Potpourri 1
This type of governmental entity provides a narrower range of services to their residents than do general purpose governments.
What are special purpose governments?
The basis of accounting that recognizes revenues when measurable and available for paying current obligations and expenditures when a current liability has been incurred.
What is the modified accrual basis of accounting?
Permanent funds use this basis of accounting.
What is the modified accrual basis of accounting?
Proprietary and fiduciary funds use this basis of accounting.
What is the accrual basis of accounting?
This organization sets the accounting and financial reporting standards for state and local governments in the United States.
What is the Governmental Accounting Standards Board?
This is the measurement focus related to the modified accrual basis of accounting.
What is the current financial resources measurement focus?
The cost to purchase a good or service is recorded as this within Governmental funds.
What is an expenditure?
This measurement focus measures both current and long-term assets and liabilities.
What is the economic resources measurement focus?
An increase in governmental fund financial resources other than from interfund transfers and debt issue proceeds.
What are revenues?
In accounting for state and local governments the modified accrual basis is required for this category of funds.
What is the governmental category of funds?
Roads, bridges, and other long-lived capital assets installed for the common good that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.
What are infrastructure assets?
These are the two required fiduciary fund financial statements.
What are the statement of fiduciary net position and the statement of changes In fiduciary net position?
The General Fund journal entry to record the cost of electricity provided by the city-owned electric utility (an enterprise fund of the city) would include a debit to this account.
What is the expenditures account?
The expenditure classification "Public Safety" is an example of this type of classification.
What is function?
The Estimated Revenues account of a government is debited at this time.
What is when the budget is recorded at the beginning of the year?
Supplies recorded in the General Fund under the purchases method will initially be recorded with a debit to this account.
What is the expenditures account?
The value at which donated assets should be reported.
What is acquisition value (i.e., the price that you would have paid to acquire the same or very similar asset in a similar condition on the acquisition date)?
If a governmental fund issues debt to finance a capital acquisition, the proceeds of the debt is recorded in this section of the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balance.
What is the Other Financing Sources (Uses) section?
The value at which a new copier acquired under a lease agreement in the General Fund would be recorded.
What is the present value of minimum lease payments?
A significant, unexpected decline in the service utility of a capital asset is referred to as this.
What is asset impairment?
In a capital projects fund, this account is credited when part of a progress payment for construction is withheld until final settlement of the contract.
What is Contracts Payable—Retained Percentage?
The term used to identify a transaction where a government transfers the rights and obligations of an asset to another legally separate government or private sector entity.
What is a service concession arrangement?
Bonds for which the amount of annual principal repayments is scheduled to increase each year by approximately the same amount that interest payments decrease.
What are annuity serial bonds?
All long-term investments in debt and equity securities held for repayment of general long-term debt principal are reported at this amount in the debt service fund balance sheet.
What is fair value?
This is when revenues for imposed nonexchange revenues should be recognized.
What is in the period for which the taxes are levied, subject to the availability rule?