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MSB AC 330 XM2

MSB GovNFP Unit 5 Chapter 4 Part 2

QuestionAnswer
The GASB refers to taxes such as sales and income taxes as derived tax revenues
Budgetary accounting has no effect on which financial statements? government-wide
Internal exchange transactions occur internally between funds and activities
The methods used to account for supplies include the consumption method and the purchases method
Under the purchases method, a purchase of supplies during the year would include a debit to the _______ account in the general fund. expenditures
All temporary accounts including budgetary and ______ are closed at fiscal year-end. operating
___________ are exchange and nonexchange transactions between primary government and its blended or discretely presented component units. Intra-equity transactions
When the government gives or receives value without directly receiving or giving equal value in exchange, the transaction is a : nonexchange transaction
Created by: govikes45