State & Local Govt - Budgetary Accounting

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.

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

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.

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.

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.

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.

Encumbrances.

Equipment.

Expenditures.

Appropriations.

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.

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.

Restricted.

Committed.

Uncommitted.

Assigned.

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.

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.

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.

Extraordinary item.

Significant item.

Special item.

Unusual/infrequent item.

Cash.

Modified cash.

Accrual.

Modified accrual.

Taxes receivable.

Inventory of materials and supplies.

Prepaid items.

All of the answers are correct.

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.

Activity.

Character.

Object.

Function.

Traffic patrol.

Personal services.

Public Works.

Data Processing Department.

Encumbrances.

Estimated Other Financing Uses.

Appropriations.

Expenditures.

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.

Basic financial statement.

Required supplementary information schedule.

Note disclosure.

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

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.

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.

$1,237,114.

$1,200,000.

$1,164,000.

Some other amount.

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.

Appropriations minus expenditures.

Appropriations minus encumbrances.

The sum of appropriations and encumbrances minus expenditures.

Appropriations minus the sum of encumbrances and expenditures.

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.

A purchase order is placed for goods.

Goods are received.

Vouchers for goods are approved for payment.

Checks are mailed.

Management's discussion and analysis.

District-wide financial statements.

Fund financial statements.

All of the answers are correct.