Exam 3: Governmental Operating Statement Accounts Budgetary Accounting

Which of the following is not a category of program revenue reported on the statement of activities at the government-wide level?

The Expenditures control account of a government is debited when:

When equipment that is to be used by the General Fund is received,how should it be recorded?

The numerical difference between (1)current assets and deferred outflows and (2)current liabilities and deferred inflows recorded in governmental funds is denoted as net position.

The expenditure classification "Public Safety" is an example of which of the following types of classifications?

If supplies that were ordered by a department financed by the General Fund are received at an actual price that is less than the estimated price on the purchase order,the department's available balance of appropriations for supplies will be:

GASB standards suggest the following classification scheme for expenditures: A.Function B.Program C.Organization unit D.Activity E.Character F.Object For each of the following expenditure items,indicate its correct classification by placing the appropriate letter in the blank space next to the item. ____ 1.Streetlight repair ____ 2.City clerk ____ 3.Salaries and wages ____ 4.Transportation ____ 5.Current operating expenditures

If a state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by generally accepted accounting principles (GAAP):

Other financing sources increase fund balance in the same manner as revenues.

Fund balance may be classified as all of the following except:

The County Commission of Seminole County adopted its General Fund budget for the year ending June 30,comprising estimated revenues of $13,200,000 and appropriations of $12,900,000.Seminole County utilizes the budgetary accounts required by GASB standards.The journal entry to record budgeted appropriations will include:

Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards.

An interim schedule comparing the detail of appropriations,expenditures,and encumbrances should be prepared on an appropriate periodic basis to determine whether appropriations are being expended at the expected rate for the period and for the budget year to date.

The expenditure classification "City Attorney" is an example of which of the following types of classification?

GASB standards require that all state and local governments present a statement of revenues,expenditures,and changes in fund balances-budget and actual for the General Fund and major special revenue funds for which annual budgets have been legally adopted.

The County Commission of Canyon County adopted its General Fund budget for the year ending June 30,comprising estimated revenues of $13,200,000 and appropriations of $12,900,000.The budgeted excess of estimated revenues over appropriations will be recorded as:

The Expenditures control account of a government is credited when:

Government-wide financial statements include financial information for all governmental,proprietary,and fiduciary funds.

All encumbrances must be closed at year-end.

The City of Jackson Hole adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Required Prepare a summary general journal entry to record the adopted budget at the beginning of FY 2017.You may ignore entries in the subsidiary ledger accounts.