Terminology
Where governmental transactions are recorded to keep transactions separate.
What is a fund?
Accounts for all financial resources, except those accounted for in another fund.
What is the general fund?
Financial statements that focus on current period revenues & expenditures.
What is fund financial statements?
The organization that creates accounting standards that are followed by state & local governments
What is Governmental Accounting Standards Board (GASB)?
Main source of revenue for governments?
What are (property) taxes?
A commitment by the government to expend resources when a purchase order is approved.
What is an encumbrance?
Accounts for proceeds from a gasoline tax, which will be used for road maintenance.
What is special revenue fund?
Government account debits this account rather than an asset or expense?
What is an expenditure?
A transfer that occurs between two enterprise funds.
What is an intra-activity transfer?
A classification for a type of assessment that occurs when an underlying exchange takes place, such as income & sales taxes.
What is derived tax revenue?
Records the amount expected to be spent by the government for the fiscal period.
What is the appropriations?
Reports activities that provide goods or services to other governmental agencies.
What is the Internal Service Fund?
A legally approved plan for operations; is recorded in fund financial statements but not in gov't wide financial statements.
What is a budget?
A transfer recorded in the government-wide financial statements and occurs between a governmental fund and an enterprise fund.
What is an inter-activity transfer?
When the government makes an assessment but no underlying exchange takes place, such as property taxes.
What is imposed nonexchange revenues?
Budgetary account that records the amount expected to be collected from a government's main sources of revenue.
What is estimated revenues?
Where proceeds to finance the construction of a city rehabilitation center should be recorded.
What is Capital Projects Fund?
Fund governmental accounting debits this account rather than an asset or expense?
What is an expenditure?
The type of transfer that is not recorded in the government-wide financial statements.
What is an intra-activity transfer?
The type of fund balance if the Mayor & City Council vote to earmark money for recreational centers.
What is Committed Fund Balance?
Records revenue when current financial revenues are both measurable & available, and expenditures when current financial resources are reduced.
What is modified accrual accounting?
Taxes collected & held by Baltimore County for a separate school district are accounted for in this fund.
What is Custodial (Agency) Fund?
Type of activity on the governmental-wide financial statement if the purpose of the internal service fund is to serve a governmental fund?
What is a governmental activity?
The type of activity on the government wide financial statements if the purpose of the internal service fund is to serve an enterprise fund.
What is business-type activity?
Type of revenue if a state votes that all cities must operate youth centers and gives a grant to help the cities cover for the cost.
What is government-mandated nonexchange revenue?