Exam 3: Governmental Operating Statement Accounts; Budgetary Accounting

The County Commission of Benton County adopted its General Fund budget for the year ending June 30,comprising estimated revenues of $3,200,000 and appropriations of $2,900,000.Benton County utilizes the budgetary accounts required by GASB standards.The budgeted excess of estimated revenues over appropriations will be recorded as

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 .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.Occupational licenses ____ 5.Loitering fine

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

When the budget of a government is recorded and Appropriations exceeds Estimated Revenues,the Budgetary Fund Balance account is

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)

Define the term expenditure and distinguish between that term and each of the following terms: 1)Expense 2)Disbursement 3)Encumbrance 4)Other financing use

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 fund types is most likely to have a legally adopted annual budget?

The Reserve for Encumbrances account is properly termed a

When equipment that is to be used by an activity accounted for by the General Fund of a government is received,it should be recorded in the General Fund as a(an)

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

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

Which of the following statements is true regarding the required disclosure of budgetary information?

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

The Estimated Revenues control account of a government is credited when

Financial information for governmental funds must be reported on the economic resources measurement focus.

The expenditure classification "Current Expenditures" is an example of which of the following types of classifications?

For what funds do budgetary comparisons need to be presented in connection with the basic financial statements?

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

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