Exam 3: Governmental Operating Statement Accounts Budgetary Accounting

The legal level of budgetary control represents the administrative level at which expenditures may not exceed appropriations without a formal budgetary amendment.

74.The City of Timberline recorded its FY 2017 property tax levy in the General Fund.It was estimated that $60,000 would be uncollectible.When the tax levy is recorded,indicate whether each of the following accounts of the General Fund should be debited (D),credited (C),or is not affected (N). _____ 1.Taxes Receivable Current _____ 2.Deferred Inflow of Resources _____ 3.Estimated Uncollectible Current Taxes _____ 4.Revenues _____ 5.Estimated revenues

Budgetary accounts used in the General Fund include Estimated Revenues,Estimated Other Financing Sources,Appropriations,Estimated Other Financing Uses,and Encumbrances.

Which of the following accounts of a government is credited when a purchase order is approved?

Which of the following items would not appear in a statement of revenues,expenditures,and changes in fund balances prepared for a governmental fund?

When the budget for the General Fund is recorded,the required journal entry will include:

Available means that a revenue or other financing source is expected to be collected during the current fiscal period or within one month of the fiscal year end.

Which of the following fund types uses the current financial resources measurement focus and modified accrual basis of accounting?

The process by which a legal valuation is placed on taxable property is called:

At the time items for which purchase orders had previously been issued are received,indicate whether each of the following accounts of the General Fund should be debited (D),credited (C),or is not affected (N). _____ 1.Encumbrances _____ 2.Encumbrances Outstanding _____ 3.Expenditures _____ 4.Vouchers payable _____ 5.Appropriations

Which of the following will increase the fund balance of a government at the end of the fiscal year?

The government-wide statement of net position displays the net expense or revenue for each function or program of the government.

Which of the following would always be classified as a general revenue?

On the government-wide statement of activities,depreciation expense for assets that essentially benefit all functions,such as the city hall,may be reported as a separate line item or on the same line as the General Government or similar function.

Which of the following statements is not a statement about expenses that are directly related to a government function or program?

"Available appropriation" is calculated as the difference between appropriations and the sum of expenditures and encumbrances.

When goods for which an encumbrance has been recorded are received at an invoiced amount that varies from the amount encumbered,the encumbrance is reversed in the amount of the actual invoiced cost of the goods.

How should depreciation expense be reported in the government-wide statement of activities?

When the budget for the General Fund is recorded,the required journal entry will include:

One characteristic that distinguishes other financing sources from revenues is that other financing sources: