______Albee Township's fiscal year ends on June 30. Albee uses encumbrances accounting. On 4/5/06, an approved $1,000 purchase order was issued for supplies. Albee received these supplies 5/2/06, and the $1,000 invoice was approved for payment. What journal entry should Albee make on 4/5/06 to record the approved purchase order? $\begin{array} { l }&\text { Debit } & \text { Credit }\\\text { a. Memorandum entry only }\\\text { b. Encumbrances... }&1,000\\ \text { Budgetary Fund Balance Reserved }\\\text { for Encumbrances. }&&1,000\\\text { c. Supplies. }&1,000\\ \text { Vouchers Payable }&&1,000\\ \text { d. Encumbrances.. }&1,000\\\text { Appropriations }&&1,000\\ \end{array}$

The answer of ______Albee Township's fiscal year ends on June...

_____ What is the normal balance of the following accounts? $\begin{array}{lcc} & \text { Transfers Out } & \text { Transfers In } \\ \text { a. } & \text { Debit } & \text { Debit } \\ \text { b. } & \text { Debit } & \text { Credit } \\ \text { c. } & \text { Credit } & \text { Debit } \\ \text { d. } & \text { Credit } & \text { Credit } \end{array}$

The answer of _____ What is the normal balance of the...

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

_____ How would cash disbursed from the General Fund to establish a proprietary fund be reported in the General Fund's operating statement?

(Multiple Choice)

4.9/5

(37)

Question 81

_____ For governmental funds at the fund-based reporting level, which of the following accounts is not included in the measurement focus?

(Multiple Choice)

4.7/5

(36)

Question 82

_____ For governmental funds at the fund-based reporting level, which statement is correct?

(Multiple Choice)

4.7/5

(30)

Question 83

For "governmental" funds, the measurement focus (what to measure) is on _________________________________________ at the fund-based reporting level.

(Short Answer)

4.9/5

(34)

Question 84

The bottom line of the General Fund's operating statement at the fund-based reporting level includes the effect of nonreciprocal interfund transfers.

(True/False)

4.8/5

(38)

Question 85

______Albee Township's fiscal year ends on June 30. Albee uses encumbrances accounting. On 4/5/06, an approved $1,000 purchase order was issued for supplies. Albee received these supplies 5/2/06, and the $1,000 invoice was approved for payment. What journal entry should Albee make on 4/5/06 to record the approved purchase order? Debit Credit a. Memorandum entry only b. Encumbrances... 1,000 Budgetary Fund Balance Reserved for Encumbrances. 1,000 c. Supplies. 1,000 Vouchers Payable 1,000 d. Encumbrances.. 1,000 Appropriations 1,000

(Short Answer)

4.8/5

(38)

Question 86

Interfund activities can be broadly categorized as being either _ or _ in nature.

(Short Answer)

4.9/5

(38)

Question 87

When the entry recording the budget is reversed at year-end, the Appropriated Revenues account is credited.

(True/False)

4.8/5

(29)

Question 88

Trust Funds are a type of fiduciary funds.

(True/False)

4.9/5

(43)

Question 89

For proprietary funds, the _ basis of accounting is used, and the ___________ measurement focus is used.

(Short Answer)

4.8/5

(38)

Question 90

Permanent Funds are a type of proprietary funds.

(True/False)

4.9/5

(43)

Question 91

_____ What is the normal balance of the following accounts? Transfers Out Transfers In a. Debit Debit b. Debit Credit c. Credit Debit d. Credit Credit

(Short Answer)

4.8/5

(31)

Question 92

_____ For governmental funds at the fund-based reporting level, which of the following accounts is included in the measurement focus?

(Short Answer)

4.7/5

(34)

Question 93

Whether to depreciate capital assets has nothing to do with the modified accrual basis of accounting or the accrual basis of accounting.

(True/False)

4.8/5

(43)

Question 94

_____ How would cash disbursed from the General Fund to reimburse one of the other funds for expenditures incurred by that other fund on behalf of the city be conceptually categorized-assuming that the expenditure should have been recorded in the General Fund initially?

(Multiple Choice)

4.8/5

(37)

Question 95

The Governmental Accounting Standards Board is sponsored by the Governmental Finance Officers Association.

(True/False)

4.7/5

(44)

Question 96

_____ Which statement is correct concerning the modified accrual basis of accounting?

(Multiple Choice)

4.9/5

(42)

Question 97

_____ Which organization currently has responsibility for prescribing governmental accounting standards?

(Multiple Choice)

4.8/5

(39)

Question 98

An authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes is called a(n) ___________________________.

(Short Answer)

4.8/5

(31)

Question 99

_____ For governmental funds, the operating statement used at the fund-based reporting level is a flow of

(Multiple Choice)

4.8/5

(46)

Question 100

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

_____ How would cash disbursed from the General Fund to establish a proprietary fund be reported in the General Fund's operating statement?

_____ For governmental funds at the fund-based reporting level, which of the following accounts is not included in the measurement focus?

_____ For governmental funds at the fund-based reporting level, which statement is correct?

For "governmental" funds, the measurement focus (what to measure) is on _________________________________________ at the fund-based reporting level.

The bottom line of the General Fund's operating statement at the fund-based reporting level includes the effect of nonreciprocal interfund transfers.

Interfund activities can be broadly categorized as being either _________________________ or _________________________ in nature.

When the entry recording the budget is reversed at year-end, the Appropriated Revenues account is credited.

Trust Funds are a type of fiduciary funds.

For proprietary funds, the _______________________ basis of accounting is used, and the _________________________________ measurement focus is used.

Permanent Funds are a type of proprietary funds.

_____ What is the normal balance of the following accounts? Transfers Out Transfers In a. Debit Debit b. Debit Credit c. Credit Debit d. Credit Credit

_____ For governmental funds at the fund-based reporting level, which of the following accounts is included in the measurement focus?

Whether to depreciate capital assets has nothing to do with the modified accrual basis of accounting or the accrual basis of accounting.

_____ How would cash disbursed from the General Fund to reimburse one of the other funds for expenditures incurred by that other fund on behalf of the city be conceptually categorized-assuming that the expenditure should have been recorded in the General Fund initially?

The Governmental Accounting Standards Board is sponsored by the Governmental Finance Officers Association.

_____ Which statement is correct concerning the modified accrual basis of accounting?

_____ Which organization currently has responsibility for prescribing governmental accounting standards?

An authorization granted by a legislative body to make expenditures and to incur obligations for specific purposes is called a(n) ___________________________.

_____ For governmental funds, the operating statement used at the fund-based reporting level is a flow of

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

Interfund activities can be broadly categorized as being either _ or _ in nature.

For proprietary funds, the _ basis of accounting is used, and the ___________ measurement focus is used.