529430
Beschreibung
Quiz von turquoise_cat, aktualisiert more than 1 year ago
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Erstellt von turquoise_cat
vor fast 11 Jahre
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Frage 1
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Extraordinary items and special items are reported
Antworten
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With normal recurring general revenues.
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As separate line items in the Function/Programs section of the statement of activities.
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As separate line items below General Revenues in the statement of activities.
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As separate line items above General Revenues.
Frage 2
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The Estimated Revenues control account of a government is credited when
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The budgetary accounts are closed: Yes; Revenues are recorded: No
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The budgetary accounts are closed: No; Revenues are recorded: No
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The budgetary accounts are closed: No; Revenues are recorded: Yes
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The budgetary accounts are closed: Yes; Revenues are recorded: Yes
Frage 3
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A statement of revenues, expenditures, and changes in fund balances-budget and actual is
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Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.
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Required by GAAP for internal management reports only; not permitted for external financial reporting.
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Required by GAAP for all governmental fund types.
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Optional under GAAP, as long as a budgetary comparison schedule is presented.
Frage 4
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The County Commission of Benton County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $3,200,000 and appropriations of $2,900,000. Benton County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as
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A credit to Surplus Revenues, $300,000.
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A debit to Estimated Excess Revenues, $300,000.
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A credit to Budgetary Fund Balance, $300,000.
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A memorandum entry only.
Frage 5
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Comparisons of budgeted versus actual revenues and expenditures are
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Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted.
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Required by GAAP for all governmental fund types.
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Required by generally accepted accounting principles (GAAP) for internal management reports only; not permitted for external financial reporting.
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Optional under GASB standards for all funds.
Frage 6
Frage
Under the modified accrual basis of accounting, expenditures generally are not recognized until
Antworten
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They are paid in cash.
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An obligation is incurred that will be paid from currently available financial resources.
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Goods or services are ordered.
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They are approved by the legislative body.
Frage 7
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When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to:
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Encumbrances.
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Equipment.
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Expenditures.
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Appropriations.
Frage 8
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If a state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by generally accepted accounting principles (GAAP)
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The actual amounts in the budgetary comparison schedule should be reported using the government's budgetary basis.
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The actual amounts in the budgetary comparison schedule should be reported on the GAAP basis.
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Both the budgeted and actual amounts in the budgetary comparison schedule prepared as part of the required supplementary information (RSI) should be reported on the GAAP basis; a separate budget-basis comparison schedule should be prepared for the appropriate state oversight body.
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Only a budgetary comparison schedule prepared for the appropriate state oversight body is required.
Frage 9
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Which of the following statements is not a true statement about expenses that are directly related to a government function or program?
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They are reported in the government-wide statement of activities at the government-wide level.
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They include expenses that are specifically associated with a function or program.
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They include interest on general long-term liabilities.
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They include depreciation expense on capital assets that are clearly identified with a function or program.
Frage 10
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Fund balance may be classified as all of the following except
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Restricted.
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Committed.
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Uncommitted.
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Assigned.
Frage 11
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Which of the following describes the recommended format for the government-wide statement of activities?
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Revenues minus expenses equals change in net position.
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Revenues minus expenditures equals change in fund balances.
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Program expenses minus program revenues equals net (expense) revenue; net (expense) revenue plus general revenues, transfers, and net special and extraordinary items equals change in net position.
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Program revenues minus program expenses minus general revenues and net special and extraordinary items equals change in net position.
Frage 12
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Camden City receives occupancy taxes collected by all local hotels, motels, and inns. These revenues are restricted by state law for promotion of tourism. These tax revenues should be reported in the government-wide statement of activities as:
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Program revenue of the city's Culture and Recreation Department, which is assigned responsibility for promoting tourism.
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General revenue.
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Either program revenue or general revenue, at the city's discretion.
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Neither program revenue or general revenue. These revenues should be reported only in the special revenue fund.
Frage 13
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Depreciation expense on general capital assets may be reported on the government-wide statement of activities as:
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A direct expense of a function or program.
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An indirect expense that can either be allocated to functions or programs on some appropriate basis, such as square footage of building use, or be reported on a separate line on the statement of activities.
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Either direct expense of function/program, or indirect expense allocated to function/program or a separate line on statement of activities, as applicable.
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Depreciation expense is not reported for general capital assets.
Frage 14
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A revenue or expense that is significant in amount, beyond control of management, and is both unusual in nature and infrequent in occurrence should be reported as a (an):
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Extraordinary item.
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Significant item.
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Special item.
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Unusual/infrequent item.
Frage 15
Frage
Under which basis of accounting is it appropriate to recognize expenditures rather than expenses?
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Cash.
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Modified cash.
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Accrual.
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Modified accrual.
Frage 16
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Which of the following kinds of assets would be reported on the balance sheet for the General Fund or other governmental fund types?
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Taxes receivable.
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Inventory of materials and supplies.
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Prepaid items.
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All of the answers are correct.
Frage 17
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The Village of Wyclyffe levies its property taxes on November 1 each fiscal year. Taxes are due in two installments with due dates of December 1 of the current year and April 1 of the following year. Wyclyffe's fiscal year ends on December 31. To record a tax levy of $1,000,000, assuming all taxes will be collected when due, which account(s) will be credited as revenues of the current year in the General Fund and for what amounts?
Antworten
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Revenues, $1,000,000.
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Revenues, $500,000; Deferred Revenues, $500,000.
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Deferred Revenues, $1,000,000.
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Either Revenues, $1,000,000 or Revenues, $500,000; Deferred Revenues, $500,000, provided the village follows consistent recognition policies.
Frage 18
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The expenditure classification "fuel and other vehicular supplies" is an example of which of the following types of classifications?
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Activity.
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Character.
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Object.
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Function.
Frage 19
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Which of the following is an activity classification for expenditures?
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Traffic patrol.
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Personal services.
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Public Works.
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Data Processing Department.
Frage 20
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Which of the following accounts is classified as an operating statement account rather than a budgetary account?
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Encumbrances.
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Estimated Other Financing Uses.
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Appropriations.
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Expenditures.
Frage 21
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An expenditure differs from an expense in which of the following ways?
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An expenditure is recognized when paid in cash; an expense is recognized when incurred.
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An expenditure is the estimated amount of a purchase; an expense is the actual amount.
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An expenditure is the cost to acquire a good or service; an expense is the cost of a good or service consumed during the period.
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There is no difference; an expenditure and an expense have the same meaning in governmental accounting.
Frage 22
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According to GASB standards, a budgetary comparison can be in the form of a:
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Basic financial statement.
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Required supplementary information schedule.
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Note disclosure.
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Both basic financial statement and required supplementary information schedule are correct.
Frage 23
Frage
Fund balances of the General Fund at year-end represents the:
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Citizens' equity—the amount that should be distributed to each citizen if the fund is liquidated.
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Arithmetic difference between total assets and total liabilities of the fund, assuming there are no deferred outflows or inflows or resources.
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Amount expected to be expended during the following year.
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Amount available in the fund for new spending.
Frage 24
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Which of the following inflows to a governmental fund would not be classified as revenue?
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An interfund transfer in.
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Charges to park users for picnic pavilions.
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A grant from a higher level of government.
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Both interfund transfer in and charges to park users for picnic pavilions would not be classified as revenue.
Frage 25
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Carthage City's budget for the next fiscal year requires that $1,200,000 of revenues be raised from property taxes. Its records indicate that an average 3 percent of taxes levied is never collected. To provide reasonable assurance that $1,200,000 of property tax revenues will be available for spending, the city's property tax levy (decimal amounts rounded to the next higher dollar) should be at least:
Antworten
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$1,237,114.
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$1,200,000.
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$1,164,000.
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Some other amount.
Frage 26
Frage
The balance of the Expenditures control account in a government's general ledger must equal:
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The sum of the balances of the Encumbrances and Appropriations accounts.
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The sum of the balances of the individual expenditure accounts in the Appropriations, Expenditures, and Encumbrances Subsidiary Ledger.
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The balance of the Estimated Revenues account and Revenues accounts.
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The difference between the balances of the Estimated Revenues and Budgetary Fund Balance accounts.
Frage 27
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In a city's Appropriations, Expenditures, and Encumbrances Ledger, Available Appropriations (or, alternatively, Available Balance) of a particular account is calculated as:
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Appropriations minus expenditures.
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Appropriations minus encumbrances.
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The sum of appropriations and encumbrances minus expenditures.
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Appropriations minus the sum of encumbrances and expenditures.
Frage 28
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At any given date during the year, the balance of a revenue detail account in the revenue subsidiary ledger represents the:
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Amount of estimated revenues recorded in the budget entry at the beginning of the year.
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The amount of revenues recognized from the beginning of the year to the given date.
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The difference between the amount of estimated revenues recorded in the budget entry and revenues recognized to date.
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The sum of the amount of estimated revenues recorded in the budget entry and revenues recognized to date.
Frage 29
Frage
The Encumbrances account should be credited when:
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A purchase order is placed for goods.
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Goods are received.
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Vouchers for goods are approved for payment.
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Checks are mailed.
Frage 30
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Which of the following is part of the minimum external financial reporting requirements for a tax-supported independent public school district?
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Management's discussion and analysis.
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District-wide financial statements.
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Fund financial statements.
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All of the answers are correct.
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