Question 1

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

Accepted Answer

A) Parking meter fees. 
B) Special assessment charges for snow removal. 
C) Library fines. 
D) Fuel taxes earmarked for maintenance of roads and bridges. 
A) Parking meter fees. 
B) Special assessment charges for snow removal. 
C) Library fines. 
D) Fuel taxes earmarked for maintenance of roads and bridges.

Question 2

An interfund transfer of $30,000 was made from the General Fund to the debt service fund.(No previous entries were made regarding this transaction).When this event occurred,indicate whether each of the following accounts of the General Fund should be debited (D),credited (C),or is not affected (N).
_____ 1.Interfund Loan to Debt Service Fund-Noncurrent.
_____ 2.Due from Debt Service Fund.
_____ 3.Cash.
_____ 4.Other Financing Uses-Interfund Transfers Out.
_____ 5.Encumbrances.

Accepted Answer

The answer of An interfund transfer of $30,000 was made...

Question 3

Which of the following terms refers to an actual cost rather than an estimate?

Accepted Answer

A) Budget. 
B) Encumbrance. 
C) Expenditure. 
D) Appropriation. 
A) Budget. 
B) Encumbrance. 
C) Expenditure. 
D) Appropriation.

Question 4

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

Accepted Answer

A) Depreciation expense. 
B) Interfund transfers in. 
C) Revenues from property taxes. 
D) Expenditures for employee salaries. 
A) Depreciation expense. 
B) Interfund transfers in. 
C) Revenues from property taxes. 
D) Expenditures for employee salaries.

Question 5

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) They are reported in the government-wide statement of activities at the government-wide level. 
B) They include expenses that are specifically associated with a function or program. 
C) They include interest on general long-term liabilities. 
D) They include depreciation expense on capital assets that are clearly identified with a function or program. 
A) They are reported in the government-wide statement of activities at the government-wide level. 
B) They include expenses that are specifically associated with a function or program. 
C) They include interest on general long-term liabilities. 
D) They include depreciation expense on capital assets that are clearly identified with a function or program.

Question 7

Which of the following accounts is a budgetary account of a governmental fund?

Accepted Answer

A) Reserve for Encumbrances. 
B) Estimated Other Financing Uses. 
C) Expenditures. 
D) Other Financing Sources. 
A) Reserve for Encumbrances. 
B) Estimated Other Financing Uses. 
C) Expenditures. 
D) Other Financing Sources.

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

Which of the following terms refers to an actual cost rather than an estimate?

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

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

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

Which of the following accounts is a budgetary account of a governmental fund?

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

Principles of Accounting and Financial Reporting for State and Local Governments

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations Regulatory, taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters

Exam 3: Governmental Operating Statement Accounts; Budgetary Accounting

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

Which of the following terms refers to an actual cost rather than an estimate?

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

An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.

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

Which of the following accounts is a budgetary account of a governmental fund?

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

Principles of Accounting and Financial Reporting for State and Local Governments

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Accounting for Fiduciary Activities Agency and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizations Regulatory, taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

Filters