Exam 17: Governmental Entities: Introduction and General Fund Accounting

According to the latest GASB exposure draft, which of the following is the only governmental fund type that may report an unassigned fund balance?

What is the correct sequence in the expenditure process in governmental accounting?

At any time, the remaining appropriating authority available to the fund managers is equal to:

Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis?

In a statement of revenues, expenditures, and changes in fund balance, the unassigned fund balance will be increased by: I. a decrease in the fund balance-Nonspendable II. an excess of other financing sources over other financing uses.

The general fund of the Town of Dean levied property taxes of $3,000,000 for the fiscal year beginning on January 1, 20X8. It was estimated that 1% of the levy would be uncollectible. During the period January 1, 20X8, through December 31, 20X8, $2,960,000 of the property tax levy was collected. At December 31, 20X8, Dean estimated that $10,000 of property taxes levied in 20X8 would be collected during the first 60 days of 20X9. What amount of property tax revenue should be reported by the general fund for the year ended December 31, 20X8?

The general fund of Loveland ordered a new fire truck on November 12, 20X8, for $150,000. The order was appropriately encumbered on this date. Loveland received the fire truck on January 15, 20X9, and issued a voucher to the manufacturer for $148,600. Loveland uses the calendar year for reporting, and outstanding encumbrances at December 31, 20X8, are lapsing. On January 15, 20X9, the general fund of Loveland should debit:

Which of the following funds are classified as fiduciary funds?

Revenues from parking meters and parking fines should be reported in the general fund when:

Note: This is a Kaplan CPA Review Question The following balances are included in the subsidiary records of Burwood Village's Parks and Recreation Department at March 31^st: How much does the Department have available for additional purchases of supplies?

All of the following are elements of the statement of financial condition for state and local governments with the exception of:

Accounting processes differ between a for-profit entity and a governmental entity. Discuss three differences between a governmental entity and a for-profit entity.

Assuming there is a budget surplus, which of the following accounts are credited when the general fund records its operating budget at the beginning of the year?

Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously. On December 31, 20X7, the end of Gotham City's fiscal year, a physical count shows $8,000 still in stock. During 20X8, $6,500 of this inventory is used, resulting in a $1,500 remaining balance of supplies on December 31, 20X8. Based on the preceding information, which of the following would be the correct account balances for 20X8 if Gotham City used the consumption method of accounting for inventories?

Note: This is a Kaplan CPA Review Question The Board of Commissioners of Vane City adopted its budget for the year ending July 31, comprising estimated revenues of $30,000,000 and appropriations of $29,000,000. Vane formally integrates its budget into the accounting records. What entry should be made for budgeted revenues?

Which of the following statements best describes the reporting process for profit seeking and governmental entities?

The general fund of Caldwell had the following operating budget for the fiscal year beginning July 1, 20X9: When the general fund records its operating budget on July 1, 20X9, Budgetary Fund Balance-Unassigned should be

The Town of Baker reported the following items on the June 30, 20X9, balance sheet of its general fund: At June 30, 20X9, what amount should be reported for Fund Balance-Unassigned?

Which of the following characteristics are emphasized in the accounting for state and local government entities? I. Revenues should be matched with expenditures to measure success or failure of the government entity. II. There is an emphasis on expendability of resources to accomplish objectives of the governmental entity.