F8 - Modified Accrual Accounting Flashcards
What is derived tax revenue?
Derived (non-exchange) tax revenues represent taxes imposed on or derived from exchange transactions such as commercial sales (sales taxes)
What is imposed non-exchange tax revenue?
Imposed non-exchange revenues represent taxes imposed on non-exchange transactions (such as fines) or wealth (such as property taxes)
What is the journal entry to record a purchase order under modified accrual accounting?
Encumbrance XX
Budgetary control XX
How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses, and changes in net position?
As nonoperating revenues