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.
How should fund information be reported in governmental and enterprise fund financial statements?
How should fund information be reported in governmental and enterprise fund financial statements? Each major fund should be reported in a separate column, and nonmajor funds should be combined and reported in a separate column.
What are the three main types of governmental funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary.
What are the 11 different funds used 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) |
How many governmental funds are there?
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund.
What are major governmental funds?
Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.
On what should the governmental fund financial statements report?
On what should the governmental fund financial statements report? Net position and results of financial operations of the government as a whole.
What financial statements are required for governmental funds?
The financial statements used to present governmental funds are:
- Government-wide financial statements: Statement of net position. Statement of activities.
- Fund financial statements: Balance sheet. Statement of revenues, expenditures and changes in fund balances.
What is GASB 72?
GASB No. 72 describes fair value as an exit price. Fair value is the price you would receive upon selling an asset (or transferring a liability) in an orderly transaction between market participants at the measurement date. The fair value shouldn’t be adjusted for transaction costs.