Deferred Outflows and Inflows of Resources

Question 1

Assets associated with unavailable revenues (prop taxes collected more than 60 days after year-end) should be recorded by crediting deferred ______ of resources

Answer 1

inflows

Question 2

In order to qualify for hedge accounting treatment, a derivative must be:

Answer 2

effective

Question 3

The incremental portion of current rates established at a level adequate to recover costs that are expected to be incurred in the future would be displayed as deferred ______ of resources.

Answer 3

inflows

Question 4

Changes in a government’s pension liability that result from changes in actuarial assumptions are accounted for as deferred outflows and deferred inflows. The reduction in the liability is a deferred _______ presented between liabilities and net position on the statement of net position.

Answer 4

inflow

Question 5

Assets plus deferred outflows of resources - liabilities plus deferred inflows of resources =

Answer 5

net position

Question 6

Assets plus deferred outflows of resources - liabilities plus deferred inflows of resources + fund balance=

Answer 6

balance sheet (total liabilities, deferred inflows of resources, and fund balance