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MSB WTR10 AC 330 XM1

MSB GovNFP Unit 7

QuestionAnswer
Required repayment to the federal government arising from rules that prohibit the government from investing bond proceeds at interest rates higher than that applicable to the entity's tax-exempt debt. Arbitrage rebate
A significant, unexpected decline in the service utility of a capital asset. Asset impairment
A lease that substantively transfers the benefits and risks of ownership of property to the lessee. Capital leases
The amount paid or liability incurred by an accounting entity to acquire an asset and make it ready to render the services for which it was acquired. Historical cost
Roads, bridges, curbs and gutters, streets, sidewalks, drainage systems, and lighting systems installed for the common good. Infrastructure assets
A rental-type lease in which the risks and benefits of ownership are substantively retained by the lessor. Operating leases
A compulsory levy made against certain properties to defray part or all of the cost of a specific improvement or service. Special assessment
Short-term interest-bearing notes issued by a government in anticipation of bonds to be issued at a later date. Bond anticipation notes
A fund to accumulate revenues from current taxes levied for major repairs and maintenance to capital assets of a nature not specified at the time the revenues are levied. Capital improvements fund
The determination of the cost of construction of buildings and improvements by some agency of the government. Force account construction
Created by: scott.sibbet