Exam 3: Governmental Operating Statement Accounts; Budgetary Accounting

Under which basis of accounting for a government should revenues be recognized in the period when they are measurable and available?

Aggregate financial information for all special revenue funds is reported in a single separate column of the governmental funds statement of revenues,expenditures,and changes in fund balances.

When encumbrances are recognized at the time purchase orders are issued,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.Reserve for Encumbrances _____ 3.Expenditures _____ 4.Vouchers payable _____ 5.Purchases

Comparisons of budgeted versus actual revenues and expenditures are

Revenues and expenditures reported in the budgetary comparison schedule must be reported on the budget basis in the "budget" column and on the GAAP basis in the "actual" column.

Distinguish between the Encumbrances account and the Reserve for Encumbrances account.

The journal entry to record budgeted revenues will include

Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first?

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

The Encumbrances control account of a city is decreased when

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

Which of the following are reported in the functions/programs section of the statement of activities at the government-wide level where they reduce the net expense of each function or program or produce a net revenue?

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

Government-wide financial statements include financial information presented for the General Fund and major governmental funds.

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

Under the modified accrual basis of accounting used by the General Fund,financial resources are considered available if they will be received in the current period or within

Extraordinary items and special items are reported

The Charleston city council approved and adopted its budget for FY 2011.The budget for the General Fund contained the following amounts: When the General Fund budget for FY 2011 is recorded,indicate whether each of the following accounts should be debited (D),credited (C),or is not affected (N). _____ 1.Estimated revenues _____ 2.Budgetary Fund balance _____ 3.Appropriations _____ 4.Estimated other financing uses _____ 5.Expenditures

The City of Charleston recorded its FY 2011 property tax levy in the general fund.It was estimated that $6,000 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.Bad Debt Expense _____ 3.Estimated Uncollectible Current Taxes _____ 4.Revenues _____ 5.Estimated revenues

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