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Fund types that do not use modified accrual accounting?
Fund types that do not use modified accrual accounting include proprietary funds, such as enterprise funds and internal service funds, as well as fiduciary funds. These funds employ full accrual accounting, which recognizes revenues when earned and expenses when incurred, regardless of the timing of cash flows. This approach provides a more comprehensive view of a fund's financial status and long-term financial performance. In contrast, modified accrual accounting is primarily used for governmental funds, focusing on short-term financial management.
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. When that happens, however, the accounting within the funds is such that there is an expenditure of financial resources, rather than an exchange of a financial resource for a capital asset. Capital assets are reported in government-wide financial statements, but not in fund financial statements.
How many general funds may governmental may use?
Governmental entities typically operate with one general fund, which is used to account for the majority of their basic services and operations. However, they may also have multiple special revenue funds for specific purposes, such as parks or public safety, but these are not considered general funds. Each entity may have different funds depending on their financial structure and needs, but the general fund is the primary source for general governmental activities.
What are governmental fiduciary funds?
Fiduciary funds are those used to account for funds held by the government in trust for others that cannot be used to support the government's programs, for example, an employee pension fund.
What is the difference between agency funds and governmental funds?
Trust Funds are set up as legal entities for the benefit of a particular group or named beneficiary. Trust relationships are generally established through formal trust agreements. Governments have more of a degree of involvement in decision-making for trust agreements. Agency Funds are used to account for funds held by a government temporally for individuals, private organizations, and/or other governmental units. The fund assets are offset by liabilities equal in amount; no fund equity exists. It has an indefinite term which means that while assets continue to be collected or held for others. Both funds are often identifies in governmental financial reports for fiduciary funds
Which type of governmental transfer of funds gives states the most latitude in the use of the money?
Block Grant.
What are Funds given from one governmental unit to another governmental unit for specific purposes are usually referred to as?
Funds given from one governmental unit to another for specific purposes are usually referred to as "grants" or "intergovernmental grants." These funds are often allocated to support specific programs, projects, or services that align with the funding government's objectives. Such transfers can help address regional needs, promote collaboration, and enhance public services across different levels of government.
Why are there no capital assets in government 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. When that happens, however, the accounting within the funds is such that there is an expenditure of financial resources, rather than an exchange of a financial resource for a capital asset. Capital assets are reported in government-wide financial statements, but not in fund financial statements.
Does Florida and Maryland allow proprietary mutual funds in accounts without the need to rebate fees?
As of my last knowledge update in October 2023, both Florida and Maryland have regulations that may allow proprietary mutual funds in certain accounts, but the specifics can vary by financial institution and account type. Generally, some states have rules requiring fee rebates or transparency regarding fees for proprietary funds, particularly in retirement accounts. It's essential to consult with a financial advisor or legal expert for the most up-to-date and relevant information regarding these regulations in each state.
What kind of companies use budget lapsing?
some universities use it and governmental agencies that have to account for all funds payable and received
What is one of the first Latin American countries to have a separate ministry of tourism with dedicated funds within its federal governmental structure?
Mexico
What are some of the other names for the concept of proprietary trading?
Proprietary trading often called prop trading is when a firm like PAX MARKET FUNDS gives traders access to its own capital to trade financial markets. Traders keep a share of profits, while the firm handles the funding and risk. You can follow this firm PAX Market Funds
