Question 1

Which of the following classifications represents the lowest legal level of budgetary control?

Accepted Answer

A) function/program 
B) department 
C) object 
D) activity 
A) function/program 
B) department 
C) object 
D) activity C

Question 2

The Governmental Accounting Standards Board requires governments to include budgetary comparison schedules or statements for which of the following funds?

Accepted Answer

A) All governmental funds 
B) All funds 
C) General fund,major special revenue funds,and major capital projects funds 
D) General Fund and major special revenue funds 
E) none of the above 
A) All governmental funds 
B) All funds 
C) General fund,major special revenue funds,and major capital projects funds 
D) General Fund and major special revenue funds 
E) none of the above D

Question 3

Which of the following is not a "character" classification?

Accepted Answer

A) activity 
B) current operating 
C) capital outlay 
D) debt service 
A) activity 
B) current operating 
C) capital outlay 
D) debt service A

Question 4

If the balance in the Estimated revenues account exceeds the balance in the Appropriations account

Accepted Answer

A) the Budgetary fund balance account will have a credit balance 
B) expenditures will be less than revenues 
C) revenues will be less than expenditures 
D) the Budgetary fund balance account will have a debit balance 
A) the Budgetary fund balance account will have a credit balance 
B) expenditures will be less than revenues 
C) revenues will be less than expenditures 
D) the Budgetary fund balance account will have a debit balance

Question 5

Which of the following classifications represents the highest legal level of budgetary control?

Accepted Answer

A) fund 
B) department 
C) object 
D) activity 
A) fund 
B) department 
C) object 
D) activity

Question 6

The City of Kent's police department needs a new police car.A police car is ordered at an estimated cost of $34,000 and the appropriate budgetary control journal entry is made.When the car is received,the actual cost is $35,000.Which of the following is a part of the budgetary entry that should be made when the police car is received?

Accepted Answer

A) debit encumbrances for $34,000 
B) credit encumbrances for $34,000 
C) debit encumbrances for $35,000 
D) credit encumbrances for $35,000 
A) debit encumbrances for $34,000 
B) credit encumbrances for $34,000 
C) debit encumbrances for $35,000 
D) credit encumbrances for $35,000

Question 7

Which of the following is expected to occur first in the budget process?

Accepted Answer

A) determine the property tax (millage)rate 
B) hold public hearings on the budget 
C) prepare revenue estimates 
D) prepare departmental expenditure requests 
A) determine the property tax (millage)rate 
B) hold public hearings on the budget 
C) prepare revenue estimates 
D) prepare departmental expenditure requests

Question 8

Which of the following activities occurs closest to the completion of the budgetary process?

Accepted Answer

A) preparing revenue estimates 
B) holding public budget hearings 
C) preparing the capital outlay request summary 
D) revising the budget calendar 
A) preparing revenue estimates 
B) holding public budget hearings 
C) preparing the capital outlay request summary 
D) revising the budget calendar

Question 9

The City of Kent has estimated that it will spend $4,500,000 and have revenues of $4,800,000 next year.At the beginning of its new fiscal year,it will need to:

Accepted Answer

A) debit estimated expenditures for $4,500,000 
B) debit estimated revenues for $4,800,000 
C) debit budgetary fund balance for $300,000 
D) debit appropriations for $4,500,000 
E) none of the above. 
A) debit estimated expenditures for $4,500,000 
B) debit estimated revenues for $4,800,000 
C) debit budgetary fund balance for $300,000 
D) debit appropriations for $4,500,000 
E) none of the above.

Question 10

The document that lists the steps of the budget process is the

Accepted Answer

A) budget request 
B) budget summary 
C) budget calendar 
D) budget worksheet 
A) budget request 
B) budget summary 
C) budget calendar 
D) budget worksheet

Question 11

Which of the following is an estimated amount?

Accepted Answer

A) encumbrance 
B) appropriation 
C) expenditure 
D) tax levy 
A) encumbrance 
B) appropriation 
C) expenditure 
D) tax levy

Question 12

Which of the following factors is the most important consideration in estimating sales tax collections for the year?

Accepted Answer

A) the projected volume of sales subject to the sales tax 
B) the projected elementary school enrollment 
C) the projected number of housing starts 
D) the amount expected to be budgeted on the highway maintenance program 
A) the projected volume of sales subject to the sales tax 
B) the projected elementary school enrollment 
C) the projected number of housing starts 
D) the amount expected to be budgeted on the highway maintenance program

Question 13

Which of the following approaches to budgeting requires each activity to be justified each year?

Accepted Answer

A) object-of-expenditure approach 
B) performance approach 
C) planning-programming-budgeting approach 
D) zero-based budgeting approach 
A) object-of-expenditure approach 
B) performance approach 
C) planning-programming-budgeting approach 
D) zero-based budgeting approach

Question 14

When the chief executive of a governmental unit submits a "balanced budget" to the legislative body,it usually means that:

Accepted Answer

A) the budget is balanced on the full accrual basis of accounting 
B) the budget is balanced in accordance with generally accepted accounting principles 
C) proposed expenditures do not exceed estimated monies available for the year 
D) proposed expenditures do not exceed estimated tax revenues to be raised during the year 
A) the budget is balanced on the full accrual basis of accounting 
B) the budget is balanced in accordance with generally accepted accounting principles 
C) proposed expenditures do not exceed estimated monies available for the year 
D) proposed expenditures do not exceed estimated tax revenues to be raised during the year

Question 15

When preparing a fund budget for the next fiscal year,which of the following are important to consider when projecting the amount of resources that will be available for spending in the next year?

Accepted Answer

A) the projected fund expenditures for next year 
B) the probable fund balance at the end of the current year 
C) the projected transfers out of the fund for the next year 
D) the projected fund revenues to be realized for the next year 
E) both b and d 
A) the projected fund expenditures for next year 
B) the probable fund balance at the end of the current year 
C) the projected transfers out of the fund for the next year 
D) the projected fund revenues to be realized for the next year 
E) both b and d

Question 16

A property tax millage rate is calculated by:

Accepted Answer

A) dividing the required tax levy by the total assessed value of property 
B) multiplying the required tax levy by the total assessed value of property 
C) dividing the required tax levy by the net assessed value of property 
D) multiplying the required tax levy by the net assessed value of property 
A) dividing the required tax levy by the total assessed value of property 
B) multiplying the required tax levy by the total assessed value of property 
C) dividing the required tax levy by the net assessed value of property 
D) multiplying the required tax levy by the net assessed value of property

Question 17

For a typical city government,the budget has an important influence on the determination of the annual

Accepted Answer

A) income tax rate 
B) hotel/motel tax rate 
C) sales tax rate 
D) property tax rate 
A) income tax rate 
B) hotel/motel tax rate 
C) sales tax rate 
D) property tax rate

Question 18

Which of the following approaches to budgeting is most likely to contain the details of salaries (such as number of personnel within each position)as well as the details of each type of expenditure other than salaries (such as supplies and travel)?

Accepted Answer

A) object-of-expenditure approach 
B) performance approach 
C) planning-programming-budgeting approach 
D) zero-based budgeting approach 
A) object-of-expenditure approach 
B) performance approach 
C) planning-programming-budgeting approach 
D) zero-based budgeting approach

Question 19

If a City Manager is looking at the cash forecast,he or she is most likely concerned about which of the following issues?

Accepted Answer

A) anticipated police overtime pay resulting from the 4th of July parade next summer 
B) the expected cost of bridge repairs in the coming five years 
C) anticipated short-term borrowing to cover the end of month payroll 
D) the total amount to be spent for Fire Department operations in the current year 
A) anticipated police overtime pay resulting from the 4th of July parade next summer 
B) the expected cost of bridge repairs in the coming five years 
C) anticipated short-term borrowing to cover the end of month payroll 
D) the total amount to be spent for Fire Department operations in the current year

Question 20

The term "line item" refers to which of the following budget/expenditure classifications?

Accepted Answer

A) function/program 
B) object 
C) organizational unit 
D) fund 
A) function/program 
B) object 
C) organizational unit 
D) fund

Which of the following classifications represents the lowest legal level of budgetary control?

The Governmental Accounting Standards Board requires governments to include budgetary comparison schedules or statements for which of the following funds?

Which of the following is not a "character" classification?

If the balance in the Estimated revenues account exceeds the balance in the Appropriations account

Which of the following classifications represents the highest legal level of budgetary control?

Which of the following is expected to occur first in the budget process?

Which of the following activities occurs closest to the completion of the budgetary process?

The City of Kent has estimated that it will spend $4,500,000 and have revenues of $4,800,000 next year.At the beginning of its new fiscal year,it will need to:

The document that lists the steps of the budget process is the

Which of the following is an estimated amount?

Which of the following factors is the most important consideration in estimating sales tax collections for the year?

Which of the following approaches to budgeting requires each activity to be justified each year?

When the chief executive of a governmental unit submits a "balanced budget" to the legislative body,it usually means that:

When preparing a fund budget for the next fiscal year,which of the following are important to consider when projecting the amount of resources that will be available for spending in the next year?

A property tax millage rate is calculated by:

For a typical city government,the budget has an important influence on the determination of the annual

Which of the following approaches to budgeting is most likely to contain the details of salaries (such as number of personnel within each position)as well as the details of each type of expenditure other than salaries (such as supplies and travel)?

If a City Manager is looking at the cash forecast,he or she is most likely concerned about which of the following issues?

The term "line item" refers to which of the following budget/expenditure classifications?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

The Governmental Fund Accounting Cycle

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 3: Budgetary Considerations in Governmental Accounting

Which of the following classifications represents the lowest legal level of budgetary control?

The Governmental Accounting Standards Board requires governments to include budgetary comparison schedules or statements for which of the following funds?

Which of the following is not a "character" classification?

If the balance in the Estimated revenues account exceeds the balance in the Appropriations account

Which of the following classifications represents the highest legal level of budgetary control?

Which of the following is expected to occur first in the budget process?

Which of the following activities occurs closest to the completion of the budgetary process?

The City of Kent has estimated that it will spend $4,500,000 and have revenues of $4,800,000 next year.At the beginning of its new fiscal year,it will need to:

The document that lists the steps of the budget process is the

Which of the following is an estimated amount?

Which of the following factors is the most important consideration in estimating sales tax collections for the year?

Which of the following approaches to budgeting requires each activity to be justified each year?

When the chief executive of a governmental unit submits a "balanced budget" to the legislative body,it usually means that:

When preparing a fund budget for the next fiscal year,which of the following are important to consider when projecting the amount of resources that will be available for spending in the next year?

A property tax millage rate is calculated by:

For a typical city government,the budget has an important influence on the determination of the annual

Which of the following approaches to budgeting is most likely to contain the details of salaries (such as number of personnel within each position)as well as the details of each type of expenditure other than salaries (such as supplies and travel)?

If a City Manager is looking at the cash forecast,he or she is most likely concerned about which of the following issues?

The term "line item" refers to which of the following budget/expenditure classifications?

Governmental and Not-For-Profit

The Use of Funds in Governmental Accounting

The Governmental Fund Accounting Cycle

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