Government Flashcards
Who establish the accounting principle for state and local government?
The Governmental Accounting Standards Board (GASB)
Estimated Revenue
Revenues that are expected to be available to spend in the period.
Estimated other financial sources
Expected proceeds from the issuance of long term debt and operating transfers from other depts.
Appropriations
Expenditures that are expected to occur in the period
Estimated other financial uses
Expected operating transfers to other government depts.
The measurement focus of governmental fund accounting is on…
The current financial resource
What are the characteristic of the financial reports of state and local government?
Timeliness, reliability, and consistency
Non-Exchange transactions
transactions in which the government gives/receives without directly receiving/giving equal value
Derived tax revenue
non-exchange transactions
self-assessed (Sales tax, income tax, fuel tax)
Imposed non-exchange transaction
Non-exchange transactions
taxes not derived from transactions (prop tax, fines, penalties)
governmental mandated transaction
non-exchange transactions
one level of government provides funds to another (grants)
Voluntary non-exchanged transactions
non-exchange
transactions entered into willingly by party (grants and voluntary donations)
