Exam 10: State and Local Governments: Introduction and General Fund Transactions

The following fund types are used by Callaway County: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Private Purpose Trust Fund (PPTF) -Investment Trust Fund (ITF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the county fund(s) affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -A citizen gives $1,000,000 to the county. The citizen specifies that this gift is to be used to provide health services to the general public.

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Cash

The following fund types are used by Cumberland County: General Fund (GF) Special Revenue Fund (SRF) Capital Projects Fund (CPF) Debt Service Fund (DSF) Internal Service Fund (ISF) Enterprise Fund (EF) Pension Trust Fund (PTF) Custodial Fund (CF) Required For each of the activities bellow, indicate the county fund type that reports the activity. Use the abbreviations listed above. -Accounts for work release earnings and disbursements for individuals incarcerated at the County prison.

A general fund's budgeted expenditures for the year are called:

Use the following information to answer bellow questions A county's general fund has $4,000,000 in supplies on hand at the start of 2020. It purchases $25,000,000 in supplies and uses supplies costing $26,000,000 during 2020. -If the county uses the purchases method to report supplies inventories, what balances appear in the general fund financial statements for 2020? Assume the supplies inventories are not material.

The following fund types are used by a county: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Internal Service Fund (ISF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the fund or funds affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -Equipment is purchased by the general fund.

The following fund types are used by Cumberland County: General Fund (GF) Special Revenue Fund (SRF) Capital Projects Fund (CPF) Debt Service Fund (DSF) Internal Service Fund (ISF) Enterprise Fund (EF) Pension Trust Fund (PTF) Custodial Fund (CF) Required For each of the activities bellow, indicate the county fund type that reports the activity. Use the abbreviations listed above. -Accounts for monies received through the County's participation in the state's managed care program.

New York State's general fund budget and actual information for fiscal 2017 appear below. All dollar amounts are in millions. Use the "final" financial plan (budget) amounts when answering the questions below. Assume New York State's general fund separates its other financing sources (uses) into sources and uses when preparing its budget and closing entries. Required a. Prepare the fiscal 2017 budget entry for the general fund. b. Prepare the fiscal 2017 closing entries for the general fund.

Major attributes of a government include all of the following except:

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Purchase orders for merchandise and equipment are issued. -Accounts payable

Activities of a county hospital that is organized as a not-for-profit are likely to be reported

A county government borrows $1,500,000 from a local bank at the beginning of 2019, to fund general operations. Principal and $90,000 in interest ($45,000 per year) are both due two years later when the loan is repaid at the end of 2020. The loan is reported in the general fund. Which statement below is true concerning the general fund?

The trial balance of a general fund at April 3, 2020 appears below. The government's fiscal year ends June 30, 2020. Dr (Cr) Cash \ 1,000,000 Property taxes receivable, net 3,000,000 Due from other funds 400,000 Estimated revenues 22,000,000 Expenditures 15,000,000 Encumbrances 2,000,000 Accounts payable (4,500,000) Property tax revenues (16,000,000) Appropriations (20,000,000) Fund balance-assigned (2,000,000) Fund balance-unassigned (900,000) Total \0 Required Calculate available funds as of April 3, 2020.

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Closing entries are made at year-end. -Encumbrances

A general fund uses the consumption method to record inventories. Beginning inventories are $10,000, purchases are $600,000, and ending inventories are $12,000. The general fund records an end-of-year adjusting entry that:

The following fund types are used by the State of Florida: General Fund (GF) Internal Service Fund (ISF) Special Revenue Fund (SRF) Private-Purpose Trust Fund (PPTF) Capital Projects Fund (CPF) Pension and Other Employee Benefit Trust Fund (POEBTF) Debt Service Fund (DSF) Investment Trust Fund (ITF) Permanent Fund (PF) Custodial Fund (CF) Enterprise Fund (EF) Required For each of the activities bellow, indicate the state fund type that reports the activity. Use the abbreviations listed above. -Accounts for operations of the Florida Turnpike.

The following fund types are used by a county: -General Fund (GF) -Special Revenue Fund (SRF) -Capital Projects Fund (CPF) -Debt Service Fund (DSF) -Permanent Fund (PF) -Enterprise Fund (EF) -Internal Service Fund (ISF) -Custodial Fund (CF) Required For each of the transactions bellow, indicate the fund or funds affected. Be sure to include all funds that report the transaction. Use the abbreviations listed above. -Community college faculty salaries are paid.

The following general fund budget was approved by Plumas County for the current year: Budgeted revenues \ 4,200,000 Budgeted expenditures 3,900,000 Budgeted other finanding sources 200,000 Budgeted other finanding uses 600,000 Plumas County uses the GAAP budgetary basis for outstanding encumbrances. Required During the year, various transactions and events occurred that affected the general fund. For each of the following events, indicate in the space next to each of the names of the listed accounts whether the account should be debited, credited, or is not affected. Property tax bills for the current year are sent out. It is estimated that 10% are uncollectible. -Property taxes receivable

The governmental funds operating statement reports:

Use the following information to answer bellow Questions bellow is the preclosing trial balance of a county's general fund at year-end: Dr Cr Cash 45,000 Property taxes receivable 180,000 Due from other funds 25,000 Estimated revenues 2,300,000 Operating expenditures 1,963,000 Capital outlay 120,000 Debt service: Principal 50,000 Debt service: Interest 140,000 Transfersout 29,000 Allowance for unco llectible property taxes \ 150,000 Accounts payable 45,000 Due to other funds 22,000 Appropriations 2,275,000 Estimated other financing uses 30,000 Property tax revenues 2,295,000 Fund balance-unassigned 35,000 -The general fund's year-end balance sheet will report total liabilities of: