Question 1

Which of the following sequences correctly portrays expenditure account coding from the highest to lowest level of summarization?

Accepted Answer

A) program,department,activity,object 
B) department,object,activity,program 
C) activity,department,object,program 
D) object,activity,department,program 
A) program,department,activity,object 
B) department,object,activity,program 
C) activity,department,object,program 
D) object,activity,department,program

Question 2

The legal level of budgetary control is best described as

Accepted Answer

A) the maximum amount that can be spent without incurring an unfavorable variance 
B) the classification or subclassification at which expenditures cannot exceed appropriations 
C) the status of the budget officer within the hierarchy of top government officials 
D) the sum of favorable budget variances minus the sum of unfavorable budget variances 
A) the maximum amount that can be spent without incurring an unfavorable variance 
B) the classification or subclassification at which expenditures cannot exceed appropriations 
C) the status of the budget officer within the hierarchy of top government officials 
D) the sum of favorable budget variances minus the sum of unfavorable budget variances

Question 3

Which of the following classifications will not appear in the annual budget for a General Fund?

Accepted Answer

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

Question 4

(Determination of property tax rate)
The City of Weston is preparing its budget for calendar year 2013.After estimating revenues from all other sources,the City calculates that it must raise $7,000,000 from property taxes.You are given the following information regarding the tax rate: $\begin{array} { l r } \text { Property taxes to be collected }&\$7,000,000\\text { Estimated uncollectible property taxes } & \$ 70,707 \ \text { Total assessed value of property at beginning of } 2013 & \$ 65,000,000 \ \text { Expected reduction in assessed value from appeals } & \$ 200,000 \ \text { Assessed value of City property, not subject to tax } & \$ 1,400,000 \ \text { Adjustments to assessed values for senior citizen exemptions } & \$ 1,000,000 \end{array}$ 
Required: 
a.Compute the gross amount of property taxes required to be levied.
b.Compute the tax rate per $100 of net assessed valuation.
c.Determine the amount of property tax that a home owner whose property is assessed at $35,000 will have to pay.

Accepted Answer

a.Required property tax levy:

Question 5

Which type of budget is concerned with day-to-day spending and financing activities?

Accepted Answer

A) general budget 
B) operating budget 
C) capital budget 
D) balanced budget 
A) general budget 
B) operating budget 
C) capital budget 
D) balanced budget

Question 6

The largest revenue source in a city government's General Fund normally is

Accepted Answer

A) fines and forfeits 
B) property taxes 
C) interest on investments 
D) charges for building inspections 
A) fines and forfeits 
B) property taxes 
C) interest on investments 
D) charges for building inspections

Question 7

Which statement most accurately describes the use of cash forecasts in government?

Accepted Answer

A) cash forecasts are not needed because legislatively-approved budgets are sufficient to manage the use of governmental resources 
B) cash forecasts are needed to plan for borrowing and investing because the timing of cash inflows does not necessarily match the timing of cash outflows 
C) cash forecasts are not needed because they do not require the approval of legislative bodies 
D) cash forecasts are needed because they provide the details necessary to support certain approaches to budgeting like performance budgeting 
A) cash forecasts are not needed because legislatively-approved budgets are sufficient to manage the use of governmental resources 
B) cash forecasts are needed to plan for borrowing and investing because the timing of cash inflows does not necessarily match the timing of cash outflows 
C) cash forecasts are not needed because they do not require the approval of legislative bodies 
D) cash forecasts are needed because they provide the details necessary to support certain approaches to budgeting like performance budgeting

Question 8

If actual revenues are less than estimated revenues and expenditures are less than appropriations (by the same amount),at the end of the fiscal year

Accepted Answer

A) the actual change in fund balance will equal the budgeted change in fund balance 
B) the actual change in fund balance will exceed the budgeted change in fund balance 
C) the actual change in fund balance will be less than the budgeted change in fund balance 
D) actual fund balance will remain unchanged 
A) the actual change in fund balance will equal the budgeted change in fund balance 
B) the actual change in fund balance will exceed the budgeted change in fund balance 
C) the actual change in fund balance will be less than the budgeted change in fund balance 
D) actual fund balance will remain unchanged

Which of the following sequences correctly portrays expenditure account coding from the highest to lowest level of summarization?

The legal level of budgetary control is best described as

Which of the following classifications will not appear in the annual budget for a General Fund?

Which type of budget is concerned with day-to-day spending and financing activities?

The largest revenue source in a city government's General Fund normally is

Which statement most accurately describes the use of cash forecasts in government?

If actual revenues are less than estimated revenues and expenditures are less than appropriations (by the same amount),at the end of the fiscal year

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

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Exam 3: Budgetary Considerations in Governmental Accounting

Which of the following sequences correctly portrays expenditure account coding from the highest to lowest level of summarization?

The legal level of budgetary control is best described as

Which of the following classifications will not appear in the annual budget for a General Fund?

Which type of budget is concerned with day-to-day spending and financing activities?

The largest revenue source in a city government's General Fund normally is

Which statement most accurately describes the use of cash forecasts in government?

If actual revenues are less than estimated revenues and expenditures are less than appropriations (by the same amount),at the end of the fiscal year

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