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In this video we cover fund accounting basics for governmental fund accounting on the FAR CPA exam.

The 3 categories of funds used in governmental accounting are governmental funds, proprietary funds, and fiduciary funds.

Governmental funds use the modified accrual basis of accounting, which focuses on the flow of current financial resources, and they are used primarily for nonexchange revenues such as taxes, grants, and revenues between other funds. These funds are used for the primary functions of government such as health and safety, infrastructure such as roads, and general government administration. The 5 types of governmental funds are: 1) General fund, 2) Special revenue funds, 3) Debt service funds, 4) Capital projects funds, 5) Permanent funds.

Proprietary funds operate like for-profit businesses and engage in exchange transactions where users are charged for goods and services. These funds use accrual accounting, which focuses on the flow of economic resources. The 2 types of proprietary funds are: 1) Enterprise funds, 2) Internal service funds.

Fiduciary funds are funds that are held for other entities or individuals, and these funds do not belong to the government entity. These funds also use accrual accounting. The 4 types of fiduciary funds are: 1) Pension trust funds, 2) Investment trust funds, 3) Private purpose trust funds, 4) Custodial (agency) funds.

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