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MSB AC 330 XM2

MSB GovNFP unit 5

QuestionAnswer
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