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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 3 Part 2

QuestionAnswer
A method of accounting for supplies in the general fund where expenditures for supplies equals the total amount purchased. Purchases Method
The general fund of every government is considered this. Major Fund
These are needed when legal or policy considerations require seperate funds to be created for current operating purposes other than those served by proprietary or fiduciary funds. Special Revenue Funds
The GASB standard for accounting for "grant revenue" It need not be recognized until the expenditure has taken place.
Loans made from one fund to another with the intent that the amount be repaid. Interfund Loans
GASBS 34 requirement for public-purpose trusts Public-purpose trusts for which earnings are expendable for a specified purpose but the principle amount is not expendable be accounted for in a governmental fund called a permanent fund.
External events in which a government gives or receives value without directly receiving or giving equal value in exchange. Nonexchange Transaction
Four classes of nonexchange transactions Derived Tax RevenuesImposed Exchange RevenuesGovernment-Mandated Nonexchange TransactionVoluntary Nonexchange Transaction
TRUE/FALSE: Budgetary accounts are generally needed for permanent funds. False, Budgetary accounts are often not needed because transactions of the fund result in changes in the fund principle only.
Intra-entity transactions exchange or nonexchange transactions between the primary government and its blended or discretely presented component units.
Created by: Amanda Schreiber
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