Term
1. Exchange
2. Nonexchange |
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Definition
Two Types Transactions in Operating Accts
1. _________ Transactions
2. ____________ Transactions |
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Term
Exchange
(Economic Exchange)
Revenue |
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Definition
| _________ Transactions (_______ Exchange)-each party receives value equal to that given up. ________ is recorded immediately. |
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Term
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Definition
| In Nonexchange Transactions, one party ___ or ______ value without a d______ exchange. EX Property Taxes are paid without immediately reveiving a benefit. |
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Term
1. Voluntary (Dontation) received
2. Imposed (Taxes) |
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Definition
Two Types of Nonexchange Transactions
1. ________ (D_____) revenue recorded when ______
2. ________ (T_____) |
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Term
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Definition
| Nonexchange transactions sometimes have e________ r_______. (Ex Money is donated but the govt must do a specific task with it that is requested by the donor) |
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Term
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Definition
| D_______ taxes (ie. Income, Sales) (are not/are) available immediately. Use the ____ Method. |
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Term
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Definition
| You (can/cannot) be forced to pya a derived tax. |
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Term
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Definition
| For derived taxes, debit _____ and credit _______ when they are received. |
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Term
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Definition
| I______ taxes (ie. property tax)[are/are not] measurable and available. Use the _____ method. |
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Term
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Definition
| With imposed taxes, you [can/cannot] be forced to pay them. |
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Term
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Definition
| For imposed taxes, debit ____ _____ and credit _______. |
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Term
1. loans
2. transfers
3. Internal exchange |
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Definition
Types of Interfund Activities
1. Interfund _____
2. Interfund ________
3. I_____ _______ |
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Term
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Definition
| Interfund ____- record as a receivable/payable. If within the same type of fund, there [is/is not] a govt-wide impact between governmental funds. |
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Term
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Definition
| Interfund transfers-recorded as o____ ____/___ of proceeds. If within the same type of fund, there [is/is not] a government wide impact. |
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Term
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Definition
| Internal exhange-trated as e______/______. |
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Term
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Definition
| ____ _____ Encumbrances- usually appropriations lapse at year end, but encumbered amounts can still be spent. |
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Term
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Definition
| Encumbrances at year end are closed out to ____ ________. |
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Term
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Definition
| At the beginning of the next year, encumbrances are __-________. |
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