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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 3

QuestionAnswer
Expenses - Program Revenues = Net (Expense) Revenue
Expenditures are classifed as 1) Fund2) Function or program3) Organization Unit4) Activity5) Character6) Object
Authorization for administrators to expend financial resources on behalf of the government is Appropriation
When a purchase order or contract has been issued the appropriation has been Encumbered
An internal allocation of funds on a periodic basis is referred to as an Allotment
Taxes, special assessments, licenses and permits, charges for services, and fines and forfeits are all examples of Revenues
Which financial statement shows for each program expenses minus program revenues equalling net (expense) revenue? Government-wide Statement of Activities
Other Financing Sources are Transfers into a fund and debt issue proceeds received by a fund.
How many days after the end of the fiscal period must property taxes be expected to be collected before they can be recognized as available revenue in the current period? 60 Days
What accounts have normal balances that are the opposite of the corresponding operating statement accounts? Budgetary Accounts.
Created by: Amanda Reinert
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