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State & Local Govt - Budgetary Accounting

Pregunta 1 de 30

1

Extraordinary items and special items are reported

Selecciona una de las siguientes respuestas posibles:

  • With normal recurring general revenues.

  • As separate line items in the Function/Programs section of the statement of activities.

  • As separate line items below General Revenues in the statement of activities.

  • As separate line items above General Revenues.

Explicación

Pregunta 2 de 30

1

The Estimated Revenues control account of a government is credited when

Selecciona una de las siguientes respuestas posibles:

  • The budgetary accounts are closed: Yes; Revenues are recorded: No

  • The budgetary accounts are closed: No; Revenues are recorded: No

  • The budgetary accounts are closed: No; Revenues are recorded: Yes

  • The budgetary accounts are closed: Yes; Revenues are recorded: Yes

Explicación

Pregunta 3 de 30

1

A statement of revenues, expenditures, and changes in fund balances-budget and actual is

Selecciona una de las siguientes respuestas posibles:

  • Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.

  • Required by GAAP for internal management reports only; not permitted for external financial reporting.

  • Required by GAAP for all governmental fund types.

  • Optional under GAAP, as long as a budgetary comparison schedule is presented.

Explicación

Pregunta 4 de 30

1

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

Selecciona una de las siguientes respuestas posibles:

  • A credit to Surplus Revenues, $300,000.

  • A debit to Estimated Excess Revenues, $300,000.

  • A credit to Budgetary Fund Balance, $300,000.

  • A memorandum entry only.

Explicación

Pregunta 5 de 30

1

Comparisons of budgeted versus actual revenues and expenditures are

Selecciona una de las siguientes respuestas posibles:

  • Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted.

  • Required by GAAP for all governmental fund types.

  • Required by generally accepted accounting principles (GAAP) for internal management reports only; not permitted for external financial reporting.

  • Optional under GASB standards for all funds.

Explicación

Pregunta 6 de 30

1

Under the modified accrual basis of accounting, expenditures generally are not recognized until

Selecciona una de las siguientes respuestas posibles:

  • They are paid in cash.

  • An obligation is incurred that will be paid from currently available financial resources.

  • Goods or services are ordered.

  • They are approved by the legislative body.

Explicación

Pregunta 7 de 30

1

When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to:

Selecciona una de las siguientes respuestas posibles:

  • Encumbrances.

  • Equipment.

  • Expenditures.

  • Appropriations.

Explicación

Pregunta 8 de 30

1

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)

Selecciona una de las siguientes respuestas posibles:

  • The actual amounts in the budgetary comparison schedule should be reported using the government's budgetary basis.

  • The actual amounts in the budgetary comparison schedule should be reported on the GAAP basis.

  • 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.

  • Only a budgetary comparison schedule prepared for the appropriate state oversight body is required.

Explicación

Pregunta 9 de 30

1

Which of the following statements is not a true statement about expenses that are directly related to a government function or program?

Selecciona una de las siguientes respuestas posibles:

  • They are reported in the government-wide statement of activities at the government-wide level.

  • They include expenses that are specifically associated with a function or program.

  • They include interest on general long-term liabilities.

  • They include depreciation expense on capital assets that are clearly identified with a function or program.

Explicación

Pregunta 10 de 30

1

Fund balance may be classified as all of the following except

Selecciona una de las siguientes respuestas posibles:

  • Restricted.

  • Committed.

  • Uncommitted.

  • Assigned.

Explicación

Pregunta 11 de 30

1

Which of the following describes the recommended format for the government-wide statement of activities?

Selecciona una de las siguientes respuestas posibles:

  • Revenues minus expenses equals change in net position.

  • Revenues minus expenditures equals change in fund balances.

  • 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.

  • Program revenues minus program expenses minus general revenues and net special and extraordinary items equals change in net position.

Explicación

Pregunta 12 de 30

1

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:

Selecciona una de las siguientes respuestas posibles:

  • Program revenue of the city's Culture and Recreation Department, which is assigned responsibility for promoting tourism.

  • General revenue.

  • Either program revenue or general revenue, at the city's discretion.

  • Neither program revenue or general revenue. These revenues should be reported only in the special revenue fund.

Explicación

Pregunta 13 de 30

1

Depreciation expense on general capital assets may be reported on the government-wide statement of activities as:

Selecciona una de las siguientes respuestas posibles:

  • A direct expense of a function or program.

  • 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.

  • Either direct expense of function/program, or indirect expense allocated to function/program or a separate line on statement of activities, as applicable.

  • Depreciation expense is not reported for general capital assets.

Explicación

Pregunta 14 de 30

1

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):

Selecciona una de las siguientes respuestas posibles:

  • Extraordinary item.

  • Significant item.

  • Special item.

  • Unusual/infrequent item.

Explicación

Pregunta 15 de 30

1

Under which basis of accounting is it appropriate to recognize expenditures rather than expenses?

Selecciona una de las siguientes respuestas posibles:

  • Cash.

  • Modified cash.

  • Accrual.

  • Modified accrual.

Explicación

Pregunta 16 de 30

1

Which of the following kinds of assets would be reported on the balance sheet for the General Fund or other governmental fund types?

Selecciona una de las siguientes respuestas posibles:

  • Taxes receivable.

  • Inventory of materials and supplies.

  • Prepaid items.

  • All of the answers are correct.

Explicación

Pregunta 17 de 30

1

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?

Selecciona una de las siguientes respuestas posibles:

  • Revenues, $1,000,000.

  • Revenues, $500,000; Deferred Revenues, $500,000.

  • Deferred Revenues, $1,000,000.

  • Either Revenues, $1,000,000 or Revenues, $500,000; Deferred Revenues, $500,000, provided the village follows consistent recognition policies.

Explicación

Pregunta 18 de 30

1

The expenditure classification "fuel and other vehicular supplies" is an example of which of the following types of classifications?

Selecciona una de las siguientes respuestas posibles:

  • Activity.

  • Character.

  • Object.

  • Function.

Explicación

Pregunta 19 de 30

1

Which of the following is an activity classification for expenditures?

Selecciona una de las siguientes respuestas posibles:

  • Traffic patrol.

  • Personal services.

  • Public Works.

  • Data Processing Department.

Explicación

Pregunta 20 de 30

1

Which of the following accounts is classified as an operating statement account rather than a budgetary account?

Selecciona una de las siguientes respuestas posibles:

  • Encumbrances.

  • Estimated Other Financing Uses.

  • Appropriations.

  • Expenditures.

Explicación

Pregunta 21 de 30

1

An expenditure differs from an expense in which of the following ways?

Selecciona una de las siguientes respuestas posibles:

  • An expenditure is recognized when paid in cash; an expense is recognized when incurred.

  • An expenditure is the estimated amount of a purchase; an expense is the actual amount.

  • 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.

  • There is no difference; an expenditure and an expense have the same meaning in governmental accounting.

Explicación

Pregunta 22 de 30

1

According to GASB standards, a budgetary comparison can be in the form of a:

Selecciona una de las siguientes respuestas posibles:

  • Basic financial statement.

  • Required supplementary information schedule.

  • Note disclosure.

  • Both basic financial statement and required supplementary information schedule are correct.

Explicación

Pregunta 23 de 30

1

Fund balances of the General Fund at year-end represents the:

Selecciona una de las siguientes respuestas posibles:

  • Citizens' equity—the amount that should be distributed to each citizen if the fund is liquidated.

  • Arithmetic difference between total assets and total liabilities of the fund, assuming there are no deferred outflows or inflows or resources.

  • Amount expected to be expended during the following year.

  • Amount available in the fund for new spending.

Explicación

Pregunta 24 de 30

1

Which of the following inflows to a governmental fund would not be classified as revenue?

Selecciona una de las siguientes respuestas posibles:

  • An interfund transfer in.

  • Charges to park users for picnic pavilions.

  • A grant from a higher level of government.

  • Both interfund transfer in and charges to park users for picnic pavilions would not be classified as revenue.

Explicación

Pregunta 25 de 30

1

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:

Selecciona una de las siguientes respuestas posibles:

  • $1,237,114.

  • $1,200,000.

  • $1,164,000.

  • Some other amount.

Explicación

Pregunta 26 de 30

1

The balance of the Expenditures control account in a government's general ledger must equal:

Selecciona una de las siguientes respuestas posibles:

  • The sum of the balances of the Encumbrances and Appropriations accounts.

  • The sum of the balances of the individual expenditure accounts in the Appropriations, Expenditures, and Encumbrances Subsidiary Ledger.

  • The balance of the Estimated Revenues account and Revenues accounts.

  • The difference between the balances of the Estimated Revenues and Budgetary Fund Balance accounts.

Explicación

Pregunta 27 de 30

1

In a city's Appropriations, Expenditures, and Encumbrances Ledger, Available Appropriations (or, alternatively, Available Balance) of a particular account is calculated as:

Selecciona una de las siguientes respuestas posibles:

  • Appropriations minus expenditures.

  • Appropriations minus encumbrances.

  • The sum of appropriations and encumbrances minus expenditures.

  • Appropriations minus the sum of encumbrances and expenditures.

Explicación

Pregunta 28 de 30

1

At any given date during the year, the balance of a revenue detail account in the revenue subsidiary ledger represents the:

Selecciona una de las siguientes respuestas posibles:

  • Amount of estimated revenues recorded in the budget entry at the beginning of the year.

  • The amount of revenues recognized from the beginning of the year to the given date.

  • The difference between the amount of estimated revenues recorded in the budget entry and revenues recognized to date.

  • The sum of the amount of estimated revenues recorded in the budget entry and revenues recognized to date.

Explicación

Pregunta 29 de 30

1

The Encumbrances account should be credited when:

Selecciona una de las siguientes respuestas posibles:

  • A purchase order is placed for goods.

  • Goods are received.

  • Vouchers for goods are approved for payment.

  • Checks are mailed.

Explicación

Pregunta 30 de 30

1

Which of the following is part of the minimum external financial reporting requirements for a tax-supported independent public school district?

Selecciona una de las siguientes respuestas posibles:

  • Management's discussion and analysis.

  • District-wide financial statements.

  • Fund financial statements.

  • All of the answers are correct.

Explicación