiscal entity with its own resources, liabilities, and operating activities is known as a what? Fund
What are the five types of governmental funds? General fund, special revenue fund, debt service fund, capital projects fund, permanent fund
What type of governmental fund is used to account for permamnent endowments where any earnings off the principle balance can be used for public purposes? A permanent fund
What are cash or items like receivables that will be converted into cash during the current fiscal period or soon enough to cover current liabilities known as? Current financial resources
What is the term for the difference between current assets & current liabilities as shown on the balance sheet for governmental funds? Fund balances or fund equity
What types of funds are created to improve the management of resources as well as provide goods & services to governments on a cost-reimbursement basis? Internal service funds
Reporting on whether current financial resources were obtained from and expended for authorized sources only is known as: Fiscal accountability
When tax or grant revenues or private gifts are restricted for particluar operating purposes, what type of fund is created? Special revenue fund
Created by: jeffmnunes