Exam 12: Governmental Entities: Introduction and General Fund Accounting

Which combination of fund and measurement basis is correct?

The general fund of the City of Columbia transferred money to establish an internal service fund for the city's data processing needs. The general fund of Columbia should account for this transaction as a(n):

At the end of the fiscal year, uncollected property taxes in the general fund should be:

Which of the following funds are classified as fiduciary funds?

Briefly discuss the various types of governmental funds and proprietary funds.

Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis?

The general fund of the City of Atlanta received a check for $10,000 from an Atlanta resident on July 1, 20X8. Of the amount received, $4,800 represented full payment of property taxes for 20X8, and the remaining $5,200 represented an advance payment for property taxes of 20X9. On July 1, 20X8, the general fund should record the receipt by debiting Cash for $10,000 and by crediting

Assuming there is a budget surplus, which of the following accounts are credited when the general fund records its operating budget at the beginning of the year?

The Town of Baker reported the following items on the June 30, 20X9, balance sheet of its general fund: At June 30, 20X9, what amount should be reported for Fund Balance-Unassigned?

The general ledger of Broadway contains the following selected account balances: Broadway wants to order additional goods and services before the fiscal year end. What is the unencumbered balance of the budget that may be expended by Broadway?

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

Which of the following observations concerning encumbrances is NOT true?

In accounting for governmental funds, which of the following items could appear only on government-wide financial statements?

The general fund of the Town of Dean levied property taxes of $3,000,000 for the fiscal year beginning on January 1, 20X8. It was estimated that 1% of the levy would be uncollectible. During the period January 1, 20X8, through December 31, 20X8, $2,960,000 of the property tax levy was collected. At December 31, 20X8, Dean estimated that $10,000 of property taxes levied in 20X8 would be collected during the first 60 days of 20X9. What amount of property tax revenue should be reported by the general fund for the year ended December 31, 20X8?

Revenues from parking meters and parking fines should be reported in the general fund when:

In a statement of revenues, expenditures, and changes in fund balance, the unassigned fund balance will be increased by: I. a decrease in the fund balance-Nonspendable. II. an excess of other financing sources over other financing uses.

Which of the following funds should use the modified accrual basis of accounting?

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.

The general fund of Gillette levied property taxes of $400,000 on November 1, 20X8. However, the property taxes are not collectible until May and August of 20X9. Assume Gillette reports on the calendar year. On Gillette's general fund balance sheet at December 31, 20X8, the property taxes levied on November 1 should:

The general fund of Loveland ordered a new fire truck on November 12, 20X8, for $150,000. The order was appropriately encumbered on this date. Loveland received the fire truck on January 15, 20X9, and issued a voucher to the manufacturer for $148,600. Loveland uses the calendar year for reporting, and outstanding encumbrances at December 31, 20X8, are lapsing. On January 15, 20X9, the general fund of Loveland should debit: