chapter 3 vocab

Question 1

A process by which each parcel of taxable real and personal property owned by each taxpayer is assigned a valuation.

Answer 1

Property Assessment

Question 2

B. A basis for distinguishing expenditures according to the periods they are presumed to benefit. See also Character Classification.

Answer 2

Character

Question 3

C. Unusual and infrequent material gains or losses.

Answer 3

extraordinary itmes

Question 4

D. Amounts of financial resources estimated to be received or accrued during a period by a governmental or similar type fund from interfund transfers or from the proceeds of noncurrent debt issuance.

Answer 4

Estimated other financing sources

Question 5

E. Authorizations granted by a legislative body to incur liabilities for purposes specified in the Appropriation Act (q.v.). Note: An appropriation is usually limited in amount and as to the time when it may be expended. See, however, Indeterminate Appropriation.

Answer 5

appropriations

Question 6

F. Amounts of financial resources estimated to be disbursed or accrued during a period by a governmental or similar type fund for transfer to other funds.

Answer 6

Estimated other financing uses

Question 7

G. Those accounts that reflect budgetary operations and condition, such as estimated revenues, appropriations, and encumbrances, as distinguished from proprietary accounts. See also Proprietary Accounts

Answer 7

Budgetary accounts

Question 8

H. A temporary account established for the sole purpose of recognizing the difference between the anticipated inflows and outflows related to the budgetary period.

Answer 8

Budgetary fund balance

Question 9

I. Units or departments within an entity, such as police department or city attorney department.

Answer 9

Organization unit

Question 10

J. Revenues linked to a specific function or program and reported separately from general revenues on the government wide statement of activities.

Answer 10

Program revenues

Question 11

K. A group of related activities aimed at accomplishing a major service or regulatory responsibility for which a government is responsible. For example, public health is a function. See also Subfunction, Activity, Character, and Object.

Answer 11

function

Question 12

L. An operating statement classification in which financial outflows other than expenditures are reported, for example, transfers out.

Answer 12

other financing uses

Question 13

M. A part of an appropriation (or, in federal usage, parts of an apportionment) that may be encumbered (obligated) or expended during an allotment period.

Answer 13

allotment

Question 14

N. A specific and distinguishable line of work performed by one or more organizational components of a government for the purpose of accomplishing a function for which the government is responsible. For example, food inspection is an activity performed in the discharge of the health function. See also Function, Subfunction, and Subactivity.

Answer 14

activity

Question 15

O. Those expenses that are not directly linked to an identifiable function or program.

Answer 15

indirect expenses

Question 16

P. A basis for distinguishing expenditures by the article purchased or the service obtained (as distinguished from the results obtained from expenditures). Examples are personal services, contractual services, materials, and supplies.

Answer 16

Object

Question 17

Q. Activities, operations, or organizational units grouped together because they share purposes or objectives.

Answer 17

Programs

Question 18

R. Those expenses that can be charged directly as a part of the cost of a product or service or of a department or operating unit as distinguished from overhead and other indirect costs that must be prorated among several products or services, departments, or operating units.

Answer 18

direct expenses

Question 19

S. Revenues that are not directly linked to any specific function or do not produce a net revenue.

Answer 19

general revenues

Question 20

T. A legally mandated addition to a tax on the day it became delinquent (generally, the day after the day the tax is due).

Answer 20

penalty

Question 21

U. For revenue accounts kept on an accrual basis (q.v.), this term designates the amount of revenue estimated to accrue during a given period regardless of whether or not it is all to be collected during the period. For revenue accounts kept on a cash basis (q.v.), the term designates the amount of revenue estimated to be collected during a given period. Under the modified accrual basis (q.v.), estimated revenues are those that are measurable and available. See also Revenue, Cash Basis, Accrual Basis, and Modified Accrual Basis.

Answer 21

estimated revenues

Question 22

V. All property except that, which is exempt from taxation; examples of exempt property are property owned by governments and property used by some religious and charitable organizations.

Answer 22

taxable property

Question 23

W. An operating statement classification in which financial inflows other than revenues are reported, for example, proceeds of long term debt and transfers in.

Answer 23

other financing sources

Question 24

X. Accounts used to record the estimated amount of purchase orders, contracts, or salary commitments chargeable to an appropriation. The account is credited when goods or services are received and the actual expenditure of the appropriation is known.

Answer 24

encumbrances

Question 25

Y. Operating statement items that are either unusual or infrequent and are within management control.

Answer 25

special items

Question 26

Z. In proportion to value. A basis for levy of taxes on property.

Answer 26

ad valorem property taxes

Question 27

AA. Taking of property in default of legally qualified claimants

Answer 27

escheats

Question 28

BB. Amounts transferred from one fund to another

Answer 28

interfund transfer