Define the following Governmental terms in at least 2-3 sentences. Each definition is worth 5 points for a total of 100 pts.

There are there classifications of Fund Accounting. Governmental. Proprietary. Fiduciary.

1.Define what are Governmental funds. (5)

2.Define what are Proprietary funds. (5)

3.Define what are Fiduciary funds. (5)

4. Expenses will cause a decrease in the amount of net assets without donor restrictions. Define expenses and give three examples of expenses. (5)

5. Depreciation is an expense associated with long-lived assets in the activities of a non- profit. Define depreciation and give three examples of depreciation. (5)

6. What is a Statement of Activities? (5)

7. Define Revenue in the non-profit? How are they reported (5)

8. Define GAAP. What is the meaning of the acronym? (5)

9. Define FASB. What is the meaning of the acronym? (5)

10. Define a Non- for profit organization. (5)

11. Define a For Profit business. (5)

12. Define what is a Statement of Cash Flow (5)

13. Define what are Income Statements (5)

14. Define Tax Exemption. (5)

15. Define Budget in governmental accounting. (5)

16 Define the Statement of Financial Position. (5)

17. Define Statement of Functional Expense (5)

18 Define Statement of Activities (5)

19. Define why it is a necessity for a non-profit to earn profit. Give at least 3 examples. (5)

20. Define donor restrictions. (5)