Governmental Funds Financial Statements

Free CPA BAR (Business Analysis & Reporting) lesson in State and Local Governments. 19 min read, ~2,834 words.

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

What this lesson covers

• Content
• Example 1
• Example 2
• Common Mistakes
• Key Takeaways
• Exam Shortcuts

Learning objectives

• III.A2

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