Exam 4: Accounting for Governmental Operating Activities-Illustrative Transactions and Financial Statements

The county received a $10,000,000 endowment,the terms of which indicate that earnings on the endowment are to be used by health and welfare to provide medical services to low-income children.Where would the $10,000,000 be recorded?

(Multiple Choice)

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Question 81

Which of the following best describes the proper treatment for uncollectible amounts of tax revenue?

(Multiple Choice)

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Question 82

The city's electric utility fund sent $700,000 to the General Fund to help cover the city's operating costs.This transaction would be recorded in the governmental activities journal as

(Multiple Choice)

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Question 83

Under the consumption method for recording supplies that are maintained on a perpetual inventory system,the adjusting entry made at year end would affect which of the following accounts?

(Multiple Choice)

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Question 84

In which fund would a government most likely account for the assets confiscated in drug arrests and legally required to be used for drug prevention education?

(Multiple Choice)

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Question 85

The account Budgetary Fund Balance can have either a debit or credit balance.

(True/False)

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Question 86

Which of the following journal entries should a government use to record $475,000 for police department salaries and wages during a particular month?

(Multiple Choice)

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Question 87

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The county received a $10,000,000 endowment,the terms of which indicate that earnings on the endowment are to be used by health and welfare to provide medical services to low-income children.Where would the $10,000,000 be recorded?

Which of the following best describes the proper treatment for uncollectible amounts of tax revenue?

The city's electric utility fund sent $700,000 to the General Fund to help cover the city's operating costs.This transaction would be recorded in the governmental activities journal as

Under the consumption method for recording supplies that are maintained on a perpetual inventory system,the adjusting entry made at year end would affect which of the following accounts?

In which fund would a government most likely account for the assets confiscated in drug arrests and legally required to be used for drug prevention education?

The account Budgetary Fund Balance can have either a debit or credit balance.

Which of the following journal entries should a government use to record $475,000 for police department salaries and wages during a particular month?

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities-Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations-Regulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

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