Exam 4: Accounting for the General and Special Revenue Funds

When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax?

(Multiple Choice)

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Question 21

The General Fund of the City of Bangor purchased water from its Water Utility Fund in the amount of $20,000. The General Fund would debit:

(Multiple Choice)

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Question 22

The asset, equipment, used by a department accounted for by the General Fund of a governmental unit should be reported in the:

(Multiple Choice)

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Question 23

Which of the following is true regarding modified accrual accounting?

(Multiple Choice)

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Question 24

The term special item is defined as:

(Multiple Choice)

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Question 25

The Revenues Control account of the General Fund is debited when:

(Multiple Choice)

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Question 26

The unreserved fund balance represents the amount of resources in the fund.

(True/False)

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Question 27

Fines and Forfeits are typically recognized as revenue when the fines are levied and or monies forfeited

(True/False)

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Question 28

When a special revenue fund accounts for grants that are awarded on a reimbursement basis, revenues are recognized only after expenditures have been recognized.

(True/False)

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Question 29

Interfund transfers occur between individual funds in the same government system without the requirement of repayment. If the General Fund transferred money to the Debt Service Fund, how would the Debt Service Fund account for the transaction?

(Multiple Choice)

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(81)

Question 30

If a government has debt service due no more than one month after the end of a fiscal year and has the resources available, then it is permitted to accrue expenditures and a fund liability for the debt service.

(True/False)

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Question 31

When recording property taxes, the estimated uncollectible amount of property taxes is:

(Multiple Choice)

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Question 32

When recording the budget, an excess of estimated revenues over appropriations would be credited to Budgetary Fund Balance.

(True/False)

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Question 33

Under the consumption method to account for supplies inventory, the expenditures account is debited when the supplies are received and the inventory account is adjusted at year end if significant.

(True/False)

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Question 34

The four classes of non-exchange transactions include all of the following except:

(Multiple Choice)

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Question 35

Interfund services provided and used are recognized as:

(Multiple Choice)

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Question 36

The year end closing entries involve…

(Multiple Choice)

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Question 37

Interfund services provided and used are recognized as Increases and Decreases in Fund Balance

(True/False)

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Question 38

Inter-fund Transfers are flows of cash or other assets that:

(Multiple Choice)

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Question 39

Which of the following occurs when uncollectible delinquent taxes are written off? (Ignore interest and penalties)

(Multiple Choice)

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(78)

Question 40

Showing 21 - 40 of 123

When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government's power to tax?

The General Fund of the City of Bangor purchased water from its Water Utility Fund in the amount of $20,000. The General Fund would debit:

The asset, equipment, used by a department accounted for by the General Fund of a governmental unit should be reported in the:

Which of the following is true regarding modified accrual accounting?

The term special item is defined as:

The Revenues Control account of the General Fund is debited when:

The unreserved fund balance represents the amount of resources in the fund.

Fines and Forfeits are typically recognized as revenue when the fines are levied and or monies forfeited

When a special revenue fund accounts for grants that are awarded on a reimbursement basis, revenues are recognized only after expenditures have been recognized.

Interfund transfers occur between individual funds in the same government system without the requirement of repayment. If the General Fund transferred money to the Debt Service Fund, how would the Debt Service Fund account for the transaction?

If a government has debt service due no more than one month after the end of a fiscal year and has the resources available, then it is permitted to accrue expenditures and a fund liability for the debt service.

When recording property taxes, the estimated uncollectible amount of property taxes is:

When recording the budget, an excess of estimated revenues over appropriations would be credited to Budgetary Fund Balance.

Under the consumption method to account for supplies inventory, the expenditures account is debited when the supplies are received and the inventory account is adjusted at year end if significant.

The four classes of non-exchange transactions include all of the following except:

Interfund services provided and used are recognized as:

The year end closing entries involve…

Interfund services provided and used are recognized as Increases and Decreases in Fund Balance

Inter-fund Transfers are flows of cash or other assets that:

Which of the following occurs when uncollectible delinquent taxes are written off? (Ignore interest and penalties)

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Trust Funds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

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