Exam 4: Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Which of the following is not a program revenues classification used in the governmental activities journal and reported in the government-wide statement of activities?

Permanent funds use the modified accrual basis of accounting.

An interfund transfer in should be reported in a governmental fund operating statement as a(an):

Under the modified accrual basis of accounting applicable to governmental fund types,property tax revenue is accrued and recorded at net realizable value.

The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city).The General Fund general journal entry to record the transaction will include:

Encumbrances Outstanding is shown on the balance sheet as a restriction on fund balance.

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

Which of the following would properly be reported in the operating statement of a governmental fund?

Fines and forfeits are reported as charges for services on the government-wide statement of activities.

When a fire truck purchased from General Fund revenues is received,what account,if any,should have been debited in the General Fund?

The Revenues account of a government is debited when:

Amounts due to or from other funds should be eliminated in both the government-wide and fund financial statements.

On July 1,the first day of its fiscal year,the Town of Eldon levied a $1,000,000 property tax which is payable in full on December 1 of the same year.On September 15,the town decided to borrow $200,000 in 90-day tax anticipation notes to cover operating expenditures until the tax revenues are collected.The journal entry on September 15 to record the issuance of tax anticipation notes will include:

The following is a pre-closing trial balance for Sun City's General Fund as of June 30,2017: What is the fund balance as of June 30,2017,after all closing entries have been made? Show your work.

Supplies recorded in the General Fund under the purchases method will initially include a

Which of the following will require a credit to Fund Balance-Unassigned of a governmental fund when operating statement accounts are closed at the end of the year,assuming there are no other financing sources or uses?

Which of the following financial statement(s)reports both current and noncurrent assets and liabilities? Government-wide Statement Of Net Position General Fund Balance Sheet a)No,Yes b) No,No c) Yes,No d) Yes,Yes

Using the information below,what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $300,000 Equipment used for supplying electric power to residents $1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $1,500,000 Cash received from federal government,dedicated to highway maintenance,that must be accounted for in a separate fund $1,800,000

The receipt of equipment that had previously been ordered should be recorded in the General Fund as a debit to

The governmental funds operating statement presents all of the following except