Exam 17: Governmental Entities: Introduction and General Fund Accounting

Works of art and historical treasures purchased by the general fund should be reported as:

Under the modified accrual basis of accounting for the general fund,expenditures should be recognized in the period in which the related liability is:

Which of the following items should not be included as revenue for a state government?

The general fund of Battle Creek budgeted a transfer to its capital projects fund for $110,000 to be used in operations during the year ended June 20,20X9.On September 15,20X8,the general fund transferred $110,000 to the capital projects fund.What account should be debited in the general fund on September 15 to record this transfer?

The adjusted trial balance for White River for the fiscal year ended June 30,20X9,is presented below. Required: a.Prepare a statement of revenues,expenditures,and changed in fund balance for White River for the year ended June 30,20X9.Assume there were no supplies or outstanding encumbrances at the beginning of the year. b.Prepare a balance sheet for White River at June 30,20X9.

All of the following funds have a financial resources measurement focus with the exception of which fund?

The general fund of Caldwell had the following operating budget for the fiscal year beginning July 1,20X9: When the general fund records its operating budget on July 1,20X9,Budgetary Fund Balance-Unassigned should be

Which of the following statements is (are)correct about the funds used by governmental entities?

Discuss major differences between a governmental entity's uses of the modified accrual method and a for-profit corporation's use of the accrual method.