Question 1

Under GASB Statement No. 34, a government-wide financial statement should include a:

Accepted Answer

A)  statement of revenues & and expenses. 
B)  statement of activities. 
C)  statement of financial position. 
D)  notes to the financial statements. 
A)  statement of revenues & and expenses. 
B)  statement of activities. 
C)  statement of financial position. 
D)  notes to the financial statements.

Question 2

The unadjusted trial balance for the general fund of the City of Hog's Breath at June 30, 2017, is as follows:   Supplies on hand at June 30, 2017, totaled $8,000. The $120,000 encumbrance relates to equipment ordered but not received by fiscal year-end.
Required:
Prepare a balance sheet for the general fund of the City of Hog's Breath at June 30, 2017.

Accepted Answer

The answer of The unadjusted trial balance for the general...

Question 3

The Expenditures account of a governmental unit is debited when:

Accepted Answer

A)  the budget is recorded. 
B)  supplies are ordered. 
C)  supplies encumbered are received. 
D)  the supplies invoice is paid. 
A)  the budget is recorded. 
B)  supplies are ordered. 
C)  supplies encumbered are received. 
D)  the supplies invoice is paid.

Question 4

Which of the following requires the use of the encumbrance system?

Accepted Answer

A)  Capital projects fund 
B)  Debt service fund 
C)  Internal service fund 
D)  Enterprise fund 
A)  Capital projects fund 
B)  Debt service fund 
C)  Internal service fund 
D)  Enterprise fund

Question 5

In accounting for and reporting inventory in the financial statements, the "Reserve for Inventory" account is used under:

Accepted Answer

A)  the consumption method. 
B)  the purchase method. 
C)  both the consumption and purchase methods. 
D)  none of these. 
A)  the consumption method. 
B)  the purchase method. 
C)  both the consumption and purchase methods. 
D)  none of these.

Question 6

Customers' meter deposits which cannot be spent for normal operating purposes would be classified as restricted cash in the balance sheet of which fund?

Accepted Answer

A)  Internal Service 
B)  Trust 
C)  Agency 
D)  Enterprise 
A)  Internal Service 
B)  Trust 
C)  Agency 
D)  Enterprise

Question 7

Expendable fund entities prepare closing entries at the end of each period just as business enterprises do. Describe the necessary closing entries for expendable funds.

Accepted Answer

Closing entries for expendable funds inc

Question 8

What journal entry should be made at the end of the fiscal year to close out encumbrances for which goods and services have not been received?

Accepted Answer

A)  Debit reserve for encumbrance and credit encumbrances. 
B)  Debit reserve for encumbrances and credit fund balance. 
C)  Debit fund balance and credit encumbrances. 
D)  Debit encumbrances and credit reserve for encumbrances. 
A)  Debit reserve for encumbrance and credit encumbrances. 
B)  Debit reserve for encumbrances and credit fund balance. 
C)  Debit fund balance and credit encumbrances. 
D)  Debit encumbrances and credit reserve for encumbrances.

Question 9

Governmental units include all of the following EXCEPT:

Accepted Answer

A)  counties. 
B)  school districts. 
C)  industrial development districts. 
D)  voluntary health and welfare organizations. 
A)  counties. 
B)  school districts. 
C)  industrial development districts. 
D)  voluntary health and welfare organizations.

Under GASB Statement No. 34, a government-wide financial statement should include a:

The Expenditures account of a governmental unit is debited when:

Which of the following requires the use of the encumbrance system?

In accounting for and reporting inventory in the financial statements, the "Reserve for Inventory" account is used under:

Customers' meter deposits which cannot be spent for normal operating purposes would be classified as restricted cash in the balance sheet of which fund?

Expendable fund entities prepare closing entries at the end of each period just as business enterprises do. Describe the necessary closing entries for expendable funds.

What journal entry should be made at the end of the fiscal year to close out encumbrances for which goods and services have not been received?

Governmental units include all of the following EXCEPT:

Introduction to Business Combinations and the Conceptual Framework

Accounting for Business Combinations

Consolidated Financial Statements-Date of Acquisition

Consolidated Financial Statements After Acquisition

Allocation and Depreciation of Differences Between Implied and Book Values

Elimination of Unrealized Profit on Intercompany Sales of Inventory

Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment

Changes in Ownership Interest

Intercompany Bond Holdings and Miscellaneous Topicsconsolidated Financial Statements

Insolvencyliquidation and Reorganization

International Financial Reporting Standards

Accounting for Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Financial Statements of Foreign Affiliates

Reporting for Segments and for Interim Financial Periods

Partnerships: Formation, Operation, and Ownership Changes

Partnerships: Formation, Operation, and Ownership Changes

Introduction to Accounting for State and Local Governmental Units

Accounting for Nongovernment Nonbusiness Organizations: Colleges and Universities, Hospitals and Other Health Care Organizations

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Exam 17: Introduction to Fund Accounting

Under GASB Statement No. 34, a government-wide financial statement should include a:

The Expenditures account of a governmental unit is debited when:

Which of the following requires the use of the encumbrance system?

In accounting for and reporting inventory in the financial statements, the "Reserve for Inventory" account is used under:

Customers' meter deposits which cannot be spent for normal operating purposes would be classified as restricted cash in the balance sheet of which fund?

Expendable fund entities prepare closing entries at the end of each period just as business enterprises do. Describe the necessary closing entries for expendable funds.

What journal entry should be made at the end of the fiscal year to close out encumbrances for which goods and services have not been received?

Governmental units include all of the following EXCEPT:

Introduction to Business Combinations and the Conceptual Framework

Accounting for Business Combinations

Consolidated Financial Statements-Date of Acquisition

Consolidated Financial Statements After Acquisition

Allocation and Depreciation of Differences Between Implied and Book Values

Elimination of Unrealized Profit on Intercompany Sales of Inventory

Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment

Changes in Ownership Interest

Intercompany Bond Holdings and Miscellaneous Topicsconsolidated Financial Statements

Insolvencyliquidation and Reorganization

International Financial Reporting Standards

Accounting for Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Financial Statements of Foreign Affiliates

Reporting for Segments and for Interim Financial Periods

Partnerships: Formation, Operation, and Ownership Changes

Partnerships: Formation, Operation, and Ownership Changes

Introduction to Accounting for State and Local Governmental Units

Accounting for Nongovernment Nonbusiness Organizations: Colleges and Universities, Hospitals and Other Health Care Organizations

Filters