Exam 3: Governmental Operating Statement Accounts; Budgetary Accounting

Which of the following accounts is a budgetary account of a governmental fund?

At the time items for which purchase orders had previously been issued are received, indicate whether each of the following accounts of the General Fund should be debited (D), credited (C), or is not affected (N). ________ 1. Encumbrances ________ 2. Encumbrances Outstanding ________ 3. Expenditures ________ 4. Vouchers payable ________ 5. Appropriations

A statement of revenues, expenditures, and changes in fund balances-budget and actual is:

For each of the following expenditure items, indicate its correct classification scheme suggested by GASB standards. A. Function B. Program C. Organization unit D. Activity E. Character F. Object ________ 1. Streetlight repair ________ 2. City clerk ________ 3. Salaries and wages ________ 4. Transportation ________ 5. Current operating expenditures

The expenditure classification "Public Safety" is an example of which of the following types of classifications?

Which of the following best describes the recommended format for the government-wide statement of activities?

The legal level of budgetary control represents the administrative level at which expenditures may not exceed appropriations without a formal budgetary amendment.

When an activity accounted for by the General Fund results in issuance of purchase orders or contracts for goods or services a record must be kept, but no journal entries in the General Fund are necessary.

A liability is recorded in governmental funds when:

The Expenditures control account of a government is debited when:

Three categories of program revenues are reported in the statement of activities: charges for services, operating grants and contributions, and capital grants and contributions.

Which of the following statements is True regarding the required disclosure of budgetary information?

"Available appropriation" is calculated as the difference between appropriations and the sum of expenditures and encumbrances.

Define the term revenue and distinguish between revenue and other financing sources.

What benefits do financial statement users derive from the net (expense) revenue format used for the government-wide statement of activities?

The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. Seminole County utilizes the budgetary accounts required by GASB standards. The journal entry to record budgeted appropriations will include:

When goods for which an encumbrance has been recorded are received at an invoiced amount that varies from the amount encumbered, the encumbrance is reversed in the amount of the actual invoiced cost of the goods.

Which of the following depict the typical order of steps in the acquisition of goods and services by an activity accounted for by the General Fund?

Which of the following accounts of a government is credited when a purchase order is approved?

The county determined it needed to prepare a budget amendment to reflect a decrease in charges for services of $100,000 and an increase in public safety expenditures of $150,000. What will be the effect of these two adjustments on the Budgetary Fund Balance account?