- General Fund. A general fund is the chief operating fund for the entire government. ...
- Special Revenue Funds. ...
- Debt Service Fund. ...
- Capital Projects Fund. ...
- Permanent Fund. ...
- Enterprise Fund. ...
- Internal Service Fund.
What is included in governmental funds?
The governmental fund category includes the general fund, special revenue funds, capital projects funds, debt service funds and permanent funds .
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 major governmental funds?
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
What are the different classification of funds in the local government?
Local Funds. Based on the sources of income or resources and types of activities which they finance, local funds are classified into General Fund and Infrastructure Fund .
What are the three fund types categories used by state and local governments?
- Governmental Funds;
- Proprietary Funds;
- Fiduciary Funds.
What are the three categories of funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary .
What are the five categories of fund balance on a governmental funds balance sheet?
The new fund balance classifications will indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. Constraints are broken down into five different classifications: nonspendable, restricted, committed, assigned, and unassigned .
Which of the following are included in a local government’s government wide financial statements?
The government-wide financial statements include the Statement of Net Assets, the Statement of Activities, and the Statement of Cash Flows .
What funds the general fund?
Revenues are received from broad-based state taxes.” The three primary sources of general fund revenue are personal income tax, sales tax, and corporate income tax collections .
What are the three categories of funds prescribed by GASB standards and which fund types are included in each which basis of accounting is used by each category?
What are the three categories of funds prescribed by GASB standards and which fund types are included in each? Which basis of accounting is used by each category? The three categories of funds are governmental, proprietary, and fiduciary.
What are the three broad sections of a state or local government’s CAFR?
What are the three broad sections of a state or local government’s CAFR? A. Introductory, financial, and statistical .
What is a General Fund in government?
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 types of funds?
- Money market funds. These funds invest in short-term fixed income securities such as government bonds, treasury bills, bankers’ acceptances, commercial paper and certificates of deposit. ...
- Fixed income funds. ...
- Equity funds. ...
- Balanced funds. ...
- Index funds. ...
- Specialty funds. ...
- Fund-of-funds.
What are the 3 major areas of finance?
Finance consists of three interrelated areas: (1) money and credit markets , which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...
What is cash fund classification?
General sense: Cash funds are classified as current or noncurrent depending on and should be parallel to the classification of related liability.
