State & Local Govt - Operating Activities

A General Fund balance sheet differs from a government-wide statement of net position in that:

The net position section of the government-wide statement of net position reports the three categories:

The dual-track approach to governmental accounting used in this text is most useful because:

Which of the following is properly reported as a liability of the General Fund?

When the annual budget is recorded, the legislative authorization to expend resources is:

The Parks and Recreation Department ordered equipment estimated to cost $5,200 and an encumbrance was recorded in that amount. When the equipment was received at an actual cost of $5,100, the required General Fund journal entry should include:

Which of the following would be recorded as a program revenue in the governmental activities journal?

Which of the following represents the typical sequence of expenditure-related transactions?

Stone Township's nonexempt taxable property has assessed valuation of $500,000,000. For the current fiscal year, Stone Township's Council has set a property tax rate of $4 per $100 of assessed valuation. For the past 10 years, property tax collections have averaged 96 percent of taxes levied. Based on this information, the journal entry in Stone Township's General Fund to record its tax levy will include a:

On June 30, the end of the City of Dalton's current fiscal year, uncollected property taxes of $900,000 became delinquent. The related estimated uncollectible account balance on these taxes was $90,000. On the same date, penalties on the delinquent taxes were assessed in the amount of $45,000. The city estimated that 10 percent of the penalties would not be collected. The journal entry in the General Fund to record the reclassification of current taxes to delinquent status will include a:

On June 30, the end of the City of Dalton's current fiscal year, uncollected property taxes of $900,000 became delinquent. The related estimated uncollectible account balance on these taxes was $90,000. On the same date, penalties on the delinquent taxes were assessed in the amount of $45,000. The city estimated that 10 percent of the penalties would not be collected. The journal entry in the General Fund to record the penalties on delinquent taxes will include a:

Late in its fiscal year, a federal agency approved Hilton Village's application for a $400,000 operating grant to provide recreational activities for at-risk youth. The program will begin in the following fiscal year. The grant provides for reimbursement of expenditures for services to eligible recipients rendered during the following fiscal year. On the notification date, the village's journal entry in the General Fund should include a:

The governing body of the City of Taunton approved additional appropriations of $3,000 to cover unexpected overtime costs of the fire department. Approval of the additional appropriations will require a:

The General Fund received $100,000 in lieu of taxes from the city owned water utility, an enterprise fund. This amount approximates the value of services provided to the utility by departments accounted for by the General Fund. This is an example of a (an):

The General Fund recorded a liability to the city owned electric utility (an enterprise fund of the city) for electric power used during the prior month. The journal entry for the General Fund will include:

An interfund transfer out should be reported in a governmental fund operating statement as a (an):

On July 1, the first day of its fiscal year, Claret City levied a $2,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the city decided to borrow $100,000 in 90-day, 5 percent tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry in the General Fund on September 15 to record the issuance of tax anticipation notes will include:

The Revenues account of a state or local government is debited when:

The City of Ashland uses a periodic inventory system in which the amount of inventory at year-end is unknown until a physical count is completed. The town uses the purchases method of accounting for its inventory of consumable supplies in the General Fund. Assume that the inventory of supplies reported on the General Fund balance sheet at the end of the previous fiscal year, December 31, 2013, was $44,000 and a physical count as of December 31, 2014, reveals that the inventory is only $40,000. During the year, the town records all purchases of supplies as debits to Expenditures. The adjusting journal entry in the General Fund at December 31, 2014, will include a:

During January 2014 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $1,000 were received at an actual cost of $1,100. The entry to record this transaction will require a debit to:

Which of the following is a correct statement regarding the schedule of revenues, expenditures, and changes in fund balance—budget and actual prepared for the General Fund?

Permanent funds differ from endowed private-purpose trust funds in that:

The Town of Waynesville received a gift of $500,000 that is to be invested by the town and the earnings thereon are to be used for maintenance of the Waynesville Community Cemetery. The town has determined that a permanent fund will be established to account for this gift. The journal entry in the permanent fund to record receipt of the cash gift will include a:

In which class of nonexchange transactions are revenues recognized when the underlying exchange has occurred?

Which of the following is a correct statement regarding interim financial reporting for state and local governments?