Exam 4: Accounting for the General and Special Revenue Funds

GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues, Expenditures, and Changes in Fund Balance?

(Multiple Choice)

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Question 81

Government fund statements use the modified accrual basis, while government-wide, proprietary fund and fiduciary funds use accrual basis.

(True/False)

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Question 82

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 General Fund account for the transaction?

(Multiple Choice)

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Question 83

After closing entries, a special revenue fund's Fund Balance account represents the net amount of resources available for future appropriation.

(True/False)

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Question 84

When supplies ordered by a governmental unit are received at an actual price which is less than the estimated price on the purchase order, the Encumbrance Control account is:

(Multiple Choice)

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Question 85

Nonreciprocal interfund activity:

(Multiple Choice)

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Question 86

Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

(Multiple Choice)

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Question 87

Under modified accrual accounting, revenues are recognized when measurable and:

(Multiple Choice)

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Question 88

The fund balance represents the excess of fund assets and deferred outflows over fund liabilities and deferred inflows.

(True/False)

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Question 89

Under which fund type would you debit expenditure when land is acquired?

(Multiple Choice)

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Question 90

Which of the following statements is not correct?

(Multiple Choice)

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Question 91

GASB standards for property tax revenue recognition under the modified accrual basis of accounting provide that revenue is permitted to be recorded if the expected amount to be collected can be determined and collection is reasonably assured, even if the taxes are expected to be collected more than 60 days after the fiscal year end.

(True/False)

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Question 92

Interfund Transfers are flows of cash or other assets that:

(Multiple Choice)

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Question 93

A common use of special revenue funds is to account for noncapital) intergovernmental grants when federal or state governments provide resources to local governments

(True/False)

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Question 94

Government and Fiduciary fund statements use the modified accrual basis, while government-wide, and proprietary funds use accrual basis.

(True/False)

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Question 95

Proceeds from the Sale of Land in the General Fund is a source of funds and would be closed at year end.

(True/False)

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Question 96

Purchase orders for items ordered by the General Fund totaled $ 205,000. Upon receipt, invoices for these items totaled $200,000. Which of the following will take place on the date the goods are received.

(Multiple Choice)

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(87)

Question 97

The journal entry to record an encumbrance would include:

(Multiple Choice)

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(72)

Question 98

In February, X City ordered $550,000 of supplies. On March 17^th it received all of the ordered supplies and an invoice of $551,000. Which of the following would be recorded upon receipt of the supplies and invoice?

(Multiple Choice)

4.9/5

(69)

Question 99

$60,000 of property tax owed to the city of Akron will not be collected within 60 days after year end. The year-end journal entry to record this information would include a:

(Multiple Choice)

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Question 100

Showing 81 - 100 of 134

GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues, Expenditures, and Changes in Fund Balance?

Government fund statements use the modified accrual basis, while government-wide, proprietary fund and fiduciary funds use accrual basis.

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 General Fund account for the transaction?

After closing entries, a special revenue fund's Fund Balance account represents the net amount of resources available for future appropriation.

When supplies ordered by a governmental unit are received at an actual price which is less than the estimated price on the purchase order, the Encumbrance Control account is:

Nonreciprocal interfund activity:

Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

Under modified accrual accounting, revenues are recognized when measurable and:

The fund balance represents the excess of fund assets and deferred outflows over fund liabilities and deferred inflows.

Under which fund type would you debit expenditure when land is acquired?

Which of the following statements is not correct?

Interfund Transfers are flows of cash or other assets that:

A common use of special revenue funds is to account for noncapital) intergovernmental grants when federal or state governments provide resources to local governments

Government and Fiduciary fund statements use the modified accrual basis, while government-wide, and proprietary funds use accrual basis.

Proceeds from the Sale of Land in the General Fund is a source of funds and would be closed at year end.

Purchase orders for items ordered by the General Fund totaled $ 205,000. Upon receipt, invoices for these items totaled $200,000. Which of the following will take place on the date the goods are received.

The journal entry to record an encumbrance would include:

In February, X City ordered $550,000 of supplies. On March 17^th it received all of the ordered supplies and an invoice of $551,000. Which of the following would be recorded upon receipt of the supplies and invoice?

$60,000 of property tax owed to the city of Akron will not be collected within 60 days after year end. The year-end journal entry to record this information would include a:

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

Filters

Exam 4: Accounting for the General and Special Revenue Funds

GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues, Expenditures, and Changes in Fund Balance?

Government fund statements use the modified accrual basis, while government-wide, proprietary fund and fiduciary funds use accrual basis.

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 General Fund account for the transaction?

After closing entries, a special revenue fund's Fund Balance account represents the net amount of resources available for future appropriation.

When supplies ordered by a governmental unit are received at an actual price which is less than the estimated price on the purchase order, the Encumbrance Control account is:

Nonreciprocal interfund activity:

Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

Under modified accrual accounting, revenues are recognized when measurable and:

The fund balance represents the excess of fund assets and deferred outflows over fund liabilities and deferred inflows.

Under which fund type would you debit expenditure when land is acquired?

Which of the following statements is not correct?

Interfund Transfers are flows of cash or other assets that:

A common use of special revenue funds is to account for noncapital) intergovernmental grants when federal or state governments provide resources to local governments

Government and Fiduciary fund statements use the modified accrual basis, while government-wide, and proprietary funds use accrual basis.

Proceeds from the Sale of Land in the General Fund is a source of funds and would be closed at year end.

Purchase orders for items ordered by the General Fund totaled $ 205,000. Upon receipt, invoices for these items totaled $200,000. Which of the following will take place on the date the goods are received.

The journal entry to record an encumbrance would include:

In February, X City ordered $550,000 of supplies. On March 17th it received all of the ordered supplies and an invoice of $551,000. Which of the following would be recorded upon receipt of the supplies and invoice?

$60,000 of property tax owed to the city of Akron will not be collected within 60 days after year end. The year-end journal entry to record this information would include a:

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

Filters

In February, X City ordered $550,000 of supplies. On March 17^th it received all of the ordered supplies and an invoice of $551,000. Which of the following would be recorded upon receipt of the supplies and invoice?