Governmental & Fund Accounting Flashcards
1
Q
What are the types of interrfund transactions ?
A
1-Reciprocal : A ) inter-fund loans
B) Services provided by one fund to another
its usually recorded as A/P & A/R
2)Non-reciprocal : A) inter fund transfers
B)inter-fund reimbursement
2
Q
what is the journal entry for Budget booking in governmental funds ?
A
Dr.Estimated Revenues Dr.Deficit Cr. Appropriation Control Cr.Budget surplus At the end of the period entry to be reversed with the same amount
3
Q
What is encumbrances ?
A
its a mark to know that your ordered something and you need to reserve this money for that order
