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MSB AC 330 XM2
MSB GovNFP Unit 3
| Question | Answer |
|---|---|
| Expenses- Program Revenues= | Net (expense) revenue |
| Extraordinary Items | transactions or other events that are both unusual in nature and infrequent in occurrence |
| special items | items within managements control that may be either unusual in nature or infrequent in occurrence |
| Revenue | increases in fund financial resources other than from inter-fund transfers and debt issue proceeds |
| expenditure | a decrease in a fund's current financial resources other than from inter-fund transfers |
| budgetary accounts | accounts that have normal balances opposite the corresponding operating statement accounts |
| activity | a specific and distinguishable line of work performed by an organization unit |
| penalty | legally mandated additions to a tax on the day it becomes delinquent |
| program revenues | reported in the functions/programs of the statement of activities, where they reduce net expense of each function or produce net revenue |
| general revenue | not directly linked to any specific function or program and thus are reported in a separate section in the lower portion of the statement |
Created by:
RachelSwanson
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