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MSB WTR10 AC 330 XM1
MSB GOVNFP unit 7
Question | Answer |
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Intangible Assets | Capital assets that lack physical substance, have a useful life of more than one reporting period, and are nonfinancial in nature. |
Asset Impairment | A significant, unexpected decline in the service utility of a capital asset |
Historical costs | Costs that includes acquisition cost plus ancillary costs necessary to put the asset into use. |
Infrastructure assets | Capital assets, such as highways, streets, sidewalks, storm drainage systems, and lighting systems, that are stationary in nature and normally can be preserved for a longer life than most other capital assets. |
Capital improvements fund | A fund used to raise annual revenues for the specific purpose of financing major repairs to existing capital assets or for the replacement of components of those assets |
Interfund Transfers | Assets that are no longer needed in a capital projects fund and are transferred to the fund that will service the debt incurred for the project, a debt service fund. |
Special Assessment | A compulsory levy made against certain property to defray part of all of the cost of a specific improvement or service that is presumed to be of general benenfit to the public and of the particular benefit to the property. |
Capital projects fund | An account created for resources to be used for certain projects. |
Bond Premium | Bonds payable in excess of par |
Bond Anticipation Notes | Short-term interest-bearing notes issued by a government in anticipation of bonds to be issued at a later date. |