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Governmental Accounting (Ch 1-2)

Teacher: S. Woods
Horizontales
Difference between current assets and current liabilities
Authorizations granted by a legislative body to incur liabilities
Core governmental services, such as protection of life and property, public works, parks and recreation, etc.
Used to record the estimated amount of purchase orders, contracts, or salary commitments chargeable to an appropriation.
Cash or items that will be converted to cash within 60 days
The extent to which current-period revenues are adequate to pay for current-period services
Agency, pension, investment, and private-purpose trust funds
Commercial-type activities of a government, such as public utilities, toll roads, hospitals, etc.
Focuses on short-term flow of current financial resources
Verticales
Whether the government has used its resources efficiently and effectively for operating objectives
Significantly large with respect to the whole government
Internal service and enterprise funds
Fiscal and accounting entity with a self-balancing set of accounts.
How much cost was used up in producing services for the period.
General fund, current fund, special revenue fund, debt service fund, and capital projects fund.
The amount of financial resources used to acquire an asset