Exam 11: Accounting for State and Local Governments Part 1

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000. Required: Record the journal entry to record the budget and identify the fund in which it is recorded.

Which of the following funds is most likely created with an endowed gift?

The term "current financial resources" refers to

What is the definition of the term fund?

What are the four fiduciary fund types?

What are the two proprietary fund types? (1) Internal service funds (2) Investment trust funds (3) Enterprise funds. (4) Agency funds

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2011, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000. Required: If this budget was formally integrated into the accounting records used to produce the Fund Financial Statements, what was the required journal entry at the beginning of the year?

What assets would be included in the accounting records of a city's general fund?

A city received a grant of $5,000,000 from a private agency. The money was to be used to build a new city library. In which fund should the money be recorded for the Fund Financial Statements?

The reporting of the fund balance of governmental funds will result in a maximum of ___________ categories:

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the Fund Financial Statements, in what fund will Bonds Payable appear?

When should property taxes be recognized under modified accrual accounting?

A city operates a central data processing facility. The expenses of this facility would be accounted for using

The City of Kamen collected $17,000 from parking meters that must be transferred to the county government. Required: For fund financial statements, prepare the journal entry for this transaction including the fund type in which the entry would have been recorded.

On July 12, 2011, Fred City ordered a new computer at an anticipated cost of $114,400. The computer was received on July 16 with an actual cost of $116,220. Payment was subsequently made on August 15, 2011. Required: (A.) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Fund Financial Statements. (B.) Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Government-Wide Financial Statements.

Which of the following is not a classification of non-exchange transactions?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

GASB Codification Section N50.104 divides all eligibility requirements into four general classifications including all of the following except: