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MSB AC 330 XM2

MSB GovNFP Unit 4

QuestionAnswer
What is an internal exchange transaction? Internal transactions between funds and activities rather than between the government and and external entity or person.
What is fund equity? The arithmetic difference between the total financial resources and the total liabilities of the General Fund.
What is a tax anticipation note? A short term loan used to meet the working capital needs of a government before revenues are received.
What is a nonexchange transaction? Transactions in which one party does not receive value proportionate to the value given.
Name two types of derived tax revenues. Sales tax and income tax
How should a revision to the budget be recorded? Once it is known that the budget and actual revenues and expenditures are greatly varied or estimated incorrectly, increases or decreases to the budget should be entered similarly to the entry of the original budget.
Name a type of internal service fund. Supplies
What ledger(s) are affected by the payment of payroll? General Fund Ledger, Expenditures Ledger, Governmental Activites
How should the gross tax levy be calculated? It must be large enough so that the collectable portion equals the needed revenue from the source.
If property tax revenue needed is $3,500,000 and only 95% is collectible, what should the gross tax levy be? $3,500,000 / .95 = $3,684,211
Created by: mkmiller80