Governmental Accounting - Overview Flashcards
1
Q
Dual objectives
A
- Demonstrate operational accountability for the entity taken as a whole
- Fiscal accountability for specific funding
2
Q
Purpose
A
Funds = legal restrictions
3
Q
Imposed non-exchange revenues
A
Property taxes and fines
4
Q
Which event(s) is(are) supportive of interperiod equity as a financial reporting objective of a governmental unit?
A
A balance budget is required
5
Q
Surpluses in a budget at YE are recorded as:
A
A debit to budgetary control
6
Q
Estimated revenues include:
A
Property taxes, licenses, and fines
7
Q
Other Financing Sources include:
A
Debt proceeds and interfund transfers
