Question 1

Within a city's General Fund,which source of revenues is least likely to be accrued in advance of receipt in cash?

Accepted Answer

A) building inspection fees 
B) property taxes 
C) interest on investments 
D) sales taxes 
A) building inspection fees 
B) property taxes 
C) interest on investments 
D) sales taxes

Question 2

A village derives about .005 percent of its General Fund revenues from traffic violation fines.Violators of the law have 30 days to appeal the fines.Experience shows that the village ultimately collects on about 75% of the violations.When should the village recognize these revenues in the General Fund?

Accepted Answer

A) when the budget is prepared 
B) at the beginning of the year,based on an estimate of collections 
C) when the traffic violation tickets are issued 
D) when the cash is collected 
A) when the budget is prepared 
B) at the beginning of the year,based on an estimate of collections 
C) when the traffic violation tickets are issued 
D) when the cash is collected

Question 3

Which of the following accounts properly would not appear in the General Fund's closing entry at fiscal year end?

Accepted Answer

A) revenues 
B) fund balance 
C) taxes receivable 
D) expenditures 
A) revenues 
B) fund balance 
C) taxes receivable 
D) expenditures

Question 4

The accounting and financial reporting for the General Fund is least similar to that of a

Accepted Answer

A) capital projects fund 
B) debt service fund 
C) pension trust fund 
D) special revenue fund 
A) capital projects fund 
B) debt service fund 
C) pension trust fund 
D) special revenue fund

Question 5

The City of Seales has a December 31st fiscal year end.Salaries earned by city's General Fund employees for the period December 24th through December 31st will not be paid until January 7th of the next year.On December 31st,the City of Seales' accounting personnel would:

Accepted Answer

A) debit salaries expense and credit salaries payable. 
B) debit expenditures-salaries and credit cash. 
C) make no journal entry because cash has not yet been paid. 
D) none of the above 
A) debit salaries expense and credit salaries payable. 
B) debit expenditures-salaries and credit cash. 
C) make no journal entry because cash has not yet been paid. 
D) none of the above

Question 6

Which of the following financial statements normally are prepared for a Special Revenue Fund? $\begin{array}{llll}&\text { operating } & \text { balance } & \text { cash flows } \
&\text { statement } & \text { sheet } & \text { statement }\
\text { a. } & \text { yes } & \text { yes } & \text { no } \
\text { b. } & \text { no } & \text { yes } & \text { yes } \
\text { c. } & \text { yes } & \text { yes } & \text { yes } \
\text { d. } & \text { yes } & \text { no } & \text { yes }
\end{array}$

Accepted Answer

The answer of Which of the following financial statements normally...

Question 7

If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund,then

Accepted Answer

A) appropriations exceed estimated revenues 
B) actual expenditures exceed appropriations 
C) estimated revenues exceed appropriations 
D) appropriations exceed actual revenues 
A) appropriations exceed estimated revenues 
B) actual expenditures exceed appropriations 
C) estimated revenues exceed appropriations 
D) appropriations exceed actual revenues

Question 8

Which of the following financial statements normally are prepared for the General Fund? $\begin{array}{llll}&\text { operating } & \text { balance } & \text { cash flows } \
&\text { statement } & \text { sheet } & \text { statement }\
\text { a. } & \text { yes } & \text { no } & \text { yes } \
\text { b. } & \text { no } & \text { yes } & \text { yes } \
\text { c. } & \text { yes } & \text { yes } & \text { yes } \
\text { d. } & \text { yes } & \text { yes } & \text { no }
\end{array}$

Accepted Answer

The answer of Which of the following financial statements normally...

Question 9

Which of the following is not required to be prepared for the General Fund according to GASB standards?

Accepted Answer

A) budgetary comparison statement or schedule 
B) statement of revenues,expenditures,and changes in fund balance 
C) balance sheet 
D) all of the above are required 
A) budgetary comparison statement or schedule 
B) statement of revenues,expenditures,and changes in fund balance 
C) balance sheet 
D) all of the above are required

Question 10

Which line item does not properly belong in the balance sheet of a governmental fund?

Accepted Answer

A) short-term investments 
B) fixed assets 
C) cash 
D) accounts (or vouchers)payable 
A) short-term investments 
B) fixed assets 
C) cash 
D) accounts (or vouchers)payable

Question 11

At the beginning of the year,a town adopted a budget based on estimated revenues of $1,800,000 and appropriations of $1,780,000.Because of an emergency late in the year,the town found it necessary to increase the sanitation department appropriation by $8,000.What entry should the town make to record the emergency appropriation?

Accepted Answer

A) debit estimated revenues;credit appropriations for $8,000 
B) debit appropriations;credit budgetary fund balance for $8,000 
C) debit budgetary fund balance;credit appropriations for $8,000 
D) debit appropriations;credit estimated revenues for $8,000 
A) debit estimated revenues;credit appropriations for $8,000 
B) debit appropriations;credit budgetary fund balance for $8,000 
C) debit budgetary fund balance;credit appropriations for $8,000 
D) debit appropriations;credit estimated revenues for $8,000

Question 12

The City of Watsonville places a purchase order for street maintenance supplies of $56,000.This would result in:

Accepted Answer

A) a debit to expenditures-street maintenance supplies 
B) a debit to encumbrances-street maintenance supplies 
C) a credit to assigned fund balance 
D) a credit to vouchers payable 
A) a debit to expenditures-street maintenance supplies 
B) a debit to encumbrances-street maintenance supplies 
C) a credit to assigned fund balance 
D) a credit to vouchers payable

Question 13

When should property tax revenues be recognized in the accounting records?

Accepted Answer

A) when the budget is prepared 
B) when the appropriations bill is signed into law 
C) when property taxes are levied and available 
D) when property taxes are actually received in cash 
A) when the budget is prepared 
B) when the appropriations bill is signed into law 
C) when property taxes are levied and available 
D) when property taxes are actually received in cash

Question 14

What is the general rule for recognizing revenues in governmental funds?

Accepted Answer

A) revenues should be recognized when the budget is adopted 
B) revenues should be recognized when available and measurable 
C) revenues should be recognized when collected in cash 
D) revenues may be recognized either when collected in cash or when the budget is adopted,at the option of the government 
A) revenues should be recognized when the budget is adopted 
B) revenues should be recognized when available and measurable 
C) revenues should be recognized when collected in cash 
D) revenues may be recognized either when collected in cash or when the budget is adopted,at the option of the government

Question 15

Which of the following journal entries is a budgetary entry?

Accepted Answer

A) debit estimated revenues and credit appropriations 
B) debit expenditures and credit cash 
C) debit property taxes receivable and credit property tax revenues 
D) debit cash and credit property taxes receivable 
A) debit estimated revenues and credit appropriations 
B) debit expenditures and credit cash 
C) debit property taxes receivable and credit property tax revenues 
D) debit cash and credit property taxes receivable

Question 16

In governmental accounting,expenditures are

Accepted Answer

A) equal to expenses minus depreciation 
B) incurred for operating purposes,capital acquisitions,and debt service 
C) equal to encumbrances plus appropriations 
D) incurred to generate revenue in order to promote the well-being of the citizens 
A) equal to expenses minus depreciation 
B) incurred for operating purposes,capital acquisitions,and debt service 
C) equal to encumbrances plus appropriations 
D) incurred to generate revenue in order to promote the well-being of the citizens

Question 17

When a city borrows cash short-term in anticipation of the receipt of property tax revenues,which account would it credit?

Accepted Answer

A) property taxes receivable 
B) property tax revenues 
C) estimated other financing sources 
D) tax anticipation notes payable 
A) property taxes receivable 
B) property tax revenues 
C) estimated other financing sources 
D) tax anticipation notes payable

Question 18

The Village of Titus borrows money using a tax anticipation note.The proceeds from the borrowing are deposited in the General Fund.When the note is repaid,a debit will be made in the General Fund to:

Accepted Answer

A) tax anticipation notes payable 
B) expenses-tax anticipation note 
C) expenditures-tax anticipation note 
D) cash 
A) tax anticipation notes payable 
B) expenses-tax anticipation note 
C) expenditures-tax anticipation note 
D) cash

Question 19

The total amount of taxes receivable from all taxpayers within a government's jurisdiction will be posted to which type of account?

Accepted Answer

A) a control account 
B) a contra account 
C) a net assets account 
D) a subsidiary account 
A) a control account 
B) a contra account 
C) a net assets account 
D) a subsidiary account

Within a city's General Fund,which source of revenues is least likely to be accrued in advance of receipt in cash?

Which of the following accounts properly would not appear in the General Fund's closing entry at fiscal year end?

The accounting and financial reporting for the General Fund is least similar to that of a

The City of Seales has a December 31^st fiscal year end.Salaries earned by city's General Fund employees for the period December 24^th through December 31^st will not be paid until January 7^th of the next year.On December 31^st,the City of Seales' accounting personnel would:

Which of the following financial statements normally are prepared for a Special Revenue Fund? operating balance cash flows statement sheet statement a. yes yes no b. no yes yes c. yes yes yes d. yes no yes

If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund,then

Which of the following financial statements normally are prepared for the General Fund? operating balance cash flows statement sheet statement a. yes no yes b. no yes yes c. yes yes yes d. yes yes no

Which of the following is not required to be prepared for the General Fund according to GASB standards?

Which line item does not properly belong in the balance sheet of a governmental fund?

The City of Watsonville places a purchase order for street maintenance supplies of $56,000.This would result in:

When should property tax revenues be recognized in the accounting records?

What is the general rule for recognizing revenues in governmental funds?

Which of the following journal entries is a budgetary entry?

In governmental accounting,expenditures are

When a city borrows cash short-term in anticipation of the receipt of property tax revenues,which account would it credit?

The Village of Titus borrows money using a tax anticipation note.The proceeds from the borrowing are deposited in the General Fund.When the note is repaid,a debit will be made in the General Fund to:

The total amount of taxes receivable from all taxpayers within a government's jurisdiction will be posted to which type of account?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

Budgetary Considerations in Governmental Accounting

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Accounting Cycle

The Governmental Fund Accounting Cycle--Fiduciary Funds

Reporting Principles and Preparation of Fund Financial Statements

Government-Wide Financial Statements

Federal Government Accounting and Reporting

Accounting for Not-For-Profit Organizations

Accounting for Health Care Organizations

Analysis of Financial Statements and Financial Condition

Fundamentals of Accounting

Filters

Exam 4: The Governmental Fund Accounting Cycle

Within a city's General Fund,which source of revenues is least likely to be accrued in advance of receipt in cash?

Which of the following accounts properly would not appear in the General Fund's closing entry at fiscal year end?

The accounting and financial reporting for the General Fund is least similar to that of a

The City of Seales has a December 31st fiscal year end.Salaries earned by city's General Fund employees for the period December 24th through December 31st will not be paid until January 7th of the next year.On December 31st,the City of Seales' accounting personnel would:

Which of the following financial statements normally are prepared for a Special Revenue Fund? operating balance cash flows statement sheet statement a. yes yes no b. no yes yes c. yes yes yes d. yes no yes

If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund,then

Which of the following financial statements normally are prepared for the General Fund? operating balance cash flows statement sheet statement a. yes no yes b. no yes yes c. yes yes yes d. yes yes no

Which of the following is not required to be prepared for the General Fund according to GASB standards?

Which line item does not properly belong in the balance sheet of a governmental fund?

The City of Watsonville places a purchase order for street maintenance supplies of $56,000.This would result in:

When should property tax revenues be recognized in the accounting records?

What is the general rule for recognizing revenues in governmental funds?

Which of the following journal entries is a budgetary entry?

In governmental accounting,expenditures are

When a city borrows cash short-term in anticipation of the receipt of property tax revenues,which account would it credit?

The Village of Titus borrows money using a tax anticipation note.The proceeds from the borrowing are deposited in the General Fund.When the note is repaid,a debit will be made in the General Fund to:

The total amount of taxes receivable from all taxpayers within a government's jurisdiction will be posted to which type of account?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

Budgetary Considerations in Governmental Accounting

The Governmental Fund Accounting Cycle

The Governmental Fund Accounting Cycle

The Governmental Accounting Cycle

The Governmental Fund Accounting Cycle--Fiduciary Funds

Reporting Principles and Preparation of Fund Financial Statements

Government-Wide Financial Statements

Federal Government Accounting and Reporting

Accounting for Not-For-Profit Organizations

Accounting for Health Care Organizations

Analysis of Financial Statements and Financial Condition

Fundamentals of Accounting

Filters

The City of Seales has a December 31^st fiscal year end.Salaries earned by city's General Fund employees for the period December 24^th through December 31^st will not be paid until January 7^th of the next year.On December 31^st,the City of Seales' accounting personnel would: