Exam 3: Governmental Operating Statement Accounts; Budgetary Accounting

The cost to purchase a good or service is the definition of an

Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards.

The Estimated Revenues control account of a government is credited when:    A-             B-              C-             D-          

Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.

The Encumbrances control account of a city is decreased when             A-                    B-                    C-                      D-                  

Which of the following statements is not a True statement about expenses that are directly related to a government function or program?

The numerical difference between (1) current assets and deferred outflows and (2) current liabilities and deferred inflows recorded in governmental funds is denoted as net position.

The journal entry to record budgeted revenues will include:

Public school systems prepare their financial reports in accordance with the requirements of the National Center for Education Statistics.

During the first month of its fiscal year, the City of Jackson Hole issued the following purchase orders and contracts: Show the summary general journal entry to record the issuance of the purchase orders and contracts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Other financing sources and uses are disclosed in a separate section below expenditures on the statement of revenues, expenditures, and changes in fund balances.

For what funds do budgetary comparisons need to be presented in connection with the basic financial statements?

The city amended its budget to increase expected grant revenues by $500,000 and increase expected culture and recreation expenditures by $500,000. Which of the following statements concerning the budget amendment journal entry is correct?

Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund?

Which of the following is True regarding other financing sources and other financing uses?

If supplies that were ordered by a department financed by the General Fund are received at an actual price that is less than the estimated price on the purchase order, the department's available balance of appropriations for supplies will be:

Under the modified accrual basis of accounting, expenditures generally are not recognized until:

In the GASB reporting model, extraordinary items and special items must be reported as separate line items below General Revenues in the statement of activities to distinguish these nonrecurring items from normal recurring general revenues.

Expenses represent the costs to purchase goods or services, whereas expenditures represent the costs of goods or services consumed or expired during the period.

The government-wide statement of net position displays the net expense or revenue for each function or program of the government.