G&NFPA Final Exam Cards

To account for assets held by a government acting as an agent forone or more other governments, individuals, or private organizations

1) Dollar amount of transactions dictates use of agency fund for accountability reasons
2) Its use will improve financial management or accounting
3) Mandated by law, regulation, or GASB standards

1) Special assessment accounting when the government is not obligated in any manner for special assessment debt
2) Tax- agency funds
3) Pass-through agency funds

1) To account for special assessments when only the benefited taxpayers, and not the government, are obligated to pay interest and principal on the special assessment debt
2) Govnm'nt must not have indicated in any way its intent to be responsible for the debt
3) Government is simply acting as an agent for benefited property owners, as awell as the special assessment bondholders

1) Used only if the intermediate (pass through) government has no administrative involvement or direct financial involvement in the grant
2) The pass-through government must simply be acting as a conduit before an agency fund is used

1) Account for assets the government holds as an agent or trustee for individuals, organizations, or other governmentss
2) GAAP requires accrual accounting
3) GAAP requires that most investments be reported at fair value

Used to account for the balance sheet and operating statement transactions affecting the external participants of a centrally managed investment pool

A trust fund in which the gift (principal) is maintained (endowment), or spent (expended) for the "private-purposes" specified by the donor
2) If the government or its citizenry, is the primary beneficiary, then account for the gift in a "public-purpose" permanent fund (if the gift is an endowment) or special revenue fund (if the gift is expendable)