Governmental Funds Financial Statements

Free CPA BAR (Business Analysis & Reporting) lesson in State and Local Governments. 19 min read, ~2,882 words.

Five governmental fund types: General, Special Revenue, Capital Projects, Debt Service, and Permanent, each serving a distinct purpose and reported as a major fund or aggregated into Other Governmental Funds. Modified accrual basis recognizes revenues when measurable and available (typically collected within 60 days of year-end) and expenditures when the...

What this lesson covers

• Content
• Example 1
• Example 2
• Common Mistakes
• Check Your Understanding
• Exam Shortcuts

Learning objectives

• III.A2

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