Flashcards in F8 - Modified Accrual Accounting Deck (4)
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1
Q
What is derived tax revenue?
A
Derived (non-exchange) tax revenues represent taxes imposed on or derived from exchange transactions such as commercial sales (sales taxes)
2
Q
What is imposed non-exchange tax revenue?
A
Imposed non-exchange revenues represent taxes imposed on non-exchange transactions (such as fines) or wealth (such as property taxes)
3
Q
What is the journal entry to record a purchase order under modified accrual accounting?
A
Encumbrance XX
Budgetary control XX
4
Q
How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses, and changes in net position?
A
As nonoperating revenues