Other Government Accounting Items Flashcards
What are the four types of interfund transactions?
- Quasi external transactions
- Reimbursements
- Transfers
- Loans
Quasi external transactions are ___ type transactions that take place between funds.
Business type. Like internal service and enterprise funds selling to other funds.
Transfers to and from involve which two accounts?
Other financing uses - transfer out, other financing sources - transfer in
Short term loans use terms such as…?
Due to and due from
“Advance from” and “advance to” are terminologies used for what?
LT loans
Governments can elect not to depreciate infrastructure if what condition is met?
If the government can preserve the infrastructure to a condition equal or above the original condition and updated records and documentation is maintained.
A reciprocal transaction occurs from doing ______ with one another (fund to fund).
business
The general fund contributes money to the debt service fund. The general fund records this as an expenditure. TF
False, operating transfer
The general fund transfers residual equity to the internal service fund. The internal service fund records this as a credit to transfers. TF
True
Buildings are infrastructure assets.
False
With regard to the general funds, how are liabilities accounted for?
Modified accrual, recognize to the extent that the amounts are payable with expendable available financial resources
With regard to government wide and proprietary funds, how are liabilities accounted for?
Full accrual
Governmental funds use fund balance and proprietary/fiduciary accounts use net position terminology. TF
True
What are the 4 types of non exchange transactions?
- Derived tax revenues
- Imposed tax revenues
- Gov mandated tax revenues
- Voluntary tax revenues
Derived tax revenues come from some underlying ______ that took place.
Transaction (fuel tax, sales tax, cigarette tax)