Identification of Governmental Accounting Terms
For each of the following numbered statements, give the term(s) that is (are) described in the statement.
1. This is the set of financial statements that presents the governmental unit’s infrastructure assets and long-term debt.
2. At the present time, this body has the authority to prescribe generally accepted accounting principles for state and local governmental entities.
3. This is a fiscal and an accounting entity with a self-balancing set of accounts recording cash and other financial resources with all related liabilities and residual equities or balances and changes therein that are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.
4. This type of interfund activity is accounted for as an expenditure or revenue.
5. These are the proprietary funds.
6. These are assets of the governmental unit and include roads, municipal buildings, sewer systems, sidewalks, and so forth.
7. These are the fiduciary funds.
8. This basis is used in funds that have a flow of financial resources measurement focus.
9. This is the measurement focus of government-wide financials.
10. This gives the governmental entity the legal right to collect property taxes.
11. These are the governmental funds.
12. This is subtracted from Property Taxes Receivable—Current to get the revenue from property taxes for the year.
13. This account is credited in the budget entry for the general fund if expected resource inflows exceed expected resource outflows.
14. This account is debited when the general fund records a purchase order for goods or services.
15. This method of accounting for supplies inventories in the general fund reports expenditures for supplies for only the amount used during the year.
16. This account is debited in the general fund when a transfer out is made to another fund.
17. This account is debited in the general fund when it records a billing from another fund for services that were provided to the general fund.
18. This is reported on the general fund balance sheet when assets exceed liabilities and assigned fund balance.
19. This account is debited in the general fund when fixed assets are acquired. Assume that a purchase order to acquire the fixed assets was not recorded.
20 This is the legal term that allows the general fund to make expenditures.
21. Under this method of accounting for encumbrances outstanding at year-end, expenditures are dated in the following year when the orders are received.
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