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Acct-401 - Chapter 4 - Dr. Fred Barbee

Chapter 4: Accounting For Governmental Operating Accounts - Illustrative Transactions and Financial Statements

Consumption MethodA method of recording supplies as Inventory when purchased and as Expenditures when used or consumed.
Gross Tax LevyThe amount of the tax bill sent to the taxpayer without regard for any estimate of uncollectible taxes.
Interfund LoansLoans made by one fund to another.
Interfund TransfersAmounts transferred from one fund to another. See Equity Transfers and Operating Transfers.
Internal Exchange TransactionsA term coined by the authors that capturs both the interfund and interacivity nature of reciprocal exchange transactions within an entity.
Permanent FundThe governmental-type fund used to account for public-purpose trusts for which the earnings are expendable for a specified purpose, but the principal amount is not expendable. (i.e., an endowment).
Private Purpose TrustsContributions received under a trust agreement in which the investment income of an endowment are intended to benefit an external individual, organization, or government.
Public Purpose TrustsContributions received under a trust agreement in which the investment income or an endowment must be used to benefit a public program or function, or the citizenry.
Purchases MethodA method of recording supplies as Expenditures when purchased. If inventory levels have risen at the end of the month, the asset, Supplies Inventory, is debited and Fund Balance-Reserve for Inventory is credited.
Tax Anticipation NoteNotes issued in anticipation of collection of taxes, usually retirable only from tax collections, and frequently only from the proceeds of the tax levy whose collection they anticipate.
Tax RateThe amount of tax stated in terms of a unit of the tax base, for example, 25 mills per dollar of assessed valuation of taxable property.

Dr. Fred Barbee

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