Debt
A loan to the City with the promise it will be repaid with interest at a specific future date
What is a bond?
Financial obligations or debts that a company is expected to pay off within one year
What is a current liability?
Services or merchandise on credit, you debit this primary current asset account.
What is accounts receivable?
The legal entity to which an subaward is made and which is accountable to the recipient for the use of the funds provided.
What does a Subrecipient?
Susan's tentative retirement date
What is March 31, 2027?
Type of bond that must be approved by the voters during an election.
What is a general obligation bond?
The City of El Paso collects court fines that must be split with the State of Texas, the portion owed to the state sits in this liability account
What is Due to other government agencies?
Primary source document generated to request payment from a client for goods or services rendered.
What is an invoice?
The prime recipient is held accountable for the use of funds extended to a subgrantee.
What is Liability?
City of El Paso's incorporated date
what is May 17, 1873?
Primary feature of municipal bonds that makes them highly attractive to investors in high income tax brackets.
What is federal tax exemption on interest?
In construction, this is the percentage of an agreed-upon contract price that is deliberately withheld until work is substantially finished to assure the contractor's performance.
What is retainage payable?
Contra-asset account used to reduce the total balance of Accounts Receivable for uncollectible amounts, which is required by GAAP.
What is the allowance for doubtful account?
Indication of higher risk, particularly when the situations identified in the audit findings could have a significant impact on a Federal program and or have not been corrected
What is Prior Audit Findings?
Number of years Susan lived in Germany
What is 4 years?
Toll roads, bridges, or ballparks, are generally funded by this category of municipal debt, which relies on user fees or a specific source of revenue rather than property tax revenue.
What is a special revenue bond?
Type of entry required to record an increase in an Accounts Payable balance
What is a credit?
Listing of invoices grouped by date ranges from the time of billing, which helps accountants actively monitor their outstanding accounts receivable.
What is an aging report?
New Single Audit Threshold effective date
What is Oct 1, 2024
Margarita's real birthday
What is September 18?
This term refers to the prohibited practice of investing lower-yielding tax-exempt bond proceeds into higher-yielding taxable investments to generate a profit.
What is arbitrage?
A bill from a supplier that is owed for goods or services bought on credit.
What is accounts payable?
Under modified accrual accounting, municipalities can only record tax revenues if they are both measurable and available. For availability, the cash must be collected within this many days after the end of the fiscal year.
What is 60 days?
OMB issued grant specific compliance requirements for federal awards
What is Compliance Supplement?
Elda's first husband's name
What is Tom?