When a computer is ordered by a department of the government the purchase order should be recorded in the General Fund as a debit to?

Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? Government-wide Statement of Net Position General Fund Balance SheetA) No YesB) No NoC) Yes No

D) Yes Yes

Which of the following should not be reported on the balance sheet of the General Fund?

When equipment is ordered by a department of the government, the purchase order should be recorded in the General Fund as a debit to:

The receipt of equipment that had previously been ordered should be recorded in the General Fund as a debit to

The City of Pringle purchased a vehicle for the police department. If the operations of the police department are financed by general revenues, an asset would be recorded in which journal(s)?General Fund Governmental ActivitiesA) Yes NoB) No NoC) No Yes

D) Yes Yes

The Town of Loveland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include

A credit to Revenues for $1,584,000.

Dover City has calculated that General Fund property tax revenues of $5,640,000 are required for the current fiscal year. Over the past several years, the city has collected 94 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $5,640,000. Which of the following general journal entries would correctly record the property tax levy?

General Journal Debit CreditTaxes Receivable—Current 6,000,000 Estimated Uncollectible Current Taxes 360,000

Revenues 5,640,000

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

The General Fund has transferred cash to the appropriate fund for eventual retirement of term bonds maturing in 10 years. Which funds would record this transaction?General Fund Capital Projects Fund Debt Service FundA) Yes No YesB) No No YesC) Yes No No

D) Yes Yes Yes

A properly prepared schedule of revenues, expenditures, and changes in fund balances—budget and actual will include which of the following columns?

Actual revenue and expenditure amounts on the budget basis.

Using the information below, what amount should be accounted for in a special revenue fund or funds?Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis $ 300,000 Equipment used for supplying electric power to residents $ 1,750,000 Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability $ 1,500,000

Cash received from federal government, dedicated to highway maintenance $ 1,800,000

Which of the following would properly be reported in the operating statement of a governmental fund?

Interest on a tax anticipation note issued and repaid during the period.

The Revenues account of a government is debited when:

The account is closed to fund balance—unassigned at the end of the year.

The Estimated Revenues account of a government is debited when:

The budget is recorded at the beginning of the year.

Which of the following would be considered an internal exchange transaction?

The General Fund transfers $9,000 to the Central Supplies Fund for supplies it received from Central Supplies.

The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include:

The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The governmental activities journal entry to record the transaction will include:

On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:

No journal entry will be made until expenditures for the authorized purpose occur.

Vacation City was awarded a $500,000 federal operating grant for use in year 2. On December 1 of year 1, half of the grant money was received by the City. The journal entry to record receipt of the grant funds will include:

A credit to Deferred Inflows of Resources—Grant Proceeds in the amount of $250,000.

Which of the following best describes the proper treatment for uncollectible amounts of taxes?

Report receivables net of uncollectible amounts.

Property taxes due and collectible 90 days after the 2020 fiscal year end would be recorded as revenues in 2020 in which journal?General Fund Governmental ActivitiesA) Yes NoB) No NoC) No Yes

D) Yes Yes

Cartier Village's capital expenditures during the year ended December 31 included:Equipment for village tax collector's office $ 40,000 Police vehicles $ 60,000

What amounts should have been recorded in the General Fund and the governmental activities journal for the increase in the equipment account during the year ended December 31?

General Fund: $0; Governmental activities: $100,000

The City of Island Grove uses encumbrance accounting and its fiscal year ends on June 30. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Island Grove received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry should Island Grove make on May 6, to record the approved purchase order? Transaction General Journal Debits CreditsA) Encumbrances 6,000 Appropriations 6,000 B) Supplies 6,000 Vouchers Payable 6,000 C) Encumbrances 6,000 Encumbrances Outstanding 6,000 D) Expenditures 6,000

Encumbrances 6,000

The City of Island Grove uses encumbrance accounting and its fiscal year ends on June 30. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Island Grove received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry or entries should Island Grove make on June 2, upon receipt of the supplies and approval of the invoice? Transaction General Journal Debits CreditsA) Encumbrances Outstanding 6,000 Encumbrances 6,000 Expenditures 6,000 Vouchers Payable 6,000 B) Encumbrances 6,000 Appropriations 6,000 Fund Balance—Unassigned 6,000 Vouchers Payable 6,000 C) Supplies 6,000 Vouchers Payable 6,000 D) Appropriations 6,000 Encumbrances 6,000 Supplies 6,000

Vouchers Payable 6,000

Which of the following will require a credit to Fund Balance—Unassigned of a governmental fund when operating statement accounts are closed at the end of the year, assuming there are no other financing sources or uses?

Revenues are more than expenditures.

On July 1, the first day of its fiscal year, the Town of Eldon levied a $1,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the town decided to borrow $200,000 in 90-day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will include:

A credit to Tax Anticipation Notes Payable.

The voters of the city passed an ordinance to increase their sales tax by ¼ percent. The proceeds of the sales tax are to be used for culture and recreation. In the governmental activities journal, how would the ¼ percent sales tax revenue be recorded?

General Revenue—Sales Tax.

During January 2020 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to:

Expenditures—2020 in the amount of $200.

When a fire truck purchased from General Fund revenues is received, what account, if any, should have been debited in the General Fund?

Which of the following accounts would not be closed at the end of each fiscal year?

In fiscal year 2020 the "Expenditures—2019" account represents

Amount of expenditures for goods ordered in 2019 that were received in 2020 and chargeable to appropriations of 2019.

If 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 GAAP, then the budgetary comparison schedule or statements should

Be included with the actual figures presented on the budget basis and then reconciled to the GAAP basis.

Which of the following transactions is classified as an exchange transaction?

Fees charged by a municipal airport.

The City of Burlington borrowed $350,000 via a tax anticipation note. If the city repaid the note three months later, the General Fund entry to record the repayment and interest of $2,750 will include

A debit to Tax Anticipation Notes Payable for $350,000 and a debit to Expenditures for $2,750.

Which of the following assets would appropriately be reported on the governmental funds balance sheet?

Which of the following would be reported on the operating statement of a governmental fund?

Revenue deferred from prior periods.

If a governmental fund issues debt to finance a capital acquisition, how should the proceeds of the debt be recorded?

Under the modified accrual basis of accounting, revenues should be recognized when

At the end of the 2020 fiscal year the General Fund had $500 in encumbrances that remained opened into fiscal year 2021. In 2021 the encumbered goods were received at an invoiced cost of $520. How much would be recorded as the 2021 expenditure?

The governmental funds operating statement presents all of the following except

The account Deferred Inflows of Resources—Unavailable Revenues is used in governmental funds to record

Property taxes that will not be collected within 60 days of fiscal year end.

Under the consumption method for recording supplies that are maintained on a perpetual inventory system, the adjusting entry made at year end would affect which of the following accounts?

Fund Balance—Nonspendable—Inventory of Supplies.

Supplies recorded in the General Fund under the purchases method will initially include a

Revenues that are legally restricted for expenditure on specified operating purposes should be accounted for in special revenue funds, including

Gasoline taxes to finance road repairs.

The city’s electric utility fund sent $700,000 to the General Fund to help cover the city’s operating costs. This transaction would be recorded in the governmental activities journal as

Which of the following transactions is classified as an exchange transaction?

Fees charged for use of an athletic field at a city park.

Which of the following types of nonexchange transactions recognize revenue when all the eligibility requirements are met?

Voluntary nonexchange transactions.

Which of the following is not a program revenues classification used in the governmental activities journal and reported in the government-wide statement of activities?

The county received a $10,000,000 endowment, the terms of which indicate that earnings on the endowment are to be used by health and welfare to provide medical services to low-income children. Where would the $10,000,000 be recorded?

The earnings on the assets of a permanent fund are to be used to support the city’s library (special revenue fund). How would the earnings be recorded?

Revenues by the permanent fund.