Question 1

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

Accepted Answer

A)  Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted. 
B)  Required by GAAP for internal management reports only; not permitted for external financial reporting. 
C)  Required by GAAP for all governmental fund types. 
D)  Optional under GAAP, as long as a budgetary comparison schedule is presented. 
A)  Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted. 
B)  Required by GAAP for internal management reports only; not permitted for external financial reporting. 
C)  Required by GAAP for all governmental fund types. 
D)  Optional under GAAP, as long as a budgetary comparison schedule is presented.

Question 2

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

Accepted Answer

A)  Program revenues minus expenses minus other revenues and expenses equals change in net position. 
B)  Program revenues plus general revenues minus expenses equals change in net position. 
C)  Program revenues minus expenses plus general revenues equals change in net position. 
D)  Expenses minus program revenues plus general revenues equals change in net position. 
A)  Program revenues minus expenses minus other revenues and expenses equals change in net position. 
B)  Program revenues plus general revenues minus expenses equals change in net position. 
C)  Program revenues minus expenses plus general revenues equals change in net position. 
D)  Expenses minus program revenues plus general revenues equals change in net position.

Question 3

Which of the following is regarding other financing sources and other financing uses?

Accepted Answer

A)  Both must be reported separately from revenues and expenditures in the statement of revenues, expenditures, and changes in fund balances. 
B)  These terms are used to distinguish program revenues or expenses from general revenues or expenses. 
C)  These terms are used for minor revenue or expenditure items that are peripheral to the government's mission. 
D)  Other financing sources are equivalent to gains and other financing uses are equivalent to losses. 
A)  Both must be reported separately from revenues and expenditures in the statement of revenues, expenditures, and changes in fund balances. 
B)  These terms are used to distinguish program revenues or expenses from general revenues or expenses. 
C)  These terms are used for minor revenue or expenditure items that are peripheral to the government's mission. 
D)  Other financing sources are equivalent to gains and other financing uses are equivalent to losses.

Question 4

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

Accepted Answer

Revenue is defined as an increase in fun

Question 5

During July 2016,the first month of the 2017 fiscal year,the City of Jackson Hole issued the following purchase orders and contracts:
   Show the summary general journal entry to record the issuance of the purchase orders and contracts.You may ignore entries in the subsidiary ledger accounts.

Accepted Answer

The answer of During July 2016,the first month of the...

Question 6

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

Accepted Answer

A) True 
 B)False

Question 7

Indicate whether the following revenues should be classified as program revenues or general revenues on the government-wide statement of activities.

Accepted Answer

a.Unrestricted operating grants that can

Question 8

When supplies ordered for use in an activity accounted for in the General Fund are received at an actual price that is more than the estimated price on the purchase order,the Encumbrance account is:

Accepted Answer

A)  Debited for the estimated price on the purchase order. 
B)  Credited for the estimated price on the purchase order. 
C)  Debited for the actual price for the supplies received. 
D)  Credited for the actual price for the supplies received. 
A)  Debited for the estimated price on the purchase order. 
B)  Credited for the estimated price on the purchase order. 
C)  Debited for the actual price for the supplies received. 
D)  Credited for the actual price for the supplies received.

Question 9

How might a citizen become involved in the local government budgeting process?

Accepted Answer

The budgeting process within a governmen

Question 10

Under the modified accrual basis of accounting,expenditures generally are not recognized until:

Accepted Answer

A)  They are paid in cash. 
B)  An obligation is incurred that will be paid from currently available financial resources. 
C)  Goods or services are ordered. 
D)  They are approved by the legislative body. 
A)  They are paid in cash. 
B)  An obligation is incurred that will be paid from currently available financial resources. 
C)  Goods or services are ordered. 
D)  They are approved by the legislative body.

Question 11

The account "Interfund Transfers In" would be classified in a General Fund statement of revenues,expenditures,and changes in fund balance as a(an):

Accepted Answer

A)  Revenue. 
B)  Other financing use. 
C)  Other financing source. 
D)  Current liability. 
A)  Revenue. 
B)  Other financing use. 
C)  Other financing source. 
D)  Current liability.

Question 12

The revenue classifications recommended by GASB standards are listed below:
A.Taxes
B.Licenses and permits
C.Intergovernmental revenue
D.Charges for services
E.Fines and forfeits
F.Miscellaneous
For each revenue source listed below indicate its correct classification by placing the appropriate letter in the blank space next to the item.
____ 1.Capital grant received by a city from a state
____ 2.Property tax levied by city
____ 3.Library use fees
____ 4.Building permit
____ 5.Speeding ticket

Accepted Answer

The answer of The revenue classifications recommended by GASB standards...

Question 13

Which of the following neither increases nor decreases fund balance of the General Fund during the current period?

Accepted Answer

A)  Deferred inflows of resources. 
B)  Revenues. 
C)  Expenditures. 
D)  Other financing sources. 
A)  Deferred inflows of resources. 
B)  Revenues. 
C)  Expenditures. 
D)  Other financing sources.

Question 14

Encumbrance accounting is required in the accounting for payroll of governmental funds.

Accepted Answer

A) True 
 B)False

Question 15

Extraordinary items and special items are reported on the government-wide statement of activities

Accepted Answer

A)  With normal recurring general revenues. 
B)  As separate line items in the Function/Programs section of the statement of activities. 
C)  As separate line items below General Revenues in the statement of activities. 
D)  As separate line items above General Revenues. 
A)  With normal recurring general revenues. 
B)  As separate line items in the Function/Programs section of the statement of activities. 
C)  As separate line items below General Revenues in the statement of activities. 
D)  As separate line items above General Revenues.

Question 16

The Encumbrances account is properly termed a:

Accepted Answer

A)  Long-term liability. 
B)  Reservation of unassigned fund balance. 
C)  Budgetary account. 
D)  Current liability if paid within a year; otherwise, long-term debt. 
A)  Long-term liability. 
B)  Reservation of unassigned fund balance. 
C)  Budgetary account. 
D)  Current liability if paid within a year; otherwise, long-term debt.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

The journal entry to record budgeted revenues will include:

Accepted Answer

A)  A debit to Estimated Revenues. 
B)  A credit to Estimated Revenues. 
C)  A debit to Revenues Receivable. 
D)  Only a memorandum entry is necessary. 
A)  A debit to Estimated Revenues. 
B)  A credit to Estimated Revenues. 
C)  A debit to Revenues Receivable. 
D)  Only a memorandum entry is necessary.

Question 19

Explain the difference between an expenditure and an expense.

Accepted Answer

An expense represents the use,or expirat

Question 20

Fund-based financial statements are intended to provide detailed financial information about the governmental,proprietary,and fiduciary activities of the primary government.

Accepted Answer

A) True 
 B)False

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

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

Which of the following is regarding other financing sources and other financing uses?

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

During July 2016,the first month of the 2017 fiscal year,the City of Jackson Hole issued the following purchase orders and contracts: Show the summary general journal entry to record the issuance of the purchase orders and contracts.You may ignore entries in the subsidiary ledger accounts.

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

Indicate whether the following revenues should be classified as program revenues or general revenues on the government-wide statement of activities.

When supplies ordered for use in an activity accounted for in the General Fund are received at an actual price that is more than the estimated price on the purchase order,the Encumbrance account is:

How might a citizen become involved in the local government budgeting process?

Under the modified accrual basis of accounting,expenditures generally are not recognized until:

The account "Interfund Transfers In" would be classified in a General Fund statement of revenues,expenditures,and changes in fund balance as a(an):

Which of the following neither increases nor decreases fund balance of the General Fund during the current period?

Encumbrance accounting is required in the accounting for payroll of governmental funds.

Extraordinary items and special items are reported on the government-wide statement of activities

The Encumbrances account is properly termed a:

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

The journal entry to record budgeted revenues will include:

Explain the difference between an expenditure and an expense.

Fund-based financial statements are intended to provide detailed financial information about the governmental,proprietary,and fiduciary activities of the primary government.

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

Principles of Accounting and Financial Reporting for State and Local Governments

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

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 Activitiesagency 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 Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

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Exam 3: Governmental Operating Statement Accounts Budgetary Accounting

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

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

Which of the following is regarding other financing sources and other financing uses?

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

During July 2016,the first month of the 2017 fiscal year,the City of Jackson Hole issued the following purchase orders and contracts: Show the summary general journal entry to record the issuance of the purchase orders and contracts.You may ignore entries in the subsidiary ledger accounts.

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

Indicate whether the following revenues should be classified as program revenues or general revenues on the government-wide statement of activities.

When supplies ordered for use in an activity accounted for in the General Fund are received at an actual price that is more than the estimated price on the purchase order,the Encumbrance account is:

How might a citizen become involved in the local government budgeting process?

Under the modified accrual basis of accounting,expenditures generally are not recognized until:

The account "Interfund Transfers In" would be classified in a General Fund statement of revenues,expenditures,and changes in fund balance as a(an):

Which of the following neither increases nor decreases fund balance of the General Fund during the current period?

Encumbrance accounting is required in the accounting for payroll of governmental funds.

Extraordinary items and special items are reported on the government-wide statement of activities

The Encumbrances account is properly termed a:

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

The journal entry to record budgeted revenues will include:

Explain the difference between an expenditure and an expense.

Fund-based financial statements are intended to provide detailed financial information about the governmental,proprietary,and fiduciary activities of the primary government.

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

Principles of Accounting and Financial Reporting for State and Local Governments

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

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 Activitiesagency 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 Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

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