Question : 73.              Under modified accrual accounting, revenues recognized when measurable and: A)Earned. B)Available. C)Collected. D)Expenditures : 1255444

73.              Under modified accrual accounting, revenues are recognized when measurable and:

A)Earned.

B)Available.

C)Collected.

D)Expenditures have been made.

74.              When accounting for the General Fund, the Encumbrances Control account is credited when:

A)A purchase order is approved.

B)A purchase order is filled or canceled.

C)An invoice is paid.

D)The budget is approved.

75.The City of Pine Cove levied property taxes for the fiscal year ended June 30, 2014 in the amount of $9,000,000. It is estimated that 2% will not be collected. During the year ended June 30, 2014, $8,100,000 in property taxes was collected. It is estimated that $400,000 will be collected during the next 60 days, $365,000 will be collected after 60 days, and $135,000 will not be collected. What is the maximum amount Lonesome Pines can recognize as property tax revenue for the fiscal year ended June 30, 2014 in its Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances, assuming there were no unpaid property taxes at the end of the previous year?

A)$9,000,000.

B)$8,865,000.

C)$8,500,000.

D)$8,100,000.

76.              What is the effect on the General Fund’s fund balance when capital assets are purchased during a year from General Fund revenues?

A)Fund balance is increased.

B)Fund balance is decreased.

C)There is no effect, since one asset (cash) is replaced by another (capital asset).

D)None of the above, capital assets must be purchased through a capital projects fund.

77.              The initial transfer of cash from the General Fund to establish a motor pool internal service fund would require the General Fund to credit Cash and debit:

A)Investment in Internal Service Fund.

B)Other Financing Uses-Transfers Out Control.

C)Expenditures – Vehicle maintenance.

D)Accounts Receivable-Internal Service Fund.

78.              When supplies ordered by a governmental unit are received at an actual price which is less than the estimated price on the purchase order, the Encumbrance Control account is:

A)Credited for the original estimated price for the supplies.

B)Credited for the actual price on the purchase invoice.

C)Debited for the original estimated price for the supplies

D)Debited for the actual price on the purchase invoice.

79.              Which of the following accounts of a governmental unit’s General fund is debited when supplies previously ordered are received?

A)Encumbrances Control.

B)Reserve for Supplies.

C)Budgetary Fund Balance — Reserve for Encumbrances.

D)Appropriations.

80.              Which of the following accounts of a governmental unit’s General Fund is credited to close it at the end of the fiscal year?

A)Appropriations Control.

B)Other Financing Sources-Transfers In.

C)Budgetary Fund Balance — Reserve for Encumbrances.

D)None of the above.

81.              The Expenditures control account in the General Fund is debited when:

A)Equipment previously ordered is received.

B)The budget is recorded.

C)The books are closed at the end of the year.

D)Supplies are ordered.

82.Which of the following accounts in the General Fund is credited when a purchase order is approved?

A)Appropriations Control.

B)Encumbrances Control.

C)Budgetary Fund Balance — Reserve for Encumbrances.

D)Vouchers Payable.