Gov/NonProf Ch 1-4

fiscal accountability

a governments responsibility to demonstrate its compliance with public decisions about the raising and spending of public monies in the short term

fund

self contained accounting entity with its own asset, liability, revenue, expenditure or expense, and fund balance or net position accounts

expenditures

the amount of net financial resources expended during the period

expenses

the cost of assets and services consumed during the period

governmental funds

account for the financial assets, related liabilities, changed in net assets, and balances that may be expended in non-business type activities (expendable)

proprietary funds

account for revenues, expenses, assets, liabilities, and new position of its business-type activities (nonexpendable)

enterprise fund

to account for any activity for which user fees are charged for good and services provided to external customers

internal service fund

account for any activity of a fund, department, or agency that provides goods or services primarily to other funds, departments, or agencies on a cost-reimbursement basis

general fund

account for and report all financial resources not accounted for and reported for in another fund

special revenue fund

account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects

capital projects fund

account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays

debt service fund

account for and report financial resources that are restricted, committed, or assigned to expenditure for principal and interest

permanent fund

account for resources that are legally restricted to the extent that only earning, and not principal, may be used for purposes that support the reporting governments programs, for the benefit of the government and its citizenry