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MSB AC 330 XM2

MSB GovNFP Unit 2

QuestionAnswer
Revenues recognized when earned or as specified by GASB standards; expenses when incurred. Accrual Basis
Measure inflows and outflows of current financial resources. Focuses on fiscal accountability; whether managers have met budgetary and other legal financial requirements. Current Financial Resource Focus
Measure inflows and outflows of economic resources (current and non-current). Focus on operational accountability; whether management efficiently uses resources in providing services. Economic Resources Measurement Focus
The succession of abandoned property to the state. Accounted for in either a expendable trust fund or the fund in which the property ultimately escheats. Escheats Properties
Recognized when measurable and available; expenditures when incurred. Modified Accrual Basis
Account for resources provided by trust for which the principal is NOT spendable, but the earnings on the principal are required to be used for a public purpose. Permanent Funds
Are used when required by law or by policy to account for financial resources earmarked for a specified operating purpose. Accounting and budgeting are identical to GF. Special Revenue Funds
A seperate fiscal and accounting entity.Self balancing set of accounts.Segregates financial resources,liabilities paid from fund resources, and fund equities to attain objectives specified regulations, restrictions,or limitations.Own books and statements. Fund
Account for activities in which goods or services are provided to the general public for a charge. Ex airports, public trans, utilities, parking garages, liquor stores. Reported as business-type activities in the government-wide financial statements. Enterprise Funds
Account for financial resources segregated to pay for construction or acquisition of long lived capital assets. Capital Project Funds (CPF)
Created by: angela.klehr
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