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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 |