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

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. -Estimated revenues

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. a. The adopted budget is recorded. -Estimated other financing uses

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. -General obligation debt principal is paid.

Which fund reports its operating results in a statement of revenues, expenses, and changes in net position?

Resources required by the legal budget to be used for debt service are reported in which fund balance category of a state's general fund balance sheet?

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. -Encumbrances

Encumbrances for $900,000 in purchase orders are outstanding at the beginning of 2020. Encumbrances for $800,000 in purchase orders are outstanding at the end of 2020. Which statement is true concerning a comparison of legal budgetary and GAAP budgetary expenditures for 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. Plumas County uses the purchases method for inventories and does not report inventories on its balance sheet. At the end of the year, it determines that it used more inventories than it purchased during the year. -Inventory

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 consumption method to report supplies inventories, what balances appear in the general fund financial statements for 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. The general fund moves money to the debt service fund for payment of principal and interest on general obligation debt. -Revenues