The governmental fund category includes the general fund, special revenue funds, capital projects funds, debt service funds and permanent funds .
Which financial statement must be presented for governmental funds?
Required governmental fund statements are a balance sheet and a statement of revenues, expenditures, and changes in fund balances. Required proprietary fund statements are a statement of net assets; a statement of revenues, expenses, and changes in fund net assets; and a statement of cash flows.
Which of the following is included in the governmental fund statements?
A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances .
What information is included in the 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 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 .
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 three main types of governmental funds?
There are three major groups of government funds. These groups are governmental, proprietary, and fiduciary .
What are the three major sections of CAFR?
The Comprehensive Annual Financial Report consists of three sections: Introductory, Financial and Statistical .
What is other financing sources and uses?
Other financing sources and uses include a limited number of special transactions that are used to account for non-operating revenues/receipts and expenditures/disbursements. Included in this financial reporting category are operating transfers and proceeds from debt transactions.
What is general fund in balance sheet?
It represents resources that can be used for any purpose of the fund they are reported in. Unreserved fund balance in a debt service fund can be used to repay any outstanding debt. Unreserved fund balance in the general fund can be used for any purpose at all.
What are the two types of government-wide financial statements?
Two main aspects of government-wide financial statements are the financial statement and the statement of net assets . The financial statement shows the revenue collected and the amounts that the government spent.
What are the two government-wide financial statements?
The government-wide financial statements are as follows: statement of net assets; and . statement of activities .
What is the general fund in governmental accounting?
The general fund is a government’s basic operating fund and accounts for everything not accounted for in another fund . Special revenue funds are intended to be used to report specific revenue sources that are limited to being used for a particular purpose, such as transportation aid.
What are fund financial statements?
These statements present information about major funds individually and about non-major funds in the aggregate for governmental and proprietary fund types . ... Fiduciary statements include financial information for fiduciary fund types.
What is the statement of fund balance or net worth?
A “net worth” statement or “balance sheet” is designed to provide a picture of the financial soundness of your business at a specific point in time . Net worth statements are often prepared at the beginning and ending of the accounting period (i.e. January 1), but can be done at any time.
