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MSB AC 330 XM2
MSB GovNFP unit 5
| Question | Answer |
|---|---|
| A local government has been awarded a state grant to finance a fine arts program, but the state will provide reimbursement only after the grantee has made expendatures related to the fine arts program. this is a voluntary nonexchange transaction with____. | An Eligability Requirement. |
| Name the TWO type of interfund transfers? | An Operating Transfer and Residual Transfer |
| A public purpose trust for which both principal and earnings can be expended for a specific purpose are accounted for in ______________? | A Special Revenue Fund. |
| In an Imposed Nonexchange Revenues transaction,when are Assets recognized? | In the period when an enforceable claim has arisen or when resources are received, whichever is first. |
| In Derived Tax Revenues transactions, when are assets recognized? | In the period when underlying exchange has occurred or when resources are received, whichever is first. |
| Show the journal entries for an interfund loan from the general fund to the Office Supplies fund, a internal service fund in the amount of $75,000. | General Fund: (Debit)Interfund Laons receivable-Current -75,000 (Credit)Cash-75,000 Internal Services Fund:(Debit)Cash-75,000; (Credit)Interfund Loans Payable-current-75,000 |
| In the journal entries for Office Supplies Fund, if the loan was not to be paid back until next year, What would the differences be in your journal entries? | The word non-current would be used instead of current |
Created by:
Stephen.Nelsen
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