No quid pro quo
Transactions in which the donor derives no direct tangible benefits from the recipient agency.
What are nonexchange transactions?
Proprietary and fiduciary funds use this type of measurement focus.
What is the economic resources measurement focus?
When supplies previously encumbered are received, these two accounts are debited.
What is expenditures control or Budgetary Fund Balance-Reserve for Encumbrances?
Governments that are temporarily short of cash but that have levied taxes expected to be collectible during the fiscal year are generally able to obtain funding by issuing this type of short-term debt security.
What is a tax anticipation note?
The use of current governmental fund financial resources or a decrease in governmental fund financial resources other than transfers and other financing uses.
What are expenditures?
A classification of nonexchange transaction, such as income or sales taxes.
What are derived tax revenues?
Activities related to the government acting as an agent or trustee for parties outside the government are reported within in this activity category (i.e., fund category)
What is the fiduciary activity or fund category?
When supplies ordered for use in an activity accounted for in the General Fund are received at an actual price that is more than the estimated price on the purchase order, the Encumbrance Control account is credited for this amount.
What is the estimated price on the purchase order?
Bonds payable in which the total principal is repayable in a specified number of equal annual installments.
What are regular serial bonds?
Receipt of money in prepayment of a property owner's next-year taxes would be credited to this account.
What is deferred inflows of resources-property taxes?
A category of nonexchange transaction that includes certain grants and entitlements and most donations.
What are voluntary nonexchange transactions?
This type of fund would be used to account for an activity that provides centralized purchasing and sales of goods or services to other departments or agencies of the government on a cost-reimbursement basis.
What is an internal service fund?
Property taxes that will not be collected within 60 days of fiscal year end are reported in this General Fund account.
What is the Deferred Inflows of Resources—Unavailable Revenues account?
This type of bond has a one-time principal maturity that requires a lump-sum repayment of principal on the due date.
What is a term bond?
Public-purpose trusts for which the earnings are expendable for a specified purpose, but the principal amount is not expendable are accounted for in this type of governmental fund.
What is a permanent fund?
A category of nonexchange transactions, such as property taxes and most fines and forfeitures.
What are imposed nonexchange transactions?
These are the five types of governmental funds.
What are general fund, special revenue funds, debt service funds, capital projects funds, and permanent funds?
Supplies recorded in the General Fund under the consumption method will initially be recorded with a debit to this account.
What is the supplies inventory account?
A transaction in which cash or other assets are placed into an irrevocable trust for the benefit of debt holders.
What is In-substance defeasance?
This is the amount of 2024 expenditures that would be recorded if at the end of the 2023 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2024 and, in 2024, the encumbered goods were received at an invoiced cost of $520.
What is $20?
For derived tax revenues, such as sales and similar taxes, this is when revenues should be recognized.
What is when the underlying exchange (e.g., sale of goods or services) has occurred.?
These are the three required governmental fund financial statements.
What are the balance sheet, statement of revenues, expenditures, and changes in fund balances, and reconciliation of governmental statements to government-wide statements?
This is when revenues should be recognized for both government-mandated and voluntary nonexchange transactions.
What is in the period when all eligibility requirements have been met?
A bond anticipation note can be classified as long-term if these two conditions are met.
What is (1) all legal steps have been taken to refinance the BAN and (2) the intent to refinance the notes is supported by an ability to secure refinancing of the notes on a long-term basis?
Under this method of accounting for infrastructure assets the book value of the infrastructure asset remains unchanged.
What is the modified approach?