The Statement describes four types of fiduciary funds: Pension (and other employee benefit) trust funds , ... Private-purpose trust funds, and. Custodial funds.
Which of the following are fiduciary type funds?
- Agency Funds.
- Investment Trust Funds.
- Pension and Employment Benefit Trust Funds.
- Private-Purpose Trust Funds.
What are the fiduciary funds?
According to the GAAFR (the Blue Book), fiduciary funds are “used to account for resources that a government holds as a trustee or agent on behalf of an outside party that cannot be used to support the government’s own programs .
What are proprietary and fiduciary funds?
Proprietary funds are employed to report on activities financed primarily by revenues generated by the activities themselves, such as a municipal utility. Fiduciary funds contain resources held by a government but belonging to individuals or entities other than the government.
What are the types of governmental funds?
GOVERNMENTAL FUNDS
Four fund types are used to account for a government’s “governmental- type” activities. These are the general fund, special revenue funds, debt service funds, and capital projects funds . Basis of Accounting: All governmental funds are accounted for using the modified accrual basis of accounting.
What are the 4 fiduciary funds?
- Pension (and other employee benefit) trust funds,
- Investment trust funds,
- Private-purpose trust funds, and.
- Custodial funds.
What is the purpose of the general fund?
As “America’s Checkbook,” the General Fund of the Government consists of assets and liabilities used to finance the daily and long-term operations of the U.S. Government as a whole . It also includes accounts used in management of the budget of the U.S. Government.
What are the key distinguishing characteristics of fiduciary funds?
The distinguishing characteristic is that the party benefiting from the trust must be external to the government operating the trust . In pension and other employee benefits trusts a government is managing benefits that belong to government employees.
What are examples of proprietary funds?
Examples of Proprietary Funds include interfund loans, proceeds of tax-supported bond issues , as well as transfers from other relevant governments.
How are fiduciary funds reported?
c. Financial statements of fiduciary funds should be reported using the economic resources measurement focus and the accrual basis of accounting , except for the recognition of certain liabilities of defined benefit pension plans and certain postemployment healthcare plans.
What are the characteristics of a proprietary fund?
Proprietary funds focus on the flow of economic resources recognized on the accrual basis of accounting . These funds account for all assets and liabilities related to their operations, both short-term and long-term. Internal service funds are established to improve financial management of government resources.
What are the 5 types of governmental funds?
According to the GAAFR (the Blue Book), governmental funds are “used to account for activities primarily supported by taxes, grants, and similar revenue sources.” Within the category of Governmental Funds, there are five types: General Fund, special revenue funds, debt service funds, capital projects funds, and ...
What are the two types of proprietary funds?
There are two types of proprietary funds: enterprise funds and internal service funds . This chapter describes the basic characteristics and accounting for proprietary funds, both enterprise and internal service funds. Proprietary funds use the accrual basis of accounting and the economic resources measurement focus.
What are the three classifications of funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary .
What are 3 types of funds?
Mutual fund investments can be classified into three types – money market funds, bond funds and stock funds . When investors are deciding which to utilize, they should consider investment strategies needed for each and their level of risk tolerance.
What are the four types of funds?
What types of mutual funds are there? Most mutual funds fall into one of four main categories – money market funds, bond funds, stock funds, and target date funds . Each type has different features, risks, and rewards. Money market funds have relatively low risks.
