Chapter 5 - Fund Accounting

What does GAAP stand for?

• generally accepted accounting principles
• generally accepted accounting people
• generally applicable accounting principles
• generalized accounting and practice

What are the three main categories of functions and accounts?

• General, Private, Fixed
• Governmental, Property, Fiscal
• Governmental and Fiduciary
• Governmental, Proprietary, Fiduciary

Which group controls the principles of accounting?

• Governmental Accounting Standards Board
• LEA
• A certified public accountant
• Taxpayers

What is an example of a Proprietary Fund?

• General Fund
• Food Service Fund
• Benefit Trust Fund

The Special Revenue Fund falls under which category?

• Governmental 
• Proprietary
• Fiduciary

Capital Project Funds fall under which category?

• Governmental
• Proprietary
• Fiduciary

An Internal Service Fund Type is part of which category?

• Governmental
• Proprietary
• Fiduciary

An Investment Trust Fund is an example of what type of fund?

• Governmental
• Proprietary
• Fiduciary

What is the minimum number of information categories need for an internal budget report?

• 3
• 4
• 5
• 6

An outstanding purchase order is?

• Endowment
• Encumbrance
• Accrual