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For each of the following definitions, select the key term from the list that relate to general capital assets and capital projects.
A. Bond anticipation notes
B. Infrastructure assets
C. Service Concession Arrangements
D. General capital assets
E. Capital projects funds
F. Asset impairment
G. Intangible assets
H. Depreciation
________ 1. Assets that lack physical substance and are nonfinancial in nature
________ 2. Short-term interest-bearing instruments issued by a government with a plan to replace with longer-term debt
________ 3. Roads, bridges, curbs and gutters, streets, sidewalks, and drainage systems installed for the common good
________ 4. Capital assets of a government that are not recorded in a proprietary or fiduciary fund
________ 5. Significant, unexpected decline in the service utility of a capital asset
Invoice Price
The price listed on an invoice, representing the amount charged by the seller to the buyer for goods or services provided.
Sales Tax
A tax imposed by a government on the sale of goods and services, typically calculated as a percentage of the purchase price.
General Journal Entries
Recorded business transactions in the general journal, forming the foundation of a company's financial records.
Terms of Sale
Conditions agreed upon by the buyer and seller regarding the delivery, payment, and transfer of ownership of goods.
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