What is the difference between program revenues and general revenues?
All revenues are general revenues unless they are required to be reported as program revenues. General revenues are reported in the governmentwide statement of activities after program revenues have been subtracted from functional expenses. Programs are financed from essentially four sources (see table 4):
What is general revenue?
General revenue is the income a government receives primarily from its taxing authority, and not including income from other sources, such as the sale of utility services like water or power, or from the sale of other goods, such as alcoholic beverages.
At what point are revenues recognized in the general fund?
In the General Fund, revenues are recognized when measurable and earned. 5. Special Revenue Funds may be used whenever a government wishes to segregate income for specific purposes.
What are the two main types of financial reporting done by state and local governments?
Only two financial statements make up the government-wide financial statements- the statement of net assets and the statement of activities.
What is the difference between fund financial statements and government-wide financial statements?
Fund-based financial statements are different than government-wide financial statements. While government-wide financial statements are a summary of all government funds and accounts, the fund-based financial statements show a specific fund’s financial statement.
What is program revenues?
Program Revenues
This net expense often represents the level of support required from the government’s own resources. Program revenues include fees collected from those who benefit from the program, grants, and other contributions required by the resource provider to support a specific activity.
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What is an example of a general fund?
Definition of general fund
Examples are the purchase of supplies and meeting operating expenditures. An example of a specialized fund, on the other hand, is the capital projects fund that accounts for financial resources used for the acquisition or construction of major capital facilities.
What does general funding mean?
General fund refers to revenues accruing to the state from taxes, fees, interest earnings, and other sources which can be used for the general operation of state government. General fund revenues are not specifically required in statute or in the constitution to support particular programs or agencies.
What is the purpose of general and special revenue funds?
The general fund pays for usual and ongoing town expenses; the capital fund is earmarked for large projects, and the rainy day fund is the emergency account for unexpected expenditures. A special revenue fund is established to finance and operate dedicated smaller-scale projects.
What are the five types of governmental funds?
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
How revenues and expenses are grouped for planning and control in the financial statements?
Revenues and expenses can be grouped either by function (such as retail group, manufacturing division and administrative department) or by nature (such as salaries and benefits, rent, and insurance).
Which of the following best describes how revenues from grants and other subsidies are recognized?
An expenditure is a payment of money. Which of the following best describes how revenues from grants and other subsidies are recognized? Grants and other subsidies are recognized when all eligibility requirements are met.
Why are there no capital assets in governmental type funds?
There are no capital assets in governmental-type funds because those funds account only for inflows and outflows of financial resources. Governmental-type funds can be used and indeed are used to acquire capital assets.
What is economic resources measurement focus?
Measurement focus refers to what is expressed in reporting an entity’s financial performance and position. A particular measurement focus is accomplished by considering which resources are measured and when the effects of transactions and events involving those resources are recognized.
What is the minimum number of special revenue funds you would expect a local government to have?
What is the minimum number of Special Revenue Funds you would expect a local government to have? The minimum number of Special Revenue Funds that a government might be expected to have is zero.
What is the difference between general and special revenue fund?
Normally much smaller than the general fund, a special revenue fund might contain money set aside for a road project, library, or parks. A special revenue fund is set up so that money spent on whatever the project may be can be accounted for separately from the general fund.
How should general funds be used?
A general fund is the primary fund used by a government entity. This fund is used to record all resource inflows and outflows that are not associated with special-purpose funds. The activities being paid for through the general fund constitute the core administrative and operational tasks of the government entity.
What is the primary difference between money accounted for in the general fund and monies accounted for in the special revenue fund?
What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund? Monies in the special revenue fund are legally restricted as to expenditure and monies in the general fund are used for general public benefit. What are the two proprietary funds?
What are the three main types of fund financial statements?
The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company’s operating activities.
What are the 11 different funds used in governmental accounting?
Governmental funds include the following:
- 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 the difference between fund long term liabilities and general long term liabilities?
Although governments are required to record liabilities in the period in which they are incurred, it is necessary to distinguish between obligations that represent fund liabilities, which are amounts that are due and payable, from unmatured long-term indebtedness, which represents a general long-term liability.
What are general long-term liabilities?
Long-term liabilities are financial obligations of a company that are due more than one year in the future. The current portion of long-term debt is listed separately to provide a more accurate view of a company’s current liquidity and the company’s ability to pay current liabilities as they become due.
What is accounting for general long-term liabilities?
Whenever general obligation debt is incurred, the liability is recorded in the General Long-Term Liability Accounts by a credit to accounts such as bonds payable, installment purchase contracts payable, or capital outlay certificates payable.
What are the types of fund accounting?
There can be two types of fund one is restricted, and the other is unrestricted. The restricted fund is used for a particular purpose, but unrestricted funds can be used for any purpose or general-purpose. The non-profit organization uses the same standard as profit organization uses.
What is General accounting?
General accounting essentially refers to general ledger collection and accounting activities that include account charges in credits and debits and documenting financial statements for a quarter, calendar or fiscal year.
What is general fund in balance sheet?
Introduction to Balance Sheet
It has all liabilities and assets as on the date of the preparation of the balance sheet by the organization. The excess of assets over the liabilities is termed as Capital Fund or the General Fund.