A) Provided and used represent transactions involving sales and purchases of goods and services between funds. B) Are sometimes called quasi-external transactions. C) Are recorded as if they were transactions with parties outside the government. D) All of the above apply to interfund services. A) Provided and used represent transactions involving sales and purchases of goods and services between funds. B) Are sometimes called quasi-external transactions. C) Are recorded as if they were transactions with parties outside the government. D) All of the above apply to interfund services.

Exam 4: Accounting for the General and Special Revenue Funds

Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which one of the following accounts?

(Multiple Choice)

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Question 21

The City of Smithville was awarded a federal grant on May 1, 2017 in the amount of $2,400,000 for the purpose of conducting a summer youth employment program. This was a reimbursement-type grant. On August 31, $5,475,000 of expenditures was recorded, and cash was paid out. On October 15 the $5,475,000 was received from the federal government. Record necessary entries as of July 1, August 31, September 30 and October 15.

(Essay)

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Question 22

The journal entry to record the property tax levy for a municipality would include:

(Multiple Choice)

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Question 23

Which of the following statements is not true regarding modified accrual accounting?

(Multiple Choice)

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Question 24

When the General Fund purchases water from an enterprise fund, the General Fund would credit expenditure.

(True/False)

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Question 25

The City of Brownsville had a balance in the Budgetary Fund Balance -- Reserve for Encumbrances account at the end of 2016 in the amount of $90,000. During 2017, all purchase orders related to the $90,000 were filled, and the invoice amount was $91,200. Which of the following would be true regarding the Statement of Revenues, Expenditures, and Changes in Fund Balances for 2017? assume encumbrances do not lapse

(Multiple Choice)

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Question 26

General Fund resources were expended in the amount of $185,000 to purchase a new fire truck. The General Fund would debit:

(Multiple Choice)

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Question 27

Expenditures recorded under modified accrual accounting is essentially the same as an expense recorded under accrual accounting.

(True/False)

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Question 28

Which of the following is true regarding modified accrual accounting?

(Multiple Choice)

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Question 29

Generally, expenditures are recorded and fund liabilities are recognized when goods and services are received, regardless of whether resources are available in the fund.

(True/False)

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Question 30

Which of the following is true with respect to Special revenue funds?

(Multiple Choice)

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Question 31

A special item is a significant transaction that is unusual or infrequent, but within the control of management.

(True/False)

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Question 32

Interfund services provided and used are recognized directly as Revenues and Expenditures.

(True/False)

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Question 33

Interfund services:

(Multiple Choice)

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Question 34

Expenditures for claims and judgments of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.

(True/False)

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Question 35

What is the difference between reciprocal interfund activity and nonreciprocal interfund activity?

(Essay)

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Question 36

Contrast the Consumption versus the Purchases methods of accounting for inventories.

(Essay)

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Question 37

Which of the following General Fund accounts would be closed at year end?

(Multiple Choice)

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Question 38

Which of the following statements is true with respect to the use of budgetary accounts?

(Multiple Choice)

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Question 39

Which account would be debited when the City of Corfu issued purchase orders for materials and supplies?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 134

Liabilities incurred, such as for accrued payroll, but still unpaid at year-end, should be recorded in the General Fund by a debit to which one of the following accounts?

The journal entry to record the property tax levy for a municipality would include:

Which of the following statements is not true regarding modified accrual accounting?

When the General Fund purchases water from an enterprise fund, the General Fund would credit expenditure.

General Fund resources were expended in the amount of $185,000 to purchase a new fire truck. The General Fund would debit:

Expenditures recorded under modified accrual accounting is essentially the same as an expense recorded under accrual accounting.

Which of the following is true regarding modified accrual accounting?

Generally, expenditures are recorded and fund liabilities are recognized when goods and services are received, regardless of whether resources are available in the fund.

Which of the following is true with respect to Special revenue funds?

A special item is a significant transaction that is unusual or infrequent, but within the control of management.

Interfund services provided and used are recognized directly as Revenues and Expenditures.

Interfund services:

Expenditures for claims and judgments of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.

What is the difference between reciprocal interfund activity and nonreciprocal interfund activity?

Contrast the Consumption versus the Purchases methods of accounting for inventories.

Which of the following General Fund accounts would be closed at year end?

Which of the following statements is true with respect to the use of budgetary accounts?

Which account would be debited when the City of Corfu issued purchase orders for materials and supplies?

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 Funds, Interfund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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