Question 1

Periodic allocations of funds to departments or agencies are generally called

Accepted Answer

A) Appropriations. 
B) Allotments. 
C) Allocations. 
D) None of the above. 
A) Appropriations. 
B) Allotments. 
C) Allocations. 
D) None of the above.

Question 2

Neither the GASB nor the FASB sets standards for budgetary accounting.

Accepted Answer

A) True 
 B)False

Question 3

A county general fund budget includes budgeted revenues of $900 and budgeted expenditures of $890.Actual revenues for the year were $915.To close the estimated revenues account at the end of the year

Accepted Answer

A) Debit Estimated revenues $15 
B) Credit Estimated revenue $15 
C) Debit Estimated revenues $900 
D) Credit Estimated revenues $900 
A) Debit Estimated revenues $15 
B) Credit Estimated revenue $15 
C) Debit Estimated revenues $900 
D) Credit Estimated revenues $900

Question 4

State and local governments' budget-to-actual comparisons present both original and final budget amounts.

Accepted Answer

A) True 
 B)False

Question 5

Capital budgets concentrate on long-lived assets.

Accepted Answer

A) True 
 B)False

Question 6

A county previously encumbered $15,000 for the acquisition of supplies.The supplies were received at a total cost of $14,700.To recognize this event the county should make which of the following entries?

Accepted Answer

A) Debit Reserve for encumbrances $15,000; credit Encumbrances $15,000. 
B) Debit Reserve for encumbrances $14,700; credit Encumbrances $14,700. 
C) Debit Encumbrances $15,000; credit Reserve for encumbrances $15,000. 
D) Debit Encumbrances $14,700; credit Reserve for encumbrances $14,700. 
A) Debit Reserve for encumbrances $15,000; credit Encumbrances $15,000. 
B) Debit Reserve for encumbrances $14,700; credit Encumbrances $14,700. 
C) Debit Encumbrances $15,000; credit Reserve for encumbrances $15,000. 
D) Debit Encumbrances $14,700; credit Reserve for encumbrances $14,700.

Question 7

Encumbrances and expenditures both reduce total fund balances of state and local governments.

Accepted Answer

A) True 
 B)False

Question 8

Not-for-profit budgets focus first on revenues and secondarily on expenditures.

Accepted Answer

A) True 
 B)False

Question 9

Expenditures should be budgeted by "character." An example of a character classification would be

Accepted Answer

A) Current expenditures. 
B) Salaries. 
C) Public Safety. 
D) Police Department. 
A) Current expenditures. 
B) Salaries. 
C) Public Safety. 
D) Police Department.

Question 10

When budgets are integrated into a government's accounting system, estimated revenues are debited.

Accepted Answer

A) True 
 B)False

Periodic allocations of funds to departments or agencies are generally called

Neither the GASB nor the FASB sets standards for budgetary accounting.

A county general fund budget includes budgeted revenues of $900 and budgeted expenditures of $890.Actual revenues for the year were $915.To close the estimated revenues account at the end of the year

State and local governments' budget-to-actual comparisons present both original and final budget amounts.

Capital budgets concentrate on long-lived assets.

A county previously encumbered $15,000 for the acquisition of supplies.The supplies were received at a total cost of $14,700.To recognize this event the county should make which of the following entries?

Encumbrances and expenditures both reduce total fund balances of state and local governments.

Not-for-profit budgets focus first on revenues and secondarily on expenditures.

Expenditures should be budgeted by "character." An example of a character classification would be

When budgets are integrated into a government's accounting system, estimated revenues are debited.

The Government and Not-For-Profit Environment

Fund Accounting

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

Filters

Exam 3: Issues of Budgeting and Control

Periodic allocations of funds to departments or agencies are generally called

Neither the GASB nor the FASB sets standards for budgetary accounting.

A county general fund budget includes budgeted revenues of $900 and budgeted expenditures of $890.Actual revenues for the year were $915.To close the estimated revenues account at the end of the year

State and local governments' budget-to-actual comparisons present both original and final budget amounts.

Capital budgets concentrate on long-lived assets.

A county previously encumbered $15,000 for the acquisition of supplies.The supplies were received at a total cost of $14,700.To recognize this event the county should make which of the following entries?

Encumbrances and expenditures both reduce total fund balances of state and local governments.

Not-for-profit budgets focus first on revenues and secondarily on expenditures.

Expenditures should be budgeted by "character." An example of a character classification would be

When budgets are integrated into a government's accounting system, estimated revenues are debited.

The Government and Not-For-Profit Environment

Fund Accounting

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

Filters