_____ Which of the following accounts of a governmental unit is (are) closed out at the end of the fiscal year? \(\begin{array}{lcc} & \text { Estimated Revenues } & \text { Fund Balance } \\ \text { a. } & \text { Yes } & \text { Yes } \\ \text { b. } & \text { Yes } & \text { No } \\ \text { c. } & \text { No } & \text { Yes } \\ \text { d. } & \text { No } & \text { No } \end{array}\)

The answer of _____ Which of the following accounts of a...

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

The two types of proprietary funds are Funds and Funds.

(Short Answer)

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Question 101

For governmental funds, the operating statement has a revenues category, an expenditures category, and a(n) _______________________________________________ category.

(Short Answer)

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Question 102

The modified accrual basis of accounting is not a departure from GAAP.

(True/False)

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Question 103

_____ Which statement is correct regarding encumbrances outstanding at year-end?

(Multiple Choice)

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Question 104

When the annual budget is recorded in the general ledger, the Appropriations-Transfers Out account, if used, is credited.

(True/False)

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Question 105

When the entry recording the budget is reversed at year-end, the Appropriations-Transfer Out account, if originally used, is debited.

(True/False)

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Question 106

In the new year's budget for "governmental" funds, encumbrances outstanding at the end of the preceding year are usually ___________________________________.

(Short Answer)

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Question 107

_____ Which of the following accounts of a governmental unit is (are) closed out at the end of the fiscal year? Estimated Revenues Fund Balance a. Yes Yes b. Yes No c. No Yes d. No No

(Short Answer)

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Question 108

A. Accounts that may be used in the following three problems: -Interfund transactions: 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)

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Question 109

Private Purpose Trust Funds are a type of proprietary funds.

(True/False)

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Question 110

When an encumbrance outstanding at year-end lapses, it is necessary to reappropriate the item in the following year to honor the encumbrance.

(True/False)

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Question 111

The two types of fiduciary funds are Funds and Funds.

(Short Answer)

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Question 112

For governmental funds, the _______________________________________________ basis of accounting is to be used at the fund-based reporting level.

(Short Answer)

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Question 113

The Fund Balance-Reserved for Encumbrances account can be reported in the General Fund's fund balance section of the balance sheet at the fund-based reporting level.

(True/False)

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Question 114

_____ The Expenditures account of a governmental unit is credited when

(Multiple Choice)

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Question 115

For "governmental" funds, an item is susceptible to accrual when it is both and .

(Short Answer)

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Question 116

The operating statement for proprietary funds closely resembles an income statement.

(True/False)

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Question 117

The entry to remove the budgetary accounts relating to encumbrances outstanding at year-end requires a credit to the Estimated Encumbrances account.

(True/False)

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Question 118

Under the GASB codification, encumbrances outstanding at the end of a given year are not reflected in the operating statement of that year.

(True/False)

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Question 119

Pension Funds are a type of Agency Funds.

(True/False)

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Question 120

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

The two types of proprietary funds are ________________________________________ Funds and ________________________________________ Funds.

For governmental funds, the operating statement has a revenues category, an expenditures category, and a(n) _______________________________________________ category.

The modified accrual basis of accounting is not a departure from GAAP.

_____ Which statement is correct regarding encumbrances outstanding at year-end?

When the annual budget is recorded in the general ledger, the Appropriations-Transfers Out account, if used, is credited.

When the entry recording the budget is reversed at year-end, the Appropriations-Transfer Out account, if originally used, is debited.

In the new year's budget for "governmental" funds, encumbrances outstanding at the end of the preceding year are usually ___________________________________.

_____ Which of the following accounts of a governmental unit is (are) closed out at the end of the fiscal year? Estimated Revenues Fund Balance a. Yes Yes b. Yes No c. No Yes d. No No

A. Accounts that may be used in the following three problems: -Interfund transactions: 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:

Private Purpose Trust Funds are a type of proprietary funds.

When an encumbrance outstanding at year-end lapses, it is necessary to reappropriate the item in the following year to honor the encumbrance.

The two types of fiduciary funds are ________________________________________ Funds and ________________________________________ Funds.

For governmental funds, the _______________________________________________ basis of accounting is to be used at the fund-based reporting level.

The Fund Balance-Reserved for Encumbrances account can be reported in the General Fund's fund balance section of the balance sheet at the fund-based reporting level.

_____ The Expenditures account of a governmental unit is credited when

For "governmental" funds, an item is susceptible to accrual when it is both ____________________________________ and ____________________________________.

The operating statement for proprietary funds closely resembles an income statement.

The entry to remove the budgetary accounts relating to encumbrances outstanding at year-end requires a credit to the Estimated Encumbrances account.

Under the GASB codification, encumbrances outstanding at the end of a given year are not reflected in the operating statement of that year.

Pension Funds are a type of Agency Funds.

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 types of proprietary funds are Funds and Funds.

The two types of fiduciary funds are Funds and Funds.

For "governmental" funds, an item is susceptible to accrual when it is both and .