Question

Below is a list of various governmental accounting terms and concepts. Match the letter next to the choices in the space provided below. There is only one choice per item. a. Debt Services Fund b. Intra-period Equity c. Encumbrances d. Imposed Non-exchange Revenue e. Fiscal Accountability f. Intemal Services Fund g. Enterprise Fund h. Agency Fund i. Statement of Revenues. Expenditures and Changes in Fund Balance j. Statement of Net Position k. General Revenues 1. Balance Sheet m. Appropriations n. Depreciation o. Program Revenues p. Expenditure q. Modified Accrual 1Occurs in the transaction sequence directly prior to the recording of an expenditure. 2. 3.A type of fund that accounts for business-type activities. 4. 5. Charges for Services are a type of revenue. 6. Assets-LiabilitiesFund Equity 7. . A governmental find. 8. A government-wide financial statement. . Insuring that all funds are used in accordance with laws and regulations. Other financing sources are reported on this financial statement. 9Hotel occupancy taxes are reported as this type of revenue. 10. of the period The government has sufficient revenues in the current period to offset current costs

Answer 1

1 Expenditure occurs in the transaction prior to the recording of an expenditure. 2 Statement of net position is a government wide financial statement. 3 Internal services fund accounts for business type activities. 4 Fiscal accountability insuring that all funds are utilised in accordance with lawsa nd regulations. 5 Charges for service are type of program revenue. 6 Balance sheet: Assets liabilities +fund equity 7 Debt service fund is a government fund. 8 Statement of Revenues, Expenditures and changes in fund balance. 9 General revenues 10 Modified accrual, the government has sufficient revenues in the current period to offset current costs of the period.