Fiscal Management Midterm

  1. What term is described as "a self-balancing set of accounts segregated to carry out specific activities"?
  2. Which Standard Board requires the use of fund accounting?
    Governmental Accounting Standards Board (GASB)
  3. Why are nonprofit organizations typically more concerned about indirect and/or administrative costs?
    Because contributing organizations prefer the nonprofit organization spend as much of their contributions on client services and not just on administration
  4. Which GAAP principle(s) states that accounting systems must comply with both GAAP and finance-related legal and contractual provisions?
    Principle 1
  5. Which GAAP principle(s) deals with fund accounting?
    Principle 2-4
  6. Which GAAP principle(s) distinguishes between capital assets of proprietary funds and fiduciary funds, and general capital assets?
    Principle 5
  7. What does GAAP stand for?
    Generally Accepted Accounting Principles
  8. Which GAAP principle(s) sets basic valuation methods for fund capital assets and general capital assets?
    Principle 6
  9. Which GAAP principle(s) sets how to depreciate assets?
    Principle 7
  10. Which GAAP principle(s) distinguishes between two types of accrual accounting?
    Principle 9
  11. Which GAAP principle(s) requires an annual budget?
    Principle 10
  12. Which GAAP principle(s) distinguishes between long-term liabilities and general long-term liabilities?
    Principle 8
  13. What GAAP principle(s) provides guidance on how to classify accounts?
    Principle 11
  14. What GAAP principle requires a common terminology?
    Principle 12
  15. What GAAP principle emphasizes the importance of annual external reporting recommending a comprehensive annual financial report and interim statements?
    Principle 13
  16. Where does the District Dedicated Revenue from?
    Gas tax that a particular area pays
  17. What are the three main categories for funds?
    • Proprietary
    • Governmental
    • Fiduciary
  18. Which fund holds financial resources specifically earmarked for major capital acquisition or construction projects?
    Capital Projects
  19. What kind of fund accounts for services provided by one government agency to another (e.g jail print shot or IT)?
    Internal Service
  20. What type of fund is the chief operating fund of a government
  21. What type of fund is the chief operating fund of a government and usually accounts for all other financial resources that are not accounted for in other funds?
  22. What is used to report activity for which a fee is charged and must be accounted for, such as water or sewer charges?
  23. What type of fund accounts for purely custodial situations, as when one government collects taxes on behalf of another (like when school district's taxes are collected by the county tax collector)?
  24. What type of fund accounts for resources restriced for specific purposes (e.g. gas taxes for road maintenance, property taxes restricted or downtown development or for fire tax districts, states tobacco settlement funds restricted for smoking reducation and economic development, etc)?
    Special Revenue
  25. What type of fund is used for perpetual care endowments for such purposes as a municipal cemetery, library, or museum?
  26. What type of fund is the only beneficiary of permanent fund monies in the government itself and only their interest earnings (not the principle) may be spent?
  27. What type of fund pays the principle and interest on long-term debt, but is not legally required?
    debt service
  28. What type of fund reports other trust arrangements under which principal and interest benefit individuals, private organizations, or other governments?
  29. What type of fund accounts for money governmental pools to invest while it is not in use?
    Investment trust
  30. What type of fund acts as resources held in trust for the benefit of member contributors upon retirement?
    Pension trust
Card Set
Fiscal Management Midterm