Exam 3: Governmental Operating Statement Accounts Budgetary Accounting

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

The expenditure classification "Current Expenditures" is an example of which of the following types of classifications?

An interfund transfer of $30,000 was made from the General Fund to the debt service fund.(No previous entries were made regarding this transaction).When this event occurred,indicate whether each of the following accounts of the General Fund should be debited (D),credited (C),or is not affected (N). _____ 1.Interfund Loan to Debt Service Fund-Noncurrent. _____ 2.Due from Debt Service Fund. _____ 3.Cash. _____ 4.Other Financing Uses-Interfund Transfers Out. _____ 5.Encumbrances.

When computers are ordered by the mayor's office,the purchase order should be recorded in the General Fund as a debit to:

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.

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.

An allotment may be described as an internal allocation of funds on a periodic basis usually agreed upon by the department heads and the chief executive.

The Appropriations account of a governmental fund is credited when:

Which of the following terms refers to an actual cost rather than an estimate?

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

Under the modified accrual basis of accounting used by the General Fund,financial resources are considered available if the revenue or other financing source is expected to be collected

When the budget of a government is recorded and Appropriations exceeds Estimated Revenues,the Budgetary Fund Balance account is:

A liability is recorded in governmental funds when:

All purchases of goods and services and all interfund transfers of the General Fund are recorded as Expenditures.

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

When the budget of a government is adopted and Estimated Revenues exceed Appropriations,the excess is:

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

Which of the following is not a budgetary account?

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?

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