Solved

Match the Following Terms to the Appropriate Definitions

Question 21

Matching

Match the following terms to the appropriate definitions.

Premises:
Appropriation
Fund
Statement of Net Position
Statement of Activities
Allotment
Component Unit
Fiscal Accountability
Expenditures
Primary Government
Modified Accrual Basis
Responses:
Each state government and each general-purpose local government
Governmental and Internal Service Funds assets and liabilities presented together using full accrual accounting
Governmental and Proprietary fund revenues and expenses presented using full accrual accounting
The use of governmental fund working capital
Appropriation for a specific time period
The responsibility to demonstrate compliance with public decisions with regard to the use of financial resources
Revenues recognized when available to meet current obligations
Legally separate organization for which primary government is financially accountable
Self-balancing set of accounts
Approved or authorized expenditures

Correct Answer:

Appropriation
Fund
Statement of Net Position
Statement of Activities
Allotment
Component Unit
Fiscal Accountability
Expenditures
Primary Government
Modified Accrual Basis
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