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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 4

QuestionAnswer
True or False: GASB 34 permits governments the option of preparing a government-wide balance sheet rather than a statement of net assets. True
The portion of fund balances that is not reserved. Unreserved fund balance.
True of False: State and local governments are required to provide quarterly or other interim financial statements to external parties. False
True of False: Budgetary accounting has no effect on the government-wide financial statements. True
A common contribution made to the General Fund by governmental utilities in recognition of the fact the utility receives police and fire protection and other services. PILOT - Payment in Lieu of Taxes
The method used for accounting for supplies when expenditures for supplies equals the total amount purchased for the year. Generally associated with a periodic inventory system. Purchases Method
The method used for accounting for supplies when expenditures for supplies equals the total amount consumed for the year. Consumption Method
The three categories of accounts on the General Fund Balance Sheet Assets, Liabilities, and Fund Balances
The governmental equivalent of the Income Statement Statement of Revenues, Expenditures, and Changes in Fund Balance
What is needed when legal or policy considerations require separate funds to be created for current operating purposes other than those served by proprietary or fiduciary funds. Special Revenue Funds
Transfers from one fund to another with the intent that the amount be repaid. Interfund Loans
Two types of Interfund Transfers Operating Transfers and Residual Equity Transfers
Nonroutine transactions often made to establish or liquidate a fund. Residual Equity Transfers
Exchange or nonexchange transactions between the primary government and its blended or discretely presented component units. Intra-Entity Transactions
Created by: acollins73
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