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MSB WTR10 AC 330 XM1
MSB GovNFP Unit 5
| Question | Answer |
|---|---|
| An interfund transaction occurring between two government funds or between two enterprise funds. | Intra-Activity Transaction |
| Interfund loans or transfers between a governmental fund and an enterprise fund. | Intra-Entity Transaction |
| A transaction where each party receives value essentially equal to the value given. | Exchange Transaction |
| External events in which a government gives or receives value without directly receiving or giving equal value in exchange. | Nonexchange Transaction |
| Fund in which the earnings are expendable for a specified purpose, but the principal amount is not expendable. | Permanent Fund |
| A trust established with the intent to benefit an external individual, organization, or government. | Private-Purpose Trust |
| A trust established with the intent to benefit a public program, function, or the citizenry. | Public-Purpose Trust |
| Loans made by one fund to another. | Interfund Loan |
| Taxes remaining unpaid on or after the date on which a penalty for nonpayment is attached. | Delinquent Taxes |
| The amount of the tax bill sent to the taxpayer without regard for any estimate of uncollectible taxes. | Gross Tax Levy |
| The purchases method is consistent with which basis of accounting. | Modified Accrual |
| Name two derived tax revenues. | Sales Tax and Income Tax |
Created by:
scott.sibbet
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