Exam 3: Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

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$200,000 to be used to fund government operations in the future is an example of an unassigned fund balance.

(True/False)

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Question 141

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)Building permits. (2)Green fees at the municipal golf course. (3)Special Purpose Local Option Sales Tax levied by city. (4)State grant for pre-kindergarten program. (5)Collection of traffic tickets.

(Short Answer)

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Question 142

What would be the total Committed fund balance?

(Multiple Choice)

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Question 143

Encumbrances Control is closed at year-end.

(True/False)

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Question 144

Assume encumbrances do not expire at year-end.$16,000 was encumbered during the prior year for a computer and the actual cost of the computer in the current year is $14,000.How does this affect unassigned fund balance?

(Multiple Choice)

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Question 145

Distinguish between the Encumbrances Control account and the Budgetary Fund Balance -- Reserve for Encumbrances account.

(Essay)

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Question 146

Estimated Revenues are $4,500,000,and Appropriations are $4,000,000,the journal entry for the budget must include a:

(Multiple Choice)

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Question 147

An example of an imposed nonexchange revenue is the property tax.

(True/False)

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Question 148

List the four eligibility requirements for a government to record revenue from a nonexchange transaction.Provide a brief explanation for each.

(Essay)

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Question 149

A rainy day fund approved by the township governing board is an example of an assigned fund balance.

(True/False)

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Question 150

The amount that Park Ridge would report for expenditures (and encumbrances,if applicable)in its 2012 General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances (GAAP Basis)would be:

(Multiple Choice)

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Question 151

"Unexpended Appropriations Balance" may be interpreted as how much a government may continue to spend and remain within its budget.

(True/False)

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Question 152

A Budgetary Comparison Schedule is:

(Multiple Choice)

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Question 153

The legal authorization for the administrators of the governmental unit to incur liabilities during the budget period for purposes specified in the appropriations statute or ordinance and not to exceed the amount specified for each purpose is a (an):

(Multiple Choice)

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Question 154

Showing 141 - 154 of 154

$200,000 to be used to fund government operations in the future is an example of an unassigned fund balance.

What would be the total Committed fund balance?

Encumbrances Control is closed at year-end.

Assume encumbrances do not expire at year-end.$16,000 was encumbered during the prior year for a computer and the actual cost of the computer in the current year is $14,000.How does this affect unassigned fund balance?

Distinguish between the Encumbrances Control account and the Budgetary Fund Balance -- Reserve for Encumbrances account.

Estimated Revenues are $4,500,000,and Appropriations are $4,000,000,the journal entry for the budget must include a:

An example of an imposed nonexchange revenue is the property tax.

List the four eligibility requirements for a government to record revenue from a nonexchange transaction.Provide a brief explanation for each.

A rainy day fund approved by the township governing board is an example of an assigned fund balance.

The amount that Park Ridge would report for expenditures (and encumbrances,if applicable)in its 2012 General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances (GAAP Basis)would be:

"Unexpended Appropriations Balance" may be interpreted as how much a government may continue to spend and remain within its budget.

A Budgetary Comparison Schedule is:

The legal authorization for the administrators of the governmental unit to incur liabilities during the budget period for purposes specified in the appropriations statute or ordinance and not to exceed the amount specified for each purpose is a (an):

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

Overview of Financial Reporting for State and Local Governments

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, debt Service, and Permanent

Proprietary Funds

Fiduciary Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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