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TYPES OF FUND. REPORTING UNIT Each Governmental organization is described as Reporting Unit, and; prepares financial statements used by citizens, creditors,

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Presentation on theme: "TYPES OF FUND. REPORTING UNIT Each Governmental organization is described as Reporting Unit, and; prepares financial statements used by citizens, creditors,"— Presentation transcript:

1 TYPES OF FUND

2 REPORTING UNIT Each Governmental organization is described as Reporting Unit, and; prepares financial statements used by citizens, creditors, and others to evaluate the financial position and operating results for the purposes of making public policy and financing decisions.

3 FUND In governmental accounting the resources of the government are accounted for in "funds“. A fund is a self-balancing set of accounts, segregated for specific purposes in accordance with laws and regulations or special restrictions and limitations

4 TYPES OF FUNDS Governmental Funds  General Fund  Special Revenue Funds  Capital Projects Funds  Debt Service Funds Proprietary Funds  Enterprise Funds  Internal Service Funds Fiduciary Funds  Trust and Agency Funds

5 TYPES OF FUNDS General Fund – To account for all current financial resources except those to be accounted for in another fund. Special Revenue Fund – To account for the proceeds of specific revenue sources (other than fiduciary sources or major capital projects) that are legally restricted to expenditure for specified purposes. Capital Projects Funds – To account for current financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by propietary funds and trust funds.)

6 TYPES OF FUNDS Debt Service Funds – To account for the accumulation of resources for, and the payment of, general long-term debt principle and interest. Enterprise Funds – To account for operations  That are financed and operated in a manner similar to private business enterprises; or  Where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/ or net income is appropriate for capital maintainance, public policy, management control, accountability, or other purposes.

7 TYPES OF FUNDS Internal Service Funds – To account for the financing of goods or services provided by one department or agency to other departments or agencies of the governmental unit. Trust and Agency Funds – To account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, other governmental unit.  Expendable trust funds  Nonexpendable trust funds  Pension trust funds  Agency funds

8 MEASUREMENT FOCUS OF THE FUNDS What is being measured? Financial Resources: Focus is on inflows and outflows and balances of financial assets and liabilities at year end. Capital Maintenance: Focus is on how well the governmental unit maintained its assets.

9 ACCOUNT GROUPS The accounting and reporting entities for fixed assets and long-term liabilities are reffered to as account groups. General Fixed- Asset Account Group: To account for all general fixed assets of a governmental unit. General Long-Term Debt Account Group: To account for all unmatured general long-term liabilities of the governmental unit. Single entries forced into self-balancing set of accounts, and therefore have no measurement focus.

10 A CCOUNTING C HARACTERISTICS OF F UND T YPES

11 ACCOUNTING CHARACTERISTICS COMMON TO GOVERNMENTAL FUNDS Created in accord with legal requirements. Legal constraints on the raising of revenue and the expenditure of revenue are, in most jurisdictions, set forth in a legally adopted budget. Account for only financial resources. Account for only those liabilities to be paid from fund assets. Difference between fund assets and fund liabilities is called the fund equity.

12 ACCOUNTING CHARACTERISTICS COMMON TO PROPRIETARY FUNDS Established in accord with enabling legislation, and their operations and policies are subject to legislative oversight. Should prepare budgets as an essential element in the management planning and control processes. Account for all assets used in the fund operations. Account for current and long-term liabilities to be serviced from fund operations and/ or to be repaid from fund assets.

13 ACCOUNTING CHARACTERISTICS COMMON TO FIDUCIARY FUNDS All funds are used to account for assets held by a governmental unit as a trustee or agent. Agency and Expendable Trust funds are created and operated in the same manner as the four types of governmental funds. Nonexpendable and Pension Trust funds are created and operated in the same manner as the two types of proprietary funds..

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