Exam 24: Governmental Accounting: Basic Principles and the General Fund

Explore all topics

The two subcategories of interfund activities that are reciprocal in nature are interfund _ and interfund ___.

(Short Answer)

4.9/5

(34)

Question 21

In the broad sense, the use of financial resources of a fund is called a(n) ________________________.

(Short Answer)

4.8/5

(36)

Question 22

Proprietary funds may be classified as being either reciprocal or nonreciprocal in nature.

(True/False)

4.8/5

(38)

Question 23

When the budget is recorded in the general ledger, the Estimated Revenues account is credited.

(True/False)

4.7/5

(32)

Question 24

Debt Service Funds are a type of fiduciary funds.

(True/False)

4.9/5

(44)

Question 25

The predecessor organization to the GASB was the ____________________________.

(Short Answer)

4.9/5

(38)

Question 26

_____ Which of the following could not be a type of interfund transaction?

(Multiple Choice)

4.8/5

(40)

Question 27

_____ Which of the following is not one of the three major categories of fund types?

(Multiple Choice)

4.8/5

(25)

Question 28

_____ Which of the following statements is true regarding budgetary accounts?

(Multiple Choice)

4.9/5

(44)

Question 29

Under the modified accrual basis of accounting, governmental revenues are recognized when they are ________________________________________.

(Short Answer)

4.7/5

(29)

Question 30

Commitments related to unperformed contracts for goods and services are called appropriations.

(True/False)

4.8/5

(37)

Question 31

A. Accounts that may be used in the following three problems: -Encumbrances-related entries: Using the answer codes from "A," indicate the account or accounts that would be debited and credited for the following items pertaining to a city's General Fund:

(Essay)

4.8/5

(36)

Question 32

_____ Which of the following is a budgetary account?

(Multiple Choice)

4.9/5

(35)

Question 33

Under the definition of the modified accrual basis of accounting, depreciation cannot be reported in the operating statements of "governmental" funds.

(True/False)

4.9/5

(36)

Question 34

_____ How would an annual subsidy from the General Fund to one of the proprietary funds be reported in the General Fund's operating statement?

(Multiple Choice)

4.8/5

(34)

Question 35

Recording the annual budget in the general ledger for the General Fund is part of the modified accrual basis of accounting.

(True/False)

4.9/5

(32)

Question 36

The organization that publishes GAAFR is the _________________________________.

(Short Answer)

4.8/5

(27)

Question 37

Agency Funds are a type of fiduciary funds.

(True/False)

4.9/5

(39)

Question 38

The authorization to spend a specified amount of money is referred to as an encumbrance.

(True/False)

4.9/5

(39)

Question 39

_____ Which of the following is not one of the three major categories of fund types?

(Multiple Choice)

4.8/5

(28)

Question 40

Showing 21 - 40 of 138

Exam 24: Governmental Accounting: Basic Principles and the General Fund

The two subcategories of interfund activities that are reciprocal in nature are interfund _______________________________________ and interfund _________________________________________.

In the broad sense, the use of financial resources of a fund is called a(n) ________ ________________________________.

Proprietary funds may be classified as being either reciprocal or nonreciprocal in nature.

When the budget is recorded in the general ledger, the Estimated Revenues account is credited.

Debt Service Funds are a type of fiduciary funds.

The predecessor organization to the GASB was the ____________________________.

_____ Which of the following could not be a type of interfund transaction?

_____ Which of the following is not one of the three major categories of fund types?

_____ Which of the following statements is true regarding budgetary accounts?

Under the modified accrual basis of accounting, governmental revenues are recognized when they are ________________________________________.

Commitments related to unperformed contracts for goods and services are called appropriations.

A. Accounts that may be used in the following three problems: -Encumbrances-related entries: Using the answer codes from "A," indicate the account or accounts that would be debited and credited for the following items pertaining to a city's General Fund:

_____ Which of the following is a budgetary account?

Under the definition of the modified accrual basis of accounting, depreciation cannot be reported in the operating statements of "governmental" funds.

_____ How would an annual subsidy from the General Fund to one of the proprietary funds be reported in the General Fund's operating statement?

Recording the annual budget in the general ledger for the General Fund is part of the modified accrual basis of accounting.

The organization that publishes GAAFR is the _________________________________.

Agency Funds are a type of fiduciary funds.

The authorization to spend a specified amount of money is referred to as an encumbrance.

_____ Which of the following is not one of the three major categories of fund types?

Wholly Owned Subsidiaries: at Date of Creation

Wholly Owned Subsidiaries: Postcreation Periods

Partially Owned Created Subsidiaries & Variable Interest Entities

Introduction to Business Combinations

The Purchase Method: at Date of Acquisition-100 Ownership

The Purchase Method: Postacquisition Periods and Partial Ownerships

New Basis of Accounting

Introduction to Intercompany Transactions

Intercompany Inventory Transfers

Intercompany Fixed Asset Transfers & Bond Holdings

Changes in a Parents Ownership Interest, Statement of Cash Flows, & Earnings Per Share

Reporting Segment and Related Information

International Accounting Standards & Translating Foreign Currency Transactions

Using Derivatives to Manage Foreign Currency Exposures

Translating Foreign Currency Statements: The Current Rate Method

Translating Foreign Currency Statements: The Temporal Method and the Functional Currency Concept

Interim Period Reporting

Securities and Exchange Commission Reporting

Bankruptcy Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Changes in Ownership

Partnerships: Liquidations

Estates and Trusts

Governmental Accounting: The Special-Purpose Funds and Special General Ledger

Not-For-Profit Organizations: Introduction and Private Npos

Filters

The two subcategories of interfund activities that are reciprocal in nature are interfund _ and interfund ___.

In the broad sense, the use of financial resources of a fund is called a(n) ________________________.