What type of fund is a special revenue fund?
A special revenue fund is an account established by a government to collect money that must be used for a specific project. Special revenue funds provide an extra level of accountability and transparency to taxpayers that their tax dollars will go toward an intended purpose.
Is a special revenue fund a governmental fund?
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 examples of special revenue funds?
Examples of special revenue funds are those used for the funding of parks, libraries, schools, and wastewater management.
What is general fund and special revenue fund?
The general fund and special revenue fund are used to segregate discernable transactions. Under the current rules, the emphasis is on capturing the proceeds of specific revenue sources and accumulating them during the accounting period.
What is a special revenue fund quizlet?
Special Revenue Fund Purpose. account for revenues and expenditures that are legally restricted or committed for specific purposes other than debt service or capital projects. Entire fund can be spent on where it is restricted or committed to.
What are the three types of government funds?
There are three major groups of government funds. These groups are governmental, proprietary, and fiduciary.
What is the special fund?
Definition: The Special Funds are those kinds of mutual funds that can neither be categorized as equity funds nor as the debt funds. These funds are unique and work well for those investors who have specific financial objectives.
What are 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.
Which of the following is considered a fiduciary fund?
Governments are often required to hold or manage assets on behalf of others. GASBS 34 updated the types of fiduciary funds to include the following: pension (and other employee benefit) trust funds; investment trust funds; private‐purpose trust funds; and agency funds.
What is national revenue fund?
National Revenue Fund
213. There is a National Revenue Fund into which all money received by the national government must be paid, except money reasonably excluded by an Act of Parliament. Money may be withdrawn from the National Revenue Fund only – in terms of an appropriation by an Act of Parliament; or.
What is the purpose of a special revenue fund chegg?
A. Special revenue funds are used when it is desirable to provide separate reporting of resources that are restricted or committed as to expenditure for purposes other than debt service or capital.
What is the general fund quizlet?
The General fund is defined as the fund used to account for all financial resources not accounted for in another fund, but it is actually much more than that.
What is a fund in governmental accounting?
A fund is defined in GASB Codification Section 1300 “as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on …
What are governmental fund types?
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
What are the types of funds in governmental accounting?
Governmental Reporting Overview Fund Type Structure
| Governmental Funds | Proprietary Funds | Fiduciary Funds |
|---|---|---|
| General (FT01) | Enterprise (FT05) | Pension (FT10) |
| Special Revenue (FT02) | Internal Service (FT06) | External Investment Trust (FT18) |
| Debt Service (FT03) | Private-Purpose Trust (FT20) | |
| Capital Projects (FT04) | Custodial (FT22) |
What type of accounting do government funds use?
modified accrual basis
Governmental funds use a modified accrual basis of accounting with the underlying premise being to report mostly readily available assets and liabilities expected to be used and paid back within a year.
What are the two proprietary fund types?
According to GAAFR (the Blue Book), proprietary funds are “used to account for activities that receive significant support from fees and charges.” There are two types of proprietary funds: enterprise funds and internal service funds.
What is proprietary type fund?
A proprietary fund is used in governmental accounting to account for activities that involve business-like interactions, either within the government or outside of it. These activities are similar to what would be found in the private sector, so the reporting resembles what would be used by a private business.
What are the three major types of funds found in most local government accounting information systems?
The focus of governmental and proprietary fund financial statements is on major funds. In fund financial statements, governments should report governmental, proprietary, and fiduciary funds to the extent that they have activities that meet the criteria for using these funds.
What are the three fund types categories used by state and local governments?
The three categories of funds are governmental, proprietary, and fiduciary. The fund types included in each category are shown below: The basis of accounting used by governmental funds is modified accrual.
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.
How is General Fund funded?
About 40 percent of general fund revenue is attributable to general and selective sales taxes. The largest of these is the gross receipts tax. Other smaller sales taxes include the compensating tax, tobacco excise tax, liquor excise tax, in- surance premium tax, motor vehicle excise tax, and gaming excise tax.