103.Which account would be debited when the City of Corfu issued purchase orders for materials and supplies?
A) Budgetary Fund Balance — Reserve for Encumbrance.
B) Encumbrances Control.
C) Expenditures.
D) Materials and supplies expense.
104.The expenditures account equals the amount of supplies purchased during a period under which of the following inventory methods?
A) Perpetual.
B) Consumption.
C) Periodic.
D) Purchases.
105.Governmental fund financial statements are to be prepared on the
A) Accrual basis of accounting.
B) Cash basis of accounting.
C) Modified accrual basis of accounting.
D) Tax basis of accounting.
106.Moving cash from the General Fund to a debt service fund for payment of debt service is an example of a (an)
A) Interfund transfer.
B) Interfund loan.
C) Interfund reimbursement.
D) Quasi-external transaction.
107.Which of the following General Fund accounts would be closed at year end?
A) Due from State Government.
B) Taxes Receivable – Delinquent.
C) Special Items – Proceeds from Sale of Land.
D) Deferred Revenues – Property Taxes.
108.$60,000 of property tax owed to the city of Akron will not be collected within 60 days after year end. The year end journal entry to record this information would include a:
A) A credit to Revenues Control.
B) A debit to Deferred Revenue – Property Taxes.
C) A credit to Income Taxes Receivable.
D) A debit to Revenues Control.
109.Interfund transfers occur between individual funds in the same government system without the requirement of repayment. If the General Fund transferred money to the Debt Service Fund, how would the Debt Service Fund account for the transaction?
A) As non-operating revenue.
B) As a liability on the balance sheet.
C) As a source of funds on the activities statement.
D) As a reduction in net liabilities.
110.The city of Canandaigua receives proceeds from the sale of land, the transaction is considered to be a special item. The proceeds are:
A) Reported as a revenue.
B) Reported separately after other financing sources and uses.
C) Reported as an item that changes the Fund Balance.
D) Not recorded but the gain on the sale is.
111.Which of the following occurs when uncollectible delinquent taxes are written off? (Ignore interest and penalties)
A) Net receivables remain unchanged.
B) Accounts receivable goes down and the Estimated Uncollectible Taxes Account is increased.
C) Delinquent Tax Receivable is increased.
D) Uncollectible Delinquent Tax Expense is increased.
112.Purchase orders for items ordered by the General Fund totaled $ 205,000. Upon receipt, invoices for these items totaled $200,000. Which of the following will take place on the date the goods are received.
A) An encumbrance is debited for $205,000.
B) Budgetary Fund Balance — Reserve for Encumbrances is credited for $200,000.
C) An expenditure is credited for $205,000.
D) A liability is credited for $200,000.
113.The City of Aurora increased its revenue budget by $65,000 and the appropriation for the Public Works Department was increased by $90,000. What is the journal entry to record this event in the General Fund?
A)Estimated Revenues Control 65,000
Budgetary Fund Balance 25,000
Appropriations Control 90,000
B)Appropriations Control 90,000
Estimated Revenues Control 65,000
Budgetary Fund Balance 25,000
C)Estimated Revenues Control 65,000
Fund Balance 25,000
Appropriations Control 90,000
D)Estimated Revenues Control65,000
Appropriations Control 65,000
114.GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues, Expenditures, and Changes in Fund Balance?
A) Special items.
B) Extraordinary items.
C) Interfund transfers.
D) A and B
115.Interfund Transfers are flows of cash or other assets that:
A) Require repayment.
B) Are an exchange between funds of equal value.
C) Are taxable.
D) Do not require repayment.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more