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MSB WTR10 AC 330 XM1
MSB GovNFP Unit 2
Question | Answer |
---|---|
The three categories of activities in which governments engage. | Governmental, Business-Type, and Fiduciary |
A state government, general purpose local government, or a special purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state and local governements. | Primary Government |
Legally separate organizations for which the elected officials of the primary government are financially accountable.(gov. hospitals, library districts, public building authorities) | Component Units |
Reporting the financial information of component units in a separate column of the government-wide financial statements. | Discrete Presentation |
Accounts for financial resources segregated for the purpose of making principal and interest payments on general long-term debt. | Debt Service Fund |
Accounts for permanent endowments created when a donor stipulates that the principal amount of a contribution must be invested and preserved but earnings on amounts invested can be used for some public purpose. | Permanent Fund |
Cash or receivable that will be converted into cash during the current fiscal period or soon after to pay for current-period liabilities. | Current Financial Resources |
Reports only current assets and current liabilities and fund balances. | Balance Sheet for Governmental Funds |
Created to improve the management of resources and generally provide goods or services to departments or agencies of the same government and sometimes to other governments on a cost-reimbursement basis. | Internal Service Funds |
Generally used when the government holds cash on a custodial basis for a private party. | Agency Funds |