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Chapter 2
Fund Accounting
9
Accounting
Undergraduate 3
10/01/2015

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Cards

Term
What is a deferred outflow of resources?
Definition
An asset (Think: Prepaid expenses)
Term
What is a deferred inflow of resources?
Definition
A liability (Think: Unearned income)
Term
What is net position?
Definition
Fund balance; difference between assets and liabilities (Think: Owner's Equity)
Term
What are the different types of fund balances?
Definition
Nonspendable: Nonmonetary form

Restricted: Amounts reserved by law or external parties

Committed: Constrained by highest decision-making authority formally

Assigned: Intended use

Unassigned
Term
What are types of accounting bases?
Definition
Cash
Modified accrual
Full accrual
Term
What are types of measurement focuses?
Definition
Current financial resources
Economic resources
Term
Are there any depreciation accounts in any funds? If so, which?
Definition
Only those that use full accrual (proprietary and fiduciary)
Term
What are the three sections of a CAFR?
Definition
Introductory
Financial
Statistical
Term
What information is required supplementary information?
Definition
Fund Balances
Actual-to-Budget Fund Information
Reconciliation of Govt-wide statements to budget
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