Exam 4: Accounting for the General and Special Revenue Funds

GASB requires both extraordinary and special items to be reported separately after other financing sources and uses in the General and Special Revenue fund financial statements

Which of the following General Fund accounts would be closed at year end?

A donor pledged $200,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology.The pledge was made on July 16,2013 but was conditioned on the government raising an additional $200,000 from other donors.By the fiscal year-end of June 30,2014,the local government had raised only $5,000 from other donors.What entry would be made for the initial pledge by the local government during the year ended June 30,2014?

When establishing funds,governments should never attempt to minimize the number of special revenue and other funds,instead using functional classification to record transaction detail.

What is the effect on the General Fund's fund balance when capital assets are purchased during a year from General Fund revenues?

The journal entry to record the prior year's deferred property taxes (those expected to be collected more than 60 days beyond year end)as revenue in the current year would include:

Government and Fiduciary fund statements use the modified accrual basis,while government-wide,and proprietary funds use accrual basis.

When closing the books for the General Fund,an excess of revenues over expenditures and transfers out would be debited to Fund Balance.

The General Fund accounts for any resources not reported in one of the other funds.

Interfund services purchased by the General Fund are recognized as:

When recording property taxes,the estimated uncollectible amount of property taxes is:

General Fund resources were expended in the amount of $180,000 to purchase a new fire truck.The General Fund would debit:

Which of the following is true with respect to Special revenue funds?

The purpose of fund accounting is to segregate those financial resources that have constraints or limitations on their use to demonstrate compliance with those limitations.

Which of the following accounts of a governmental unit's General fund is debited when supplies previously ordered are received?

The Revenues Control account of the General Fund is debited when:

The journal entry to write off an uncollectible property tax receivable for a municipality would include:

GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues,Expenditures,and Changes in Fund Balance?

A common use of special revenue funds is to account for (noncapital)intergovernmental grants when federal or state governments provide resources to local governments

Expenditures for claims and judgments and landfill postclosure care costs of governmental funds should be recognized to the extent that the liabilities are going to be paid with available resources.