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MSB WTR10 AC 330 XM

MSB GovNFP Unit 2

QuestionAnswer
Modified accrual basis Only recognizing revenues that will be available to pay obligations in the current period; if not available yet it is not recognized yet. Otherwise, the same as accrual basis accounting.
Component unit Financially accountable by the primary government, legally separate such as a government hospital or public building or other unit with ongoing financial support, if not reported in financials it would mislead or be incomplete.
Primary government State government or general purpose local government such as a city or county or a special purpose such as a public school system.
Reporting entity Primary government and component units that the primary government is financially accountable for.
Fiduciary activities Acting as an agent or trustee for private parties, such as with pensions or escheat property; not to the general public.
Escheat property Property that goes to the government when somebody dies without an heir to claim the estate.
Business type activities When governments charge users, such as for electric, sewer, toll roads, golf courses or hospitals. May be subsidized.
Governmental activities Consists of core services to protect the public and provide basic needs services such as parks, roads, schools and the administrative support needed to run these core services. Public purpose, no private party services.
Discrete presentation Presenting something in columns, like the government-wide financial statements.
Fiduciary funds Funds held in trust, not included in government-wide financials because funds are not available to the government, just the proceeds that are created by the funds are available, such as interest on the trust monies.
Created by: tbernu