GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES in Visual Studio .NET

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344 GOVERNMENTAL ACCOUNTING PRINCIPLES AND PRACTICES
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3 Fiduciary funds and similar component units Pension and other employee bene t trust funds Investment trust funds Private-purpose trust funds Agency funds The general fund, special revenue funds, debt service funds, and capital projects funds are considered governmental funds since they record the transactions associated with the general services of a local governmental unit (ie, police, public works, re prevention) that are provided to all citizens and are supported primarily by general revenues For these funds, the primary concerns, from the nancial statement reader s point of view, are the types and amounts of resources that have been made available to the governmental unit and the uses to which they have been put The enterprise funds and internal services funds are considered proprietary funds because they account for activities for which the determination of net income is important The trust and agency funds are considered duciary funds There are basically three types of trust funds: expendable trust funds that operate in a manner similar to governmental funds, nonexpendable trust funds and pension trust funds that operate in a manner similar to proprietary funds, and agency funds that account for funds held by a government entity in an agent capacity Agency funds consist of assets and liabilities only and do not involve the measurement of operations Although a government should establish and maintain those funds required by law and sound nancial administration, it should set up only the minimum number of funds consistent with legal and operating requirements The maintenance of unnecessary funds results in in exibility, undue complexity, and inef cient nancial administration For instance, in the past, the proceeds of speci c revenue sources or resources that nanced speci c activities as required by law or administrative regulation had to be accounted for in a special revenue fund However, governmental resources restricted to purposes usually nanced through the general fund should be accounted for in the general fund, provided that all legal requirements can be satis ed Examples include state grants received by an entity for special education If a separate fund is not legally required, the grant revenues and the grant-related expenditures should be accounted for in the fund for which they are to be used Another way to minimize funds is by accounting for debt service payments in the general fund and not establishing a separate debt service fund unless it is legally mandated or resources are actually being accumulated for future debt service payments (ie, for term bonds or in sinking funds) Furthermore, one or more identical accounts for separate funds should be combined in the accounting system, particularly for funds that are similar in nature or are in the same fund group For example, the cash accounts for all special revenue funds may be combined, provided that the integrity of each fund is preserved through a distinct equity account for each fund (i) General Fund The general fund accounts for the revenues and expenditures not accounted for in other funds and nances most of the current normal functions of governmental units: general government, public safety, highways, sanitation and waste removal, health and welfare, culture, and recreation It is usually the largest and most important accounting activity for state and local governments Property taxes are often the principal source of general fund revenues, but substantial revenues may also be received from other nancing sources The general fund balance sheet is typically limited to current assets and current liabilities The GASB Codi cation emphasizes this practice by using the terms expendable assets and current liabilities when describing governmental funds, of which the general fund is one Thus the fund balance in the general fund is considered available to nance current operations A governmental unit, however, often makes long-term advances to independent governmental agencies, such as redevelopment authorities or housing agencies, or provides the capital necessary to establish an internal service fund The advances are recorded in the general fund as an advance receivable Although in most cases collectibility is assured, repayment may extend over a number
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