| A | B |
|---|
| Available | Collectible within the current period or soon enough thereafter to be used to pay liabilitiesof the current period. |
| Blending | A method of reporting component unit data where the component unit data are combined with the appropriate fund types of the primary government and reported in the same columns as the data for the primary government except general funds. |
| Budgetary Accounts | Those accounts that reflect budgetary operations and condition, such as estimated revenues, appropriations, and encumbrances, as distinguished from proprietary accounts. |
| Business-Type Activities | Commercial-type activities of a government, such as public utilities, transportation systems, toll roads, toll bridges, etc. |
| Component Unit | A separate governmental unit, agency, or nonprofit corporation that, pursuant to the criteria in the GASB codification, Section 2100, is combined with other component units to constitute the reporting entity. |
| Current Financial Resources | Cash or items expected to be converted into cash during the current period, or soon enough thereafter to pay current period liabilities. |
| Discrete Presentation | The method of reporting financial data of component units in a column(s) separate from the financial data of the primary government. |
| Economic Resources Measurement Focus | Measurement focus refers to the nature of the resources, claims against resources, and flows of resources that are measured and reported by a fund or other entity. The economic resources measurement focus measures and reports on all economic resources. |
| Escheat Properties | Private property that reverts to government ownership upon the death of the owner if there are no legal claimants or heirs. |
| Exchange Transactions | Transactions in which each party receives direct tangible benefits commensurate with the resources provided, for example, sales between a buyer and a seller. |
| Exchange-Like Transactions | A transaction in which the values exchanged, though related, may not be quite equal or in which the direct benefits may not be exclusively for the parties to the transaction, unlike a "pure" exchange transaction. |
| Expenditure | Expenditures in a modified accrual system generally are recognized in the period in which goods or services are received or a liability is incurred. Expenditures include not only certain types of expenses incurred, in the commercial sense of the word, but also retirement of debt and capital outlay. In short, they represent any payment of cash or incurrence of a liability for the purpose of acquiring assets or services or settling losses. |
| Expense | Charges incurred, whether paid or unpaid, for operation, maintenance, interest, and other charges presumed to benefit the current fiscal period. |
| Fiduciary Activities | Activities in which the government acts in a fiduciary capacity, either as an agent or trustee, for parties outside the government. |
| Fiduciary Funds | Any fund held by a governmental unit in a fiduciary capacity for an external party, ordinarily as agent or trustee. Also called Trust and Agency Funds. |
| Fund | A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities, and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. |
| Fund Balance | The portion of fund equity available for appropriation. |
| Fund Equity | The excess of fund assets and resources over fund liabilities. |
| Governmental Activities | Core governmental services, such as protection of life and property, public works, parks and recreation facilities, etc. |
| Governmental Funds | A generic classification used by the GASB to refer to all funds other than proprietary and fiduciary funds. The General Fund, Special Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds are the types referred to as governmental funds. |
| Major Funds | A fund is classified as major if it is significantly large with respect to the whole government. See Footnote #6 on page 25 of the text. |
| Measurable | Capable of being expressed in monetary terms. |
| Modified Accrual Basis | A basis of accounting where revenues are recognized in the period in which they become available and measurable, and expenditures are recognized at the time a liability is incurred pursuant to appropriation authority. |
| Nonexchange Transactions | Transactions in which the donor derives no direct tangible benefits from the recipient agency, for example, a contribution to or support for a government or not-for-profit organization |
| Primary Government | a state government or general purpose local government. Also, a special purpose government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments. |
| Proprietary Funds | Sometimes referred to as income-determination, business-like, or commercial-type funds of an SLG, Examples are enterprise funds and internal service funds. |
| Reporting Entity | The primary government and all related component units, if any, combined in accordance with GASB Codification Section 2100 constitute the governmental reporting entity. |
| Revenue | The inflow of economic resources resulting from the delivery of services or activities that constitute the organization's major or central operations, rather than from interfund transfers and debt issue proceeds. |
